Home India Adani-Hindenburg Case: Today the Supreme Court will give its verdict on the constitution of the experts panel

Adani-Hindenburg Case: Today the Supreme Court will give its verdict on the constitution of the experts panel

by Trend News
3 minutes read
Supreme Court of India

The Supreme Court will give its verdict today on the petitions filed by the short seller Hindenburg Research on the allegations of fraud on the Adani Group and then on the fall in the shares of the group. A bench of Chief Justice DY Chandrachud and Justices PS Narasimha and JB Pardiwala can give a verdict on setting up a panel of experts to strengthen the existing regulatory rules for the stock markets.

The central government’s proposal was turned down

Earlier, the Supreme Court had reserved its decision on February 17, the court had refused to accept the suggestion of the proposed panel of experts given by the Central Government in a sealed cover. The Supreme Court had also ruled out the possibility of a sitting judge overseeing the functioning of the proposed panel, keeping in mind complete transparency for investors.

What did the central government say

Stating that statutory bodies like market regulators are fully competent and doing their job, the central government had expressed apprehension that any message to investors that a panel to oversee the regulatory body would Need to get done, can affect the flow of investment in the country. The government had told the Supreme Court bench that it wanted to give details like name and jurisdiction of the panel in a sealed cover.

Read Also: How will cyber fraud be controlled? RBI suggested method to DoT.

Markets regulator SEBI, in its note to the Supreme Court, indicated that it was not in favor of banning short-selling or sale of borrowed shares and said it would initiate action against Adani Group against a small short-seller. Investigating the allegations made on behalf of and the movement of its shares.

Four PILs in the Supreme Court

So far 4 Public Interest Litigations (PILs) have been filed in the Supreme Court. In which petitions of ML Sharma, Vishal Tiwari, Congress leader Jaya Thakur and social activist Mukesh Kumar are included.

First PIL

Advocate ML Sharma’s PIL sues Hindenburg Research short-seller Nathan Anderson and his associates in India and the US for allegedly exploiting innocent investors and artificially driving down Adani Group’s shares in the market run has been requested.

Second PIL

In his PIL, Vishal Tiwari has sought a direction to the Center to set up a committee under the supervision of a retired Supreme Court judge to probe the Hindenburg Research report, in which several serious allegations have been leveled against the Adani Group.

3rd PIL

In view of the allegations in her petition, Congress leader Jaya Thakur has demanded an inquiry against Adani Group companies under the supervision of a sitting judge of the Supreme Court.

4th PIL

The fourth PIL sought probe by several central government agencies under the supervision of a panel or a former Supreme Court judge against the Adani Group following allegations of cheating and manipulation of share prices.

Recovery in Adani shares

Shares of Adani Group declined following allegations by Hindenburg Research against Adani Group, including fraudulent transactions and share-price manipulation. But for the last two days, good recovery has also been seen in the shares of Adani Group.

You may also like


Stay up to date on the latest trending news stories with our comprehensive coverage of current events, politics, tech, sports, entertainment, business, and more.



Contact us: [email protected]

Copyright © 2023 Trend News – All Right Reserved

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More