In the Adani-Hindenburg Research case, the Supreme Court has ordered the formation of a committee to investigate the matter, this committee will submit its report after examining many aspects in 2 months. Many more members will also be included in this committee. Apart from this, SEBI has also been asked to continue its investigation.
Who’s in the committee
The committee formed by the Supreme Court will be headed by retired judge Abhay Manohar Sapre. Apart from Justice Sapre, the committee will have Justice OP Bhat, Justice JP Devdutt, KV Kamath, Nandan Nilekani and Somashekar Sundaresan.
This committee will prepare its investigation report in two months and submit it to the Supreme Court in a sealed cover. The Supreme Court has also given the freedom to the committee that it can consult other experts as well.
SEBI will continue its investigation
Chief Justice Justice DY Chandrachud and Justices PS Narasimha and JB Pardiwala, who were included in the Supreme Court bench, saw that the market regulator SEBI is already investigating the matter, so it was ordered to continue investigating further. The Supreme Court said that SEBI should complete its investigation in 2 months, as well as provide whatever information the committee needs.
Truth will prevail: Gautam Adani
Adani Group Chairman Gautam Adani’s statement has come on the decision of the Supreme Court, he has welcomed the decision of the Supreme Court. He wrote that the Adani Group welcomes the order of the Honorable Supreme Court. He said that truth will prevail.
The central government’s proposal was turned down
In this case, the Supreme Court had reserved its decision on February 17, the court 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 be Need to get done, can affect the flow of investment in the country.
Here, the market regulator SEBI in its note to the Supreme Court had indicated that it was not in favor of banning short-selling or sale of borrowed shares and said that it would file a small short order against Adani Group. Investigating the allegations made by the seller and the movement of his shares.
Four PILs in the Supreme Court
The 4 Public Interest Litigations (PILs) on which the Supreme Court’s decision has come today were filed by ML Sharma, Vishal Tiwari, Congress leader Jaya Thakur and social activist Mukesh Kumar.