Adani row: SC reserves order on appointing expert committee; refuses to accept suggestions in 'sealed' cover
While hearing the matter on Friday, the court said it would rather not accept the Centre's suggestion in a sealed cover. "We will not accept the sealed cover suggestion by you because we want to maintain full transparency," the bench said.
Adani row: The Supreme Court refused to accept a sealed cover suggestion by the Centre on a proposed panel of experts for strengthening regulatory measures for the stock market. A bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala, asserted the court wants to maintain full transparency in the interests of investors.
While hearing the matter on Friday, the court said it would rather not accept the Centre's suggestion in a sealed cover. "We will not accept the sealed cover suggestion by you because we want to maintain full transparency," the bench said.
Court argued investors need to be protected
It is worth mentioning that the top court had said the interests of Indian investors need to be protected against market volatility in the backdrop of the Adani Group stock rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanism.
Till now, four PILs have been filed in the top court on the issue by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and activist Mukesh Kumar.
Notably, Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
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