Adani-Hindenburg case: Supreme Court orders to constitute a committee for reviewing regulatory mechanism

The top Court while hearing the Adani-Hindenburg issue said that it will pass orders to introduce an expert committee for reviewing the regulatory mechanism for the same. The Supreme Court bench headed by Chief Justice of India DY Chandrachud including two other judges, Justice JB Pardiwala and Justice PS Narasimha heard this case today. The Central Government (Solicitor General of India Tushar Mehta) submitted a sealed cover not listing names for the committee. The Supreme Court refused to accept those names and stated that “We’d rather not accept the sealed cover suggestions. We want to ensure transparency. In case we take your suggestions from sealed cover, it automatically means the other party won’t know and people think it is a government-appointed committee. We want full transparency for protection of investors. We will form a committee. There will be a sense of confidence in the court.” 

Today, various petitions were heard regarding the Adani-Hindenburg case as well as certain suggestions were also rejected by the top Court. A PIL was filed by Tiwari seeking the development of a committee headed by retired Supreme Court Judges for investigating the Hindenburg case. Another PIL seeking an investigation against the founder of Hindenburg was filed by Advocate ML Sharma. The Supreme Court also heard the petition filed by Congress leader Dr. Jaya Thakur seeking a probe into LIC and SBI investments in Adani Shares. Further, the Apex Court closed the matter for orders whereas the suggestion made by one of the petitioners to have a Supreme Court judges committee monitoring the investigation was rejected. 

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