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New Delhi: The Supreme Court on Friday refused to accept the Centre’s suggestion in a sealed cover on the panel of experts to strengthen regulatory measures for stock market while hearing the Adani Group-Hindenburg row, saying it wants to ensure transparency. Refusing to accept the Centre’s sealed cover, the Supreme Court bench said that it would rather not accept the Centre’s suggestions in a sealed cover.
“We want to ensure transparency in the interests of investors,” the bench comprising Chief Justice DY Chandrachud and Justices P S Narasimha and J B Pardiwala asserted. “We will select the experts and maintain full transparency. If we take names from the government, it would amount to a government constituted committee. There has to be full (public) confidence in the committee,” CJI Chandrachud said.
The Supreme Court has reserved its order on setting up a panel of domain experts for strengthening regulatory measures for stock exchanges. “If you’re not intending us to disclose the names then trust us to appoint our own independent persons,” said the Chief Justice. Solicitor General Tushar Mehta on Friday submitted the remit to the bench headed by the CJI.
On 10 February, the Supreme 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.Adani Group stocks have taken a beating on the bourses after the 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.
