Even as it reserved its judgment on a bundle of petitions demanding investigation into allegations of accounting fraud and stock manipulation against Adani group companies, raised in a research report by US shortseller Hindenburg Research, the court remained emphatic that it cannot order a probe based only on certain media reports and without hearing the entities impacted by its orders.
"Where is the material before us to start doubting Sebi? Sebi is a statutory body exclusively entrusted with investigating stock market manipulation. Is it proper for the highest court of the land to say without any proper material that 'we don't trust Sebi, and we will form our own SIT? This has to be done with a great deal of calibration," a bench led by Chief Justice of India Dhananjaya Y Chandrachud told advocate Prashant Bhushan, who was appearing for one of the petitioners in the case.
The bench, which also comprised justices JB Pardiwala and Manoj Misra, added that it cannot expect a statutory regulator like Sebi to start issuing showcause notices on the basis of reports published by Hindenburg or by a news organisation such as Financial Times.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
This crash course on India's freedom struggle tests your patience - in a good way
We are living in unpredictable times, more so because we have become unpredictable ourselves. Attention spans are now a few seconds, which explains why Reels or short videos are all the rage.
After Kamala Harris' election defeat, Eva Longoria reveals she no longer stays in US
Actor Eva Longoria, 49, who endorsed US Vice President and Democratic candidate Kamala Harris in the 2024 US presidential election, reveals that her family no longer lives in the United States and she is splitting time between Mexico and Spain.
KANIKA DHILLON CLARIFIES DO PATTI IS 'NOT ABOUT TAKING LAW INTO YOUR OWN HANDS'
Kriti Sanon-starrer doesn't promote vigilantism, says Kanika Dhillon on chatter over film's plot
As a Punjabi, I feel immense pride in doing a film in my mother tongue: Nikitin Dheer
Having done films in Telugu, Kannada, and Hindi, actor Nikitin Dheer is now looking forward to doing a Punjabi film.
'IT'S TIME FOR THE INDUSTRY TO LOOK WITHIN'
Actor Huma Qureshi talks to us about how Bollywood needs to understand the audience's pulse better to reconnect with them
Delhiites bag cash prizes worth ₹50 lakh at Electronics Mart's festive lucky draw
Electronics Mart raised the festive spirit at its Rajouri Garden store in Delhi with the much-anticipated event titled India's Biggest Festive Offer ₹50 lakh Cashprize Lucky Draw.
A brand-new restaurant reinventing South Indian cuisine
Credited with taking Indian cuisine onto the global stage, ITC Hotels present their pioneering brand in reinvented South Indian cuisine from the ITC stable: Avartana at the ITC Maurya.
Vikrant Massey is effective in this decent recreation of the 2002 Godhra train burning, from the media's POV
Actor Vikrant Massey, after delivering the brilliant 12th Fail, is back to zero — Ground Zero — as he mentions in The Sabarmati Report. It is based on the horrific Godhra train burning incident that took place on February 27, 2002, in which dozens of people were charred to death.
Developing 16-year-old Dhamne still a work in progress
Last month after Indian teen Manas Dhamne had a hit with world No.1 Jannik Sinner his fellow former Piatti Tennis Centre trainee in Monte Carlo, Sinner's coach Darren Cahill had something to say.
How Manisha made it: Cricket mat 'jugaad' and the drag-flick
Midfielder is central to India chief coach Harendra's plan of building a sturdy group of drag-flickers
