The Supreme Court on Friday declined to accept the Union government's suggestions on the scope and composition of an expert committee to examine all aspects of the Adani-Hindenburg saga that were submitted in a sealed envelope, and said it would appoint the committee on its own in the interests of transparency.
The release of short-seller Hindenburg Research's 24 January report accusing the Gautam Adaniled conglomerate of corporate malfeasance sparked a crash in shares of Adani Group companies and created a political furore over the billionaire's alleged proximity with Prime Minister Narendra Modi. The Adani Group has dismissed all allegations as baseless and discredited.
After hearing four public interest litigations (PILs) seeking a probe against Hindenburg for causing significant loss to investors, on regulatory lapses, and an investigation of the Adani Group on the basis of the Hindenburg report, a bench headed by Chief Justice of India Dhananjaya Y. Chandrachud reserved orders on the remit and composition of the committee.
After examining a note submitted by solicitor general Tushar Mehta in a sealed cover, the bench, also comprising justices P.S. Narasimha and J.B. Pardiwala said, "If we have to accept these suggestions, we must disclose it to the other side.
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