• Sunday, March 26, 2023


Adani: India’s top court not to accept Modi govt’s advice on experts panel in secrecy, says ‘want transparency’

(L-R) Indian industrialist Gautam Adani (Photo by SAM PANTHAKY/AFP via Getty Images) and PM Narendra Modi (Photo by Yuichi Yamazaki/Getty Images)

By: Shubham Ghosh

The Supreme Court of India on Friday (17) refused to accept in a sealed cover the Narendra Modi government’s suggestion on a proposed panel of experts for strengthening regulatory measures for the stock market.

Observing that it wants to maintain full transparency in the interests of investors, a bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said it would rather not accept the government’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.

On February 10, 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 government to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanism.

Till now, four public interest litigations 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.

The 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.


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