Supreme Court remarks show responsibility while levelling charges during Adani-Hindenburg hearing.
During the hearing, the Supreme Court bench, consisting of Chief Justice of India DY Chandrachud and justices JB Pardiwala and Manoj Misra, addressed the issue of levelling charges against members of the expert committee in the Adani-Hindenburg matter. They remarked that it is easy to make allegations, but petitioners must also show some responsibility in doing so.
Advocate Prashant Bhushan, representing one of the petitioners, raised concerns about one of the members of the expert committee, Somashekhar Sundaresan, stating that he has represented Adani in various forums, including the SEBI Board. Chief Justice DY Chandrachud objected to this submission, pointing out that holding a lawyer accountable for representing a party 17 years ago would set a dangerous precedent.
The court emphasized the need for responsibility when levelling allegations, and urged all involved parties to exercise caution. The Solicitor General Tushar Mehta informed the court that SEBI is not seeking an extension of further investigation matters relating to the Hindenburg report, and that investigations in 22 out of 24 cases in the Adani-Hindenburg matter are already concluded. Mehta also shared SEBI’s ongoing dialogue with foreign regulators for the remaining two cases.
During the hearing, the court expressed its concern over the extreme volatility of the stock market and inquired about SEBI’s plans to protect investors. Solicitor General Tushar Mehta detailed SEBI’s agreement with the recommendations of the Expert Committee and assured the court of the regulator’s commitment to investigating the matter thoroughly.
Following comprehensive hearings and submissions, the court reserved the order on various aspects related to the issue, which stemmed from the Hindenburg report that led to a significant market value drop for the Adani Group. The report alleged stock manipulation and fraud by the conglomerate, which was vehemently denied by the Adani Group, who labeled Hindenburg as “an unethical short seller” seeking to disrupt the market. (ANI)
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