Will not take any suggestion in a sealed envelope…SC will form its own committee on Adani case - Newztezz Online


Friday, February 17, 2023

Will not take any suggestion in a sealed envelope…SC will form its own committee on Adani case

The CJI has said that we want complete transparency, in such a situation the petitioners should also be provided with the documents related to the recommendations of the jurisdiction of the committee.

The hearing on the Adani Group -Hindenburg case was held in the Supreme Court on Friday. During this, SG Tushar Mehta presented suggestions regarding the jurisdiction of the committee from the bench of CJI DY Chandrachud. SG said that these are suggestions keeping in view the effects of the market. SG Mehta said that the court can appoint a former judge to serve on the suggestion of the court, but it should not happen that there is any impact on the stock market. Tushar Mehta said that if the Supreme Court wants, it can appoint a retired judge for monitoring.

At the same time, the CJI said that you have not provided the documents regarding the suggestion of the committee's jurisdiction to the petitioners. We want complete transparency. The Supreme Court refused to accept in a sealed cover the Centre's suggestion on a committee of experts to strengthen regulatory measures for the stock market. The bench said, we will not accept the suggestions of the Center in a sealed cover, we want to ensure transparency.

Supreme Court will appoint its committee

The CJI said that you should provide this document to the petitioners as well. SG Mehta said that we have no problem. At the same time, the Supreme Court will appoint its committee in this matter. The CJI said that we want that there should be complete transparency in this matter. We will appoint our committee. On the other hand, petitioner Vishal Tiwari said that we want to give suggestions in the matter of the committee, so that investors are not harmed in future. The petitioner said that the role of the committee should be for big industrialists, who are in matters above Rs 500 crore.

CJI told SG Mehta that we will not accept the sealed cover suggestion by you, because we want to maintain complete transparency and if we accept the suggestion in sealed cover then it appears that we kept it away from the other side, Because people will think that this is a committee appointed by the government.

Questions about fake companies and black money

The CJI said that if we accept the suggestions, then we should tell it to the other side, so that there is transparency. That's why we will form a committee and appoint members accordingly. On behalf of the petitioner, Prashant Bhushan raised questions about fake companies and black money. Bhushan said that Adani's companies have money from public companies like LIC. LIC has invested more than Rs 30,000 crore in the shares of a single company, which is owned by Adani.

ML Sharma said that I am not associated with any company. I am worried about short selling. CJI said that you tell us what is short seller and short selling. Tell me this is your public interest litigation? Sharma told that the market is crashed by selling shares without delivery. Then the news is blown in the media. Then it buys back its own shares at throwaway prices and sells them in the market at higher prices.

Justice Narasimha, appearing for the bench, asked whether the media is a short seller. Sharma again spoke but the court did not take him very seriously. Bhushan said that I suggest the names of some judges, whose integrity was never questioned. SG Mehta protested. The CJI told the petitioner's lawyer Prashant Bhushan that we cannot presume that there has been a regulatory failure. Some petitioners suggested that an inquiry be conducted by a sitting judge of the Supreme Court.

SG Mehta said that everyone is making different demands as to how the investigation should be done. Whereas suggestions have been given on the basis of the issue from our side. The CJI said that we are not accepting the names suggested by SEBI. Because people will feel that this committee is government. We have also not accepted the names suggested by the petitioner.

Congress leader Jaya Thakur's lawyer demanded an inquiry into the matter under the supervision of a sitting Supreme Court judge. Congress leader Jaya Thakur's lawyer demanded investigation against Gautam Adani, Rajesh Adani and said that Gautam Adani's brother has been arrested many times.

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