Adani-Hindenburg Case: SC Refused to Accept Suggestions on the Committee of the Center, Said to Maintain Transparency

New Delhi: The Supreme Court on Friday said it would not accept the sealed cover suggestion by the Center on the appointment of a committee on regulatory mechanisms for investor protection in the backdrop of the Adani-Hindenburg case and said it wanted to maintain complete transparency.

The court was hearing several petitions related to the Hindenburg Research Report. A bench headed by Chief Justice of India DY Chandrachud reserved order on this issue and the other issue of the appointment of a committee to oversee the regulatory mechanism related to the market.

One of the petitions, filed by advocate Vishal Tiwari, sought the setting up of a committee to probe and investigate the Hindenburg Research Report under the supervision of a retired Supreme Court judge. During the hearing, CJI DY Chandrachud indicated that he would not accept the sealed cover suggestion by the Center as he wanted to maintain complete transparency.

The court said, “If they accept suggestions in sealed cover it is like they have not kept it away from another side as people will think it is a government-appointed committee.”

CJI also indicated by saying that they will appoint the committee and its members on their own. SG Mehta Tushar Mehta, appearing for Centre, submitted a sealed cover note and said, “Two intentions should be kept in mind, one is that truth comes out and a holistic view is presented and another one is there is an unintended impact on the markets.”

Petitioner and lawyer Advocate Vishal Tiwari demanded that the entire thing should be probed and a high-powered committee be constituted to look into it. Another petitioner, advocate Prashant Bhushan, said that he wanted to suggest names of some retired judges as members of the committee. But the Supreme Court refused to accept the suggestion of one of the petitioners, advocate Prashant Bhushan, to name some retired judges as members of the committee.

Petitioner Jaya Thakur’s lawyer, advocate Varun Thakur demanded a fair probe. Another petitioner, advocate ML Sharma, has sought an inquiry against the US-based firm whose reports led to a fall in shares of the Adani group.

One of the petitions was filed by Congress leader Jaya Thakur.