On Friday, the Supreme Court rejected Centre's suggestion presented to it in a 'sealed cover' in the petition filed in the Adani Group and HIndenburg Research saga.
A Bench headed by CJI DY Chandrachud and comprising of Justice PS Narasimha and Justice JB Pardiwala instead insisted on forming Committee on its own for sake of transparency.
The Court stated that the issue calls for 'complete transparency' and that other side cannot be kept in dark. It is dealing with three PILs alleging exploitation of innocent investors and "artificial crashing" of the Adani Group's stock value after hindenburg research published its report and accused the group of financial irregularities and fraud.
"We will not accept the sealed cover suggestion by you because we want to maintain full transparency and if we accept suggestions in sealed cover it is like we have kept it away from other side as people will think it is a government appointed committee," CJI Chandrachud said.
The Court said if it were to accept the suggestion, the content will be disclosed to the other party.
"So we will appoint the committee and appoint members on our own," the bench said. Additionally, it clarified that no sitting judge will be part of the committee.
The Court also didn't take kind view of Centre's submission stating 'nil' effect on the market as it pointed out stats which projected that investors faced lakhs of crores worth losses.
The bench has reserved the verdict in the matter
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