New Delhi: The Supreme Court on Wednesday declined the government’s offer to suggest the names and scope of a proposed committee to study the effects of the Hindenburg Research report on the Adani Group stocks.
It instead said that it will appoint the committee and determine its scope of functioning.
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The Solicitor General had presented the suggested names and scope of work in a sealed cover.
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Chief Justice of India DY Chandrachud, however, refused to accept this, saying that transparency should be maintained.
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The court had previously asked the Securities and Exchange Board of India (SEBI) to suggest measures to protect Indian investors from market volatility that followed the release of the report.
Two PILs were filed in this regard – one by lawyer Vishal Tiwari, who sought a committee under a retired Supreme Court judge to look into the report, and another by ML Sharma, who asked for short-selling to be made an offence and for Hindenburg Research founder Nathan Anderson and his associates to be prosecuted. The court has reserved its orders on both the PILs.