Adani Issue: SC Refutes Centre’s ‘Sealed Cover’ Suggestion on Expert Panel

New Delhi: Supreme Court on Friday refused to accept the Centre’s suggestion on a proposed panel of experts for strengthening regulatory measures for the stock market, in a sealed cover.

A Supreme Court bench comprising Chief Justice DY Chandrachud and Justices PS Narasimha and JB Pardiwala said it would rather not accept the Centre’s suggestion in a sealed cover as the court wants to maintain full transparency in the interests of investors.

“We will not accept the sealed cover suggestion by you because we want to maintain full transparency,” the bench said.

On February 10, the apex court had asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanism to protect the interests of Indian investors against market volatility in the backdrop of the Adani Group stock rout.

Till now, four PILs related to the Adani issue have been filed in the SC by lawyers ML Sharma and Vishal Tiwari, Congress leader Jaya Thakur and activist Mukesh Kumar.

Following the allegations made by Hindenburg Research, the Adani Group stocks have taken a beating on the bourses. The report of Hindenburg Research made a series of allegations against the Adani Group, including fraudulent transactions and share-price manipulation. The Adani Group and BJP have dismissed the charges as lies.