The Supreme Court on Friday rejected to accept in a sealed cover the Centre’s suggestion on a proposed panel of experts for strengthening regulatory measures for the stock market.
Observing that it wants to maintain full transparency in the interests of investors, a bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said it would rather not accept the Centre’s suggestion in a sealed cover.
“We will not accept the sealed cover suggestion by you because we want to maintain full transparency,” the bench said.
On February 10, the supreme court said the interests of Indian investors need to be protected against the market in the backdrop of the Adani Group stock rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanism.
So far, four PILs have been filed in the supreme court on the issue by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and activist Mukesh Kumar.
Adani Group shares have dropped like a stone on the bourses after Hindenburg Research set a string of allegations against the business conglomerate, including fraudulent transactions and share-price manipulation. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
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