NEW DELHI: The recommendation of one of the petitioners and a report published by Forbes in a batch of PILs regarding the recent Adani Group share drop caused by Hindenburg Research's fraud claims were rejected by the Supreme Court on Monday.
The request was dismissed by a panel of judges led by Chief Justice D.Y. Chandrachud and including Justices P.S. Narasimha and J.B. Pardiwala. "No no we will not take it on record", the Bench said.
The Centre's offer on a proposed panel of experts for tightening regulatory measures for the stock market was rejected by the top court on February 17 in a sealed order. It stated that it would prefer not to adopt the Center's advice in a sealed cover because it wants to maintain complete transparency for the sake of investors.
"We will not accept the sealed cover suggestion by you because we want to maintain full transparency," the bench had said.
In response to the decline in the value of the Adani Group stock, the top court stated on February 10 that Indian investors' interests need to be safeguarded against market volatility. The court also requested that the Centre consider creating a panel of subject matter experts, led by a former judge, to examine ways to strengthen the regulatory framework.
Till now, Congresswoman Jaya Thakur, attorneys M. L. Sharma and Vishal Tiwari, as well as activist Mukesh Kumar, have filed four PILs at the top court about the matter. When Hindenburg Research levelled a slew of accusations against the business behemoth, including illegal transactions and share-price manipulation, Adani Group equities have suffered on the stock exchanges.
The Adani Group has denied the accusations, claiming that it abides by all legal and disclosure obligations.
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