NEW DELHI: The Supreme court will deliver its verdict regarding the creation of a panel on Thursday after hearing a batch of four petitions that asked for the court's involvement and a probe into the Adani-Hindenburg issue. Justices JB Pardiwala, PS Narasimha, and Chief Justice DY Chandrachud make up the bench hearing the plea.
The Supreme Court bench heard the petitions on February 17. The bench has, however, held off on making a decision regarding the make-up and purview of a committee. The committee will be in charge of investigating the Adani-Hindenburg incident, which caused a sharp decline in the conglomerate's stock value following the publication of the report. The Gautam Adani-led group refuted all allegations of stock manipulation and fraud made in the study.
The government's "sealed" covered nominees for the probe committee members were rejected by the Supreme Court while it was hearing the petitions. It stated that only the court would choose the panellists, and that decision would be made openly. The Apex court emphasised that the procedure had to be transparent and inspire confidence without giving the appearance that a "government-appointed" panel had been set up.
The Centre, in its note submitted in the SC through solicitor general Tushar Mehta, had suggested the role of the proposed panel should be ascertaining the truthfulness of allegations against the Adani Group of entities in the Hindenburg report.
The investigation should concentrate on Hindenburg's acknowledged decmemo states that investigation should concentrate on Hindenburg's acknowledged decision to take a "short position" in the Adani group and gather information on all of its transactions and included a few names for the suggested panel.
The Hindenburg report, released on 24 January, said “brazen stock manipulation" and “accounting fraud" by the Gautam Adani-led group. The conglomorate replied to the report, rejected all its claims, and called it an attempt to malign India’s image at a global level. However, the denial could not stop the massive stock depreciation of the Adani stocks, that led its flagship firm losing over USD 120 billion on days.
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