On February 20, 2023, the Supreme Court of India refused to take on record the suggestion of one of its petitioners and a report published by Forbes in a batch of PIL on the recent Adani Group shares crash triggered by Hindenburg Research Fraud Allegations.
A bench comprising of the Chief Justice of India (CJI) DY Chandrachud and PS Narsimha and JB Pardiwala denied the request by the lawyer appearing for both the petitioners.
The Top Court on February 17, 2023 had refused to accept a seal in cover Centres Suggestions Regulatory measures for the stock market.
Observing that it wants to maintain full transparency is in the interest of these investors said that it will not accept Centres Suggestion in a sealed cover.
Additionally, the bench stated that “We will not accept the sealed cover solution by you as we want to maintain full transparency.”
On February 10, 2023, the top court said that the interests of the Indian Investors will be protected against market volatility in the backdrop of Adani Group stock rout and also asked the centre for setting up a domain expert which will be led by a former judge and to look and strengthen regulatory mechanism.
Till now, the four PILs have been filed in the top court on the issue by lawyers ML Sharma and Vishal Tiwari, Congress leader Jaya Thakur and activist Mukesh Kumar.
The Adani Group have taken a beating on the bourses after the Hindenburg Research made a litany of allegations and including the financial transactions and share price manipulations against the business conglomerate.
The Adani Group has dismissed the charges as lies and saying it that complies with all laws and disclosure requirements.