Constituting an expert panel to review regulatory framework, the Supreme Court on Thursday directed Securities and Exchange Board of India (SEBI) to conclude the investigation in the Adani-Hindenburg research report case within two months.
CJI DY Chandrachud said the panel will be headed by former top court judge Justice Abhay Manohar Sapre and will also comprise of OP Bhat, Justice Devdhar, KV Kamath, and Nandan Nilekani.
While reserving its order, the top court on February 17 had refused to accept in a sealed cover the Centre’s suggestion on a proposed panel of experts.
Gautam Adani reacted to the order of the Supreme Court and said in a tweet, “The Adani Group welcomes the order of the Hon’ble Supreme Court. It will bring finality in a time bound manner.”
Truth will prevail, the tweet further said.
The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail.— Gautam Adani (@gautam_adani) March 2, 2023
Observing that it wanted full transparency for protection of investors, the top court had also ruled out the possibility of any sitting judge overseeing the functioning of the proposed panel.
Stressing that statutory bodies like market regulator Securities and Exchange Board of India (SEBI) are fully equipped and are on job, the central government had expressed apprehension that any unintentional message to the investors that regulatory bodies in India needed monitoring by a panel may have some adverse impact on the flow of money into the country.
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