Hindenburg Research report on Adani Group | Supreme Court verdict on expert committee on March 2

The court had refused to accept in a sealed cover the government's suggestions about the names and mandate of the committee

Updated - March 02, 2023 08:00 am IST

Published - March 01, 2023 10:12 pm IST - NEW DELHI

The Supreme Court in New Delhi. File

The Supreme Court in New Delhi. File | Photo Credit: PTI

The Supreme Court on Thursday is scheduled to pronounce its judgment on the formation of an expert committee to examine Hindenburg Research firm’s damning report on the Adani Group.

A Bench led by Chief Justice of India D.Y. Chandrachud had reserved the case on the point of constitution of the panel on February 17.

Also Read | The financial jargon in the Adani-Hindenburg saga explained

The court had refused to accept in a sealed cover the government's suggestions about the names and mandate of the committee, saying that public confidence would take a hit if an impression was created that the Centre was steering the process with the court’s nod.

“We rather not accept the sealed-cover suggestions from you [government]. If we accept your suggestions in a sealed cover, the other side [petitioners] will not be able to see them. We want to maintain full transparency,” Chief Justice Chandrachud had addressed Solicitor General Tushar Mehta, appearing for the government.

‘Stock manipulation’

Hindenburg has accused the Adani Group of “brazen stock manipulation and accounting fraud schemes over the course of decades”.

Watch | What is the Adani-Hindenburg saga all about?

“There may be an impression created that this is a government-appointed committee which the Supreme Court has accepted even if we have not accepted your suggestions. We want to maintain the fullest transparency in the interest of protecting investors… We will appoint a committee of our own," the Chief Justice had said.

The court had indicated that it would direct statutory agencies to cooperate with the proposed committee.

The apex court had also dismissed the idea of having one of its sitting judges on the committee.

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