Adani-Hindenburg- Supreme Court Order On Constituting Committee To Review Regulatory Mechanism-LIVE UPDATES

CJI DY Chandrachud: The committee shall submit its report in a sealed cover before this court in 2 months.

CJI DY Chandrachud: The remit of committee will be- To suggest measures to strengthen frameworks, to investigate Adani, to suggest measure to strengthen statutory framework. SEBI Chairperson is requested to ensure that all information is provided to the committee.

CJI: In order to protect Indian investors, we of the view that there shall be committee. Committee consists of Mr OP Bhat, Justice JP Devdatt, Mr Nandan Nilakeni, Mr KV Kamath, Mr.Somasekharan Sundaresan as the members. The head will be former SC judge Justicr AM Sapre.

CJI DY Chandrachud: SEBI shall expeditiously conclude investigation in 2 months and file a status report.

CJI DY Chandrachud: SEBI shall also investigate whether there has been a violation of S 19 of SEBI rules, whether there was any manipulation of stock prices.

CJI DY Chandrachud: It seems that SEBI is ceased of the investigation against Adani. 

CJI DY Chandrachud: SEBI has placed a regulatory framework saying that it has started a disclosure based regulatory mechanism in line with pricing control for capital issues.

CJI DY Chandrachud: This court noted that there was a need for committee for regulatory mechanisms to ensure safety of investors.

CJI DY Chandrachud: A brief overview of petitions shows that public money is at risk. It seeks directions to establish a committee. Second petition asks for FIR against Hindenburg for short selling. Third petition seeks court monitored enquiry.

CJI DY Chandrachud: The decline on share price was precipitated by report by Hindenburg. The report alleges that the Adani group manipulated violated security laws.