Adani issue: SC ‘no’ to Forbes report

Adani issue: SC ‘no’ to Forbes report

New Delhi: The Supreme Court on Monday refused to take on record a report published by Forbes magazine on the recent crash of the Adani Group’s share after the Hindenburg research’s report on the Group.

A bench comprising Chief Justice DY Chandrachud, Justice PS Narasimha and Justice JB Pardiwala declined the request by a lawyer appearing for one of the petitioners saying “No we will not take it on record.”

Observing that it wants to maintain full transparency in the interests of investors, the Court had in the last said it would rather not accept the Centre’s suggestion in a sealed cover.

On February 10, the top court had said the interests of Indian investors need to be protected against market volatility in the backdrop of the Adani Group stock rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanism.

Till now, 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.

Adani Group’s stocks have taken a beating on the bourses after the Hindenburg Research made a number of expose, including alleged fraudulent transactions and share-price manipulation, against the business conglomerate.

The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.


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