US based short seller firm Hindenburg Research alleged that Adani group of companies are involved in stock manipulation, accounting fraud & fabricated companies in few countries. Chairperson of Adani group Mr. Gautam Adani reputation is at stake and majority of Adani group shares are facing tough time as the value of shares are falling day by day.
Supreme court advocate Vishal Tiwari & congress leader Jaya Thakur filed the petition to investigate the Fraud led by Adani Group of companies based on the report published by Hindenburg Research. Mr. Tiwari seeks that Centre should form a committee under the guidance of retired supreme court judge to investigate the matter. The court agreed to hear the plea & directed the centre to cooperate on the plea. Whereas Ms Jaya Thakur raised questions in her petition on LIC and SBI decisions to buy Adani Group shares at high rate. She demanded a probe under the law.
The centre came up with a sealed cover letter of the recommendation of the expert committee who would be involved to investigate the case, The Supreme Court refused to accept the sealed cover letter and suggested to the centre that the court want complete transparency of the committee members who are involved in the investigation.
The court headed by CJI Chandrachud said “We will not accept the expert committee names in sealed cover which has been suggested by you (centre), We want to maintain full transparency. Even if we take recommendations in as sealed cover, it will appear as though we have accepted the Government suggested committee and not the Supreme court committee”. The Court said, Leave it to us, we will decide.
The Court made it clear, We neither accept your secret cover letter and nor will appoint the sitting Judges to hear the matter.
