Adani Issue: SC Refuses to Accept in Sealed Cover Centre's Suggestion on Panel of Experts

New Delhi: The Supreme Court on Friday refused to accept in a sealed cover the Centre's suggestion on a proposed panel of experts for strengthening regulatory measures for the stock market.

Observing that it wants to maintain full transparency in the interests of investors, a bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said it would rather not accept the Centre's suggestion in a sealed cover.

"We will not accept the sealed cover suggestion by you because we want to maintain full transparency," the bench said.

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 M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and activist Mukesh Kumar.

Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including 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.

‘Why Scared of Forming JPC to Probe Adani Row?’

Senior Congress leader Ajay Maken on Friday asked why the Narendra Modi government was “scared” of forming a Joint Parliamentary Committee (JPC) to probe into the Adani-Hindenburg row, stressing that the issue of handing over strategic sectors like airports and ports to a company was linked to the country’s national security.

The BJP-ruled Centre’s “dealings” with the Adani Group smacks of “crony capitalism” and the creation of “government-sponsored private monopolies”, he said and claimed that giving the control of airports and ports to a company like Adani is “the biggest threat for our country”.

The Congress leader said that the Adani Group enjoys 30% of the port capacity and 40% of the container capacity of the country.

Asked about Union Home Minister Amit Shah’s claim in a recent interview that there were scams of over Rs 12 lakh crore during the Congress era, Maken said that the BJP government has failed to arrest or prove anyone guilty of corruption in these cases in the last nine years of its rule.

“If they could not do anything, they have no right to say anything. Congress is demanding a JPC, an investigation into the matter. At least grant us that opportunity for the investigation. You are denying us the probe,” he said.

He said that Congress will continue to press the government for a JPC probe into the issue as it is concerned about "the open loot of public exchequer to fund crony capitalists”.

“People want to know how one group with doubtful credentials and alleged links with tax haven-operated offshore shell companies is monopolising the assets of India, but all the government agencies are either missing from the action or facilitating that very process," the former Union minister said.

“What worries me is that the company which has received Rs 37,000 crore and Rs 1,23,000 crore from entities located abroad has been handed over strategic sectors like airports and ports. Then this is the biggest threat for the country,” he said.

The Congress leader said the country wants to know “who is the real owner of the black money being routed to India via offshore shell companies operating from tax havens”.