The Supreme Court ruled on Friday that it wanted complete openness to safeguard investors’ interests and rejected the Centre’s ‘sealed-cover’ proposal of names of experts to look into the regulatory adjustments needed in the light of claims of stock manipulation against the Adani group. The SC declared that it will choose an independent panel of experts.
‘If we adopt your recommendations from a sealed cover, the other party won’t be aware, by definition. There won’t be any transparency until we approve your request. For the benefit of investors, we want to maintain the highest level of transparency. We’ll set up a committee. The court will have a feeling of confidence,’ said Chief Justice of India D Y Chandrachud.
The panel, which also included judges P S Narasimha and J B Pardiwala, announced that it would form the committee under the leadership of a retired SC judge. In holding orders about the make-up of the expert committee, the bench stated that it cannot begin with the assumption of a ‘regulatory failure.’
The Supreme Court made the comments as it was deliberating over the requests for a court-monitored investigation into the matter made by lawyers M. L. Sharma, Vishal Tiwari, Congresswoman Jaya Thakur, and activist Mukesh Kumar.
In his appearance on behalf of a petitioner, attorney Prashant Bhushan said that if the court intends to form a committee, he would also like to offer the names of a few retired judges who have the utmost integrity. Upon wrapping up, the CJI added, ‘Don’t call us names.’
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