Over three weeks after the Hindenburg research report came out and rattled the Adani group, the central government is said to be preparing a list of names to be part of an expert committee to look into the fall of the conglomerate¡¯s shares.?
The?expert committee¡¯s formation was suggested by the Supreme Court, which also recommended improvements in the statutory and regulatory regimes.??
The names of the experts on the panel will be handed over to the Supreme Court in a sealed envelope,?as per what sources said, according to a Business Today report. The names selected by the Centre include domain experts from various areas, they said. The names were reportedly chosen by the government with the court's concern for investor protection in mind.
The government is also expected to submit to the court that the scope of any expert panel be limited and that the panel work within defined parameters.
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There are at least three petitions filed before the apex court.?The petitions have been filed by advocates ML Sharma, Vishal Tiwari, and Congress leader Jaya Thakur, as per the Bar and Bench report.
A bench of Chief Justice of India DY Chandrachud and Justices PS Narasimha and JB Pardiwala was told by?market regulator SEBI?that the regulatory body is completely equipped to deal with?the fallout of the?Hindenburg Research?report on the Adani Group of companies.
The SEBI also informed the court that the Central government has no objection to the formation of a committee to investigate related issues, as long as the SEBI's expertise is not jeopardised in the process.?
The Supreme Court had proposed setting up a panel of experts, to which the central government had agreed.?
The apex court had asked the Centre to consider setting up the panel, headed by a former judge. One of the PILs reportedly sought a direction to the Centre to constitute a committee monitored by a retired apex court judge to inquire into the Hindenburg Research report, while the other sought prosecution of short-seller Nathan Anderson?of Hindenburg Research and his associates in India and the US for allegedly exploiting innocent investors and the "artificial crashing" of the?Adani Group's stock value in the market.??
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