The Adani vs Hindenburg saga may take a new turn today as the Supreme Court is set to pass some crucial orders. As per updates, the apex court is likely to deliver its decision on the formation of a probe panel and its constituents today, a panel that is being eyed after the scathing Hindenburg Research report that left the Adani Group in a tight spot.
According to media reports, the petitions seeking intervention in the Adani vs Hindenburg case were heard by a bench comprising of Chief Justice of India DY Chandrachud, Justice PS Narasimha and Justice JB Pardiwala. Even though these petitions were heard back in February, the Supreme Court bench reserved its order for a later day.
While the Supreme Court nodded in favour of the setting up of a probe panel to review the regulatory mechanism in favour of Adani vs Hindenburg issue, it turned down the government’s ‘sealed’ covered nominees for the probe. Instead it asserted that the selection of the probe panel members, in the light of Adani vs Hindenburg case, will be done by the apex court only.
Additionally, while asserting this, the Supreme Court also emphasised on how the step was important in order to main full transparency. It even said that if it took names from the government, it would end up being a government constituted committee.
For those not familiar with the details, the adverse ripple effects of the Hindenburg Research report on the Adani Group companies and even the Indian markets, was seen by many. Hence, the petitions mentioned above sought an expert committee to analyse if the regulatory mechanism needs to be strengthened. This was even more important to protect Indian investors from the kind of market volatility seen after the Hindenburg report.