![\"Adani](\"https:\/\/c.ndtvimg.com\/2023-02\/791bs7r8_adani-latest-reuters_625x300_09_February_23.jpg\"\/ "\\"Adani")
<\/div>\nThe Supreme Court was hearing a petition on the Adani stock crash.<\/p>\n<\/div>\n
New Delhi: <\/b><\/p>\n
The Supreme Court on Friday suggested the formation of a panel of experts, including a judge, to examine the fallout of the fraud allegations against the Adani Group, which have wiped out crores in investor wealth and triggered fierce attacks on the government by the opposition.<\/p>\n
Hearing a petition that called for the Supreme Court’s intervention in the row, Chief Justice DY Chandrachud observed, “Do we intervene and have a mechanism to ensure this doesn’t happen again? We do not want to get into policy matters. That is for the government.”<\/p>\n
“We have suggested an expert committee for the overall situation and examination if the Government of India is interested in this exercise,” he said, calling for the inclusion of a judge and domain experts.<\/p>\n
“We have indicated to the Solicitor General, the concern about the regulatory process and [to see that] Indian investors are protected over the incident in the last two weeks,” the Chief Justice said, requesting “a brief note on the factual and regulatory situation”.<\/p>\n
“Solicitor General says SEBI (Securities and Exchange Board of India) is doing everything to keep a watch. We are not casting aspersions on any regulatory framework. We are having a dialogue on this aspect,” Justice Chandrachud said.<\/p>\n
Solicitor General Tushar Mehta told the court that he would come back on Monday with a proposal after consulting the SEBI, the finance and other ministries. “The SEBI is looking at the issue from a regulatory perspective,” he said.<\/p>\n
The ports-to-energy Adani Group – controlled by billionaire Gautam Adani, one of the world’s richest people – has seen shares in its seven companies lose more than $100 billion in market value since the January 24 report by US-based short-seller Hindenburg Research, which accused it of improper use of offshore tax havens and stock manipulation.<\/p>\n
Adani has denied the charges, calling it a “maliciously mischievous” reputational attack. Last week, the group’s flagship entity Adani Enterprises pulled its secondary share offering, India’s largest ever, because of the sharp sell-off.<\/p>\n
(With inputs from agencies)<\/em><\/p>\n (Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)<\/i><\/span><\/p>\nFeatured Video Of The Day<\/h3>\n