Adani-Hindenburg issue: Supreme Court forms expert committee to probe recent share crash
New Delhi (PTI): The Supreme Court on Thursday ordered setting up of a six- member committee headed by former apex court judge A M Sapre to look into various regulatory aspects for stock markets, including the recent Adani Group shares crash triggered by the Hindenburg Research's fraud allegations.
A bench of Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said the panel will make an overall assessment of situation, suggest measures to make investors aware and strengthening of existing regulatory measures for stock markets.
The bench also directed the Centre, financial statutory bodies and the SEBI chairperson to render all cooperation to the panel which will have to submit its report within two months.
Former judges OP Bhat and JP Devdatt are also part of the probe committee.
The court also named Nandan Nilekani, KV Kamath and Somasekharan Sundaresan as three other members of the committee.
While reserving its order, the top court on February 17 had refused to accept in a sealed cover the Centre's suggestion on a proposed panel of experts.
Till now four PILs have been filed in the top court on the issue by lawyers M L Sharma, Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist.
Adani Group stocks have taken a beating on the bourses after the 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.
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PM should apologise to every Maharashtrian, say sorry for note-ban, anti-farmer laws too: Rahul
Sangli (Maharashtra), Sept 5: Leader of Opposition in the Lok Sabha Rahul Gandhi on Thursday said Prime Minister Narendra Modi should apologise to every Maharashtrian for the collapse of Chhatrapati Shivaji Maharaj's statue in Sindhudurg district, and also say sorry for demonetisation, anti-farmer bills and GST.
Gandhi was speaking at a public meeting here after inaugurating a statue of late party leader Patangrao Kadam.
"I want to ask the prime minister what he is sorry for, is it because the contract to make the Shivaji statue was given to an RSS person who had no merit, or for the corruption in the proces," he said.
With the BJP-Shiv Sena-NCP government in Maharashtra coming under fire over the collapse of the statue last month, the prime minister during his subsequent visit to the state said he apologised to the iconic king, his "deity", and also the people whose sentiments were hurt.
Congress president Mallikarjun Kharge, senior leaders Sushilkumar Shinde and Prithviraj Chavan, and NCP (SP) chief Sharad Pawar attended the function in Sangli, a city in western Maharashtra and a traditional Congress bastion. But ally Shiv Sena (UBT) chief Uddhav Thackeray was conspicuous by his absence. Notably, Sena (UBT) candidate had lost to Congress rebel Vishal Patil in the Sangli Lok Sabha seat.
Modi should answer why all contracts are given only to "Adani and Ambani" and why he was running the government only for "two people", Gandhi further said.
The prime minister has not apologised for the "anti-farmer laws" which were later withdrawn due to protests, he said, and demanded that Modi apologise for demonetisation and the "wrong" Goods and Services Tax.
Gandhi further said the Congress ideology was the DNA of Maharashtra, and assured that he will be present during the coming assembly elections campaign wherever required.
The PM did not visit Manipur which is facing a civil war-like situation as the BJP itself has set the northeastern state on fire, he alleged.
Small and medium businesses were being finished for the benefit of "two people", he said, adding that Adani and Ambani groups cannot generate employment.
Late Patangrao Kadam dedicated his life to the Congress party, Maharashtra and the country, and worked for development and spread of education, the Raebareli MP said.
When Indira Gandhi lost the Lok Sabha election, Kadam stood by her and organised a public meeting even at 2 am, Gandhi noted.
Maharashtra has always been a progressive state, and Chhatrapati Shivaji Maharaj, Chhatrapati Shahu Maharaj, Dr B R Ambedkar and Mahatma Jyotirao Phule showed the progressive path from which everyone draws inspiration, he said.
"The ideology of these towering personalities is the same as that of the Congress. Maharashtra has the foundation and DNA of Congress ideology. Today's politics is a fight between two ideologies. We want social progress and to take everyone along, while the BJP wants development of a selected few," Gandhi said.
The BJP wanted the caste structure to remain the same, finish the Constitution, take over the Election Commission, educational institutions, legal system and bureaucracy, the leader of opposition alleged.
"The only merit needed for joining these institutions is you should be from the RSS," he said.
Reiterating his demand for a caste census, he said it would provide a snapshot of how many people are there in different social strata, and their share in the country's wealth and decision-making.
"But the BJP says no. Now the RSS has said that caste census is necessary....Congress and INDIA bloc will ensure that caste census is carried out at any cost. We need to understand the truth, who benefits from the country's wealth," he said,
In a further dig at Modi for apologising over the collapse of the Shivaji statue, Gandhi said Patangrao Kadam worked for 60 years with transparency, love and genuine efforts, but he never asked for forgiveness. "Forgiveness is asked for when you make a mistake," the Congress leader added.
Kadam's statue will stand strong for the next 50-70 years, he said.
Kharge said on this occasion that the collapse of Shivaji Maharaj's statue was an insult to the state and the country."Kadam's statue has been made by Ram Sutar who is an accomplished sculptor," he noted.
The Opposition's Maha Vikas Aghadi alliance was ready to fight the coming assembly polls in Maharashtra unitedly, Kharge said, adding that "all the real NCP and Shiv Sena leaders are with us, the fake ones are on the other side." If the BJP loses Maharashtra, the Modi government will also be in danger, the Congress chief said while asking people not to get wooed by the state government's Ladki Bahin scheme for women.
Questioning the government's decision to give Z-plus security to Pawar, Kharge said people were the NCP (SP) supremo's security cover and he did not need security from the government.
Sharad Pawar in his speech recalled Patangrao Kadam's contribution in the field of education and development of drought-prone areas of the state.
महाराष्ट्र और पूरा देश जानना चाहता है आखिर प्रधानमंत्री जी ने माफ़ी क्यों मांगी!
— Rahul Gandhi (@RahulGandhi) September 5, 2024
1. बिना merit के RSS वालों को contract देने के लिए
2. मूर्ति के निर्माण में हुए भ्रष्टाचार के लिए
3. या छत्रपति शिवाजी महाराज जैसे पूजनीय महापुरुष का अपमान करने के लिए
कारण कोई भी हो, प्रधानमंत्री… pic.twitter.com/dt3juZ9iZz
