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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Ind vs Aus 1st test day 2: IND 172/0 at stumps, lead by 218 runs in Perth
Perth, Nov 23: Yashasvi Jaiswal combined game awareness with perfect shot selection while KL Rahul remained technically unflappable in an unbroken opening stand of 172 as India looked set to bat Australia out of the match with an overall lead of 218 runs on the second day of the opening Test here.
After skipper Jasprit Bumrah's game-changing 11th five-wicket haul decimated Australia for 104, young Jaiswal (90 batting, 193 balls) and seasoned Rahul (62 batting, 154 balls) decided to grind it out with some old fashioned Test match batting by waiting for the loose deliveries and respecting good fast bowling.
The Indians showed their compact defense by scoring 88 runs in 31 overs during the post-tea session as Jaiswal inched towards a coveted ton on his maiden outing on Australian soil.
With enough time at their disposal and signs of cracks appearing on the surface, this is going to be India's Test match to lose.
The way Rahul wore down the Australian attack was a sight to behold. There was no chatter from the slip cordon and at one point, the stitches of the Kookaburra came out.
The live grass died by the second afternoon and the seam movement also went out of equation making batting easier.
But no one can take away any credit from the two who were hardly troubled except for a mix-up that could have led to Rahul's run-out.
Jaiswal also showed that he had learnt his lessons from the first innings and curbed his urge to drive on the up initially, which was the best part about his batting. Each of his seven fours and two sixes were well-executed shots.
Once he had defended enough deliveries, the Australian pacers didn't have any option but to try either short or full length which he utilised well.
The whip over mid-wicket to hit Starc for one-bounce four and then induce a grin from the pacer by telling him "you are slow", spoke volumes about how fearless the current generation of Indian cricketers is.
In the final session, he flicked him for good measure for a maximum.
Rahul's back-drive off Pat Cummins can easily be called the shot of the match but it was heartening to see Jaiswal put in a big stride forward while driving Mitchell Starc through covers apart from getting under the bounce and playing the ramp shot.
In case of Rahul, he kept a very loose bottom-hand and that helped with the deliveries, even the ones that took the thickish edge only to fall way in front of the slip cordon.
There was a spell of play in the post-tea session when Indians were kept quiet by Nathan Lyon but neither Jaiswal nor Rahul ran out of patience. Jaiswal's half-century came off 123 balls, his slowest in 15 Tests and spoke volumes about his adaptability.
For Rahul, it was about forgetting the unfortunate dismissal on Friday and concentrate, which he did splendidly.
Any target above 300 would be very difficult to chase on this track and Washington Sundar can come into play if those cracks open up, not to forget the three quicks who can use the variable bounce to good effect.
In the morning, India captain Bumrah deservedly got his 11th five-wicket haul while debutant Harshit Rana bowled a fiery opening spell to dismiss the hosts for 104 at the stroke of lunch despite a stiff last-wicket resistance from Mitchell Starc and Josh Hazlewood.
Starc (26 off 113 balls) shielded Hazlewood (7 not out off 31 balls) admirably during their 25-run last-wicket stand that lasted 18 overs.
The day began with Bumrah (5/30 in 18 overs) getting one to rear up from back of the length and Carey's edge carried at a good height to Rishabh Pant behind stumps.
The skipper's celebration was understated as he purposefully strode back to his bowling mark even before Nathan Lyon had arrived. At the other end, the burly Harshit Rana (3/48 in 15.2 overs) carried on from where he had left off on the opening day.
The rookie speedster used more short balls, and one such well-directed delivery accounted for Lyon, who was pouched at gully by KL Rahul.
