Cracks have emerged in the opposition over the strategy to adopt after the Supreme Court formed a committee to look into the Hindenburg report and other aspects for investor protection. The court set up a six-member committee of experts earlier today to examine the issues linked to the Adani Group’s stock crash triggered by the allegations of US short-seller Hindenburg.
The committee, headed by retired judge Abhay Manohar Sapre, will include veteran bankers KV Kamath and OP Bhat, Infosys co-founder Nandan Nilekani, OP Bhat and retired Justice JP Devdhar.
The Congress and its allies are demanding a Joint Parliamentary Committee or JPC. Senior Congress leader and its communications in-charge Jairam Ramesh said, “We want a JPC and that’s been our position as the Supreme Court appointed committee has a limited role and remit”.
The Congress has been adamant on a Joint Parliamentary Committee, since its senior leader Rahul Gandhi has been singularly focused on this issue.
The DMK too has echoed the Congress demand.
The Trinamool Congress, however, has welcomed the court’s decision and said it would not insist on a Joint Parliamentary Committee. “This was one of our key demands that a Supreme Court ordered committee look into the whole issue,” the party said.
The Trinamool is not alone. Former Maharashtra Chief Minister Uddhav Thackeray, and Delhi’s ruling Aam Aadmi P arty have also welcomed the court’s decision, leaving the Congress and a few of its allies isolated.
The Left parties are on a wait and watch mode, saying they would prefer to see how the court-appointed committee works. They however, added that they would still prefer a Joint Parliamentary Committee.
Parliament was stalled during the budget session, with Opposition parties demanding a probe by a Joint Parliamentary Committee. The Congress plans nationwide protests to coincide with the day parliament resumes to press its demand.
In its decision earlier today, a bench headed by Chief Justice of India DY Chandrachud said the committee will make an overall assessment of situation, suggest measures to make investors more aware and help strengthen existing regulatory measures for stock markets.
The Supreme Court also said market regulator SEBI (Securities and Exchange Board of India) should complete its ongoing investigation within two months and submit a status report.
US-based short-seller Hindenburg Research had accused the ports-to-energy Adani Group – controlled by billionaire Gautam Adani, one of the world’s richest people — of making fraudulent transactions and share price manipulation.
Since the January 24 report, the Group has seen shares in its seven companies lose billions in market value.
The Group, which has denied the allegations, today welcomed the Supreme Court judgment.
“The Adani Group welcomes the order of the Hon’ble Supreme Court. It will bring finality in a time-bound manner. Truth will prevail,” Gautam Adani had tweeted.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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