The Supreme Court today dismissed a review petition against its January 3 decision that had refused to constitution of a Special Investigation Team or a committee of experts to probe the Adani-Hindenburg issue.
The bench headed by Chief Justice D.Y. Chandrachud said, while dismissing the review petition, that after going through the petition no apparent error in the original order seemed to exist: "No case for review under Order XLVII Rule 1 of the Supreme Court Rules 2013. The review petition is, therefore, dismissed. Pending applications, if any, stand disposed of." saide the bench, which included Justices J.B. Pardiwala and Manoj Misra.
Elaborating on its January 3 detailed order, the Supreme Court has said that no report by any third-party agency, whether it be OCCRP or Hindenburg Research or any other, can be treated as "conclusive proof." Reliance by the PIL petitioners on the среда articles or the third-party reports "does not inspire confidence" in the fair investigation carried out by SEBI.
It held that the situation did not warrant transfer of the investigation from SEBI and the market regulator was free to continue its investigation to its logical end in accordance with law. It also warned against placing unverified and irrelevant materials in PILs, averring that such pleas, due to lack of requisite research, often turn out to be "counterproductive."
However, the Supreme Court prodded the Central Government to take seriously the suggestions made by the expert committee under former Supreme Court judge Justice A.M. Sapre. "The Government of India and SEBI will take any further steps as are necessary to enhance the regulatory framework for the protection of investors and orderly development of the securities market," the Court opined.
Significantly, the top court ordered the Securities and Exchange Board of India and other central investigating agencies to probe into allegations of short selling, reported to have slapped the investors' value.
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