Business & Finance National

Adani-Hindenburg row: Centre Agrees To SC Proposal Of Setting Up Of A Panel Of Experts On Regulatory Mechanism

Adani

Solicitor General Tushar Mehta, appearing for the Centre and SEBI, said that the market regulator and other statutory bodies are equipped to deal with the present situation arising out of the Hindenburg report.

The Centre has no objection to a proposal for setting up a panel of domain experts to look into strengthening the regulatory mechanisms for the stock market, the Supreme Court was told on Monday while it was hearing pleas relating to the Adani stocks rout after the Hindenburg report, reported Indian Express. 

The central government, however, told a bench headed by Chief Justice DY Chandrachud that it wanted to give the names of the domain experts for the committee and the scope of its mandate in a sealed cover in larger interest.

Solicitor General Tushar Mehta, appearing for the Centre and SEBI, said that the market regulator and other statutory bodies are equipped to deal with the present situation arising out of the Hindenburg report.

“The government has no objection to forming a committee. But, the remit of the committee, we can suggest. We can provide names in a sealed cover,” the law officer said.

Mehta apprehended that any “unintentional” message on setting up of the panel may have some adverse impact on the inflow of money.

The top court has now listed two PILs, alleging exploitation of innocent investors and “artificial crashing” of the Adani Group’s stock value, for hearing on Friday.

On February 10, the top court said the interests of Indian investors need to be protected against market volatility in the backdrop of the Adani stocks rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanisms.

It had also sought the views of the Securities and Exchange Board of India (SEBI) and the Centre as to how to ensure a robust mechanism is in place since the capital movement now is “seamless” in the country.

Dear Readers,
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
Some error occurred

Related posts

National

Balance Sheet Of Companies “Very Healthy”: Adani Group

Shashank
Adani Group

Adani Group companies “have strong cash flows, and our business plan is fully funded,” a group spokesperson told Reuters, responding to a media report that the group halved its revenue growth target and plans to scale down fresh capital expenditure.

Adani Group said on Monday the balance sheet of each of its portfolio companies was “very healthy” and that it has strong corporate governance and secure assets, amid a stock rout in the wake of a short-seller report, reported NDTV. 

Adani Group companies “have strong cash flows, and our business plan is fully funded,” a group spokesperson told Reuters, responding to a media report that the group halved its revenue growth target and plans to scale down fresh capital expenditure.

Also Read:“LTTE Chief Prabhakaran Alive, Healthy”: Tamil Nadu Politician

Each entity will review its own capital market strategy once the current market stabilizes, the group said, adding it was “confident in the continued ability of our portfolio to deliver superior returns to shareholders.”

 

Related posts

News Hub