No material to doubt Sebi probe: Supreme Court reserves judgment on Adani row
27-Nov-2023The Supreme Court on Friday reserved its judgment on a batch of pleas demanding a court-monitored probe into the allegations made by US-based short-seller Hindenburg Research against the Adani group.
The Supreme Court on Friday reserved its judgment on a batch of pleas demanding a court-monitored probe into the allegations made by US-based short-seller Hindenburg Research against the Adani group.
Chief Justice of India DY Chandrachud also expressed his dissatisfaction at the allegations made against the Securities and Exchange Board of India (Sebi) over its Adani-Hindenburg probe.
"Sebi is a statutory body exclusively entrusted with investigating stock market manipulation. Is it proper for a court without any proper material to say that we don't trust Sebi and we will form our own SIT? This has to be done with much calibration," the CJI told advocate Prashant Bhushan, appearing on behalf of the petitioners.
He also responded to Bhushan's allegation that the market regulator did not conduct a proper investigation and said, "Mr Bhushan, I don't think you can take something written in a newspaper, whether Guardian or Financial Times, to be gospel truth."
"We are not saying that we doubt them but we can't say it is evidence enough to discredit the statutory regulatory. What should Sebi do? Go to journalists not subject to their jurisdiction and underline material they used as sources?" the CJI asked.
