Thread by @barandbench

Hindenburg report on Adani: Supreme Court to pronounce judgment at 10.30 AM today.

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#SupremeCourt #SupremeCourtOfIndia #HindenburgReport #AdaniEnterprises

Read more about the petitions before Supreme Court on Adani-Hindenburg issue here.

#SupremeCourt #HindenburgReport #AdaniEnterprises

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The Supreme Court had earlier rejected sealed cover suggestions by Central government.

#SupremeCourt #HindenburgReport

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Supreme Court had also refused to pass any gag order against media

#HindenburgReport #SupremeCourt #Adani

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CJI DY Chandrachud: the present petitions concerns loss of investor wealth due to steep decline in share price of adani group of companies. the decline was due to report by hindenburg

#HindenburgReport #SupremeCourt #Adani

CJI DY Chandrachud: the report alleges that adani manipulated share prices...report says hindenburg research took short position in the adani shares as well.. it is in this background these petitions have been filed

#HindenburgReport #SupremeCourt #Adani

CJI DY Chandrachud: petitions say public money is at risk since LIC etc is exposed and directs MHA to probe it supervised by sc appointed ocmmittee

#HindenburgReport #SupremeCourt #Adani

CJI DY Chandrachud: petitions also seek to prosecute the head of hindenburg research.. the petitions seek a court monitored investigation.. probe into also the role played by top officials of public sector banks.

#HindenburgReport #SupremeCourt #Adani

CJI DY Chandrachud: On Feb 10 SC noted that there was a need to review existing regulatory mechanism to protect indian investors from market volatility, both SG and Mr Bhushan has submitted suggested remit of committee..

#HindenburgReport #SupremeCourt #Adani

CJI DY Chandrachud: SEBI has also placed regulatory framework and other details. SEBO says it has disclosure based regulatory mechanism in line with pricing control for capital issues

#HindenburgReport #SupremeCourt #Adani

CJI DY Chandrachud: in Prakash Gupta vs SEBI. This court has noted the specialised role of the SEBI. SEBI has vital functions in maintaining the order of security market. SEBI states that it is probing the allegations in report

#HindenburgReport #SupremeCourt #Adani

CJI DY Chandrachud: SEBI is also looking into violation of market regulations from unfair trade practices and violation of short selling norms, SEBI is seized of the investigation into the Adani Hindenburg row

#HindenburgReport #SupremeCourt #Adani

CJI DY Chandrachud: as a part of SEBI probe.. it shall also look into whether violation rule 19 of security contract regulation rules. whether there was any manipulation of stock prices

#HindenburgReport #SupremeCourt #Adani

CJI DY Chandrachud: SEBI shall apprise the court of its progress also inform the expert committee of the progress and constituting of the committee does not hamper the independence of SEBI and its probe processes

#HindenburgReport #SupremeCourt #Adani

#BREAKING CJI DY Chandrachud: we hereby constitute an expert committee: consisting of Mr OP Bhat, Justice Devdhar, Mr KV Kamath, Nandan Nilekani and the committee will be headed by former Judge Abhay Manohar Sapre

#HindenburgReport #SupremeCourt #Adani

CJI DY Chandrachud: SEBI shall conclude the probe within 2 months and file a report and the committee shall submit its report in a sealed cover before this court within 2 months.

#HindenburgReport #SupremeCourt #Adani

Expert committee headed by former SC Judge Abhay Manohar Sapre

MEMBERS ARE:

1. Mr OP Bhat,
2. Justice JP Devdatt,
3. Mr KV Kamath,
4. Mr Nandan Nilekani and
5. Mr Somasekharan Sundaresan

#HindenburgReport #SupremeCourt #Adani

Remit of the expert committee in Adani Hindenburg row appointed by the #SupremeCourt:

1. To suggest measures to strengthen frameworks
2. To investigate Adani row
3. To suggest measure to strengthen statutory framework

SEBI to provide all relevant details to committee