As the Adani-Hindenburg fracas continues, Solicitor General Tushar Mehta, arguing for the government, said that the government has no objection to setting up a committee to look into the regulatory mechanisms to protect investors. However, he suggested, the names of the members and the remit of the committee must be given in a sealed cover to the court.
According to him, the remit of the committee will be relevant since any unintentional message to domestic and international investors, that a regulatory authority needs monitoring by a committee, could impact the money flow.
CJI DY Chandrachud asked the solicitor general to write a note by Wednesday about the remit of the committee.
The court is hearing the matter against the backdrop of two petitions seeking a direction regarding charges against the Adani Group. The petition said that all the allegations must be vetted by SEBI before anything gets reported. The second petition relates to the setting up of a special committee to oversee the sanction policy for loans of over Rs 500 crore extended to big corporations.
The case will now be heard on Feb. 17.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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