Won't accept names in sealed cover: Indian SC on Adani issue

India's Supreme Court today refused to accept the names proposed by the government in sealed cover to be included in a proposed experts' committee for strengthening regulatory measures for stock exchanges in the light of the crash in prices of the Adani group.

"We will select the experts and maintain full transparency. If we take names from the government, it would amount to a government-constituted committee. There has to be full [public] confidence in the committee", Chief Justice of India D Y Chandrachud said.

A bench, comprising DY Chandrachud, Justice PS Narasimha and JB Pardiwala, then proceeded to hear Public Interest Litigations (PIL) on the Adani-Hindenburg issue.

The bench on February 10 had sought the views of the Indian government and Stock Exchange Board of India on measures to protect the Indian investors.

The government in response to the apex court said that it agreed to the suggestion of forming an expert committee to review the regulatory framework.

Accordingly, the government submitted a note in a sealed cover to the court suggesting names of members who can be part of the committee.

Four PILs have been filed in the Supreme Court so far on the Adani-Hindenburg issue by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and activist Mukesh Kumar. ML Sharma demanded an investigation into Hindenburg too.

Hindenburg has accused the Adani group of manipulating share prices and resorting to accounting fraud, charges refuted by the Indian conglomerate.