Adani Row: SC to form panel

February 13, 2023

The Supreme Court took up a PIL filed on the Adani-Hinderburg issue on February 10, 2023. The SC asked the Solicitor General of India Tushar Mehta to bring up solutions for protecting the investors in the country. The apex court brought this up as many investors lost their money due to the stock manipulation of Adani and its group. Two days’ time was given; to this Mr Tushar who represented SEBI and GoI replied that the current provisions are enough to keep the investors safe. However, the GoI has no objections to SC forming a committee to look into the requirements; to check if they are sufficient to protect the investors.

Why did SC interfere?

The international reputation of India was at stake. Gautham Adani, the CEO of Adani group was the second richest person in the world. The opposition party is of the opinion that he is a close associate of PM Modi. With the Hinderburg revealing stock manipulation of Adani, many investors from India and from abroad lost their money. This affected the overall reputation of India at the world level. So SC decided to take up the PIL filed on the issue.

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