New Delhi, Jan 3 (PTI) The Communist Party of India (Marxist) polit bureau on Wednesday called the Supreme Court judgement in the Adani case “disappointing” and said the apex court has not enhanced its credibility with this verdict.
“The Supreme Court judgement in the Adani case rejecting petitions for an impartial probe is disappointing and unfortunate on several grounds. A statutory body like the SEBI has not been fulfilling its mandate for expeditiously probing allegations against the Adani group,” the CPI(M) said in a statement. “In 2014, the DRI had made a reference to the SEBI on a direct charge against Adani. In 2021, the Parliament had been informed that the SEBI had been probing allegations against Adani but in its affidavit to the court, the SEBI denied such a probe,” the CPI(M) added.
The CPI(M) said “it is surprising that the court took such a denial at its face value without questioning why the SEBI has not acted on the complaints”.
“Secondly, the SEBI had changed its own rules making them more opaque and to conceal who the ultimate beneficiary is. The Expert Committee set up by the Supreme Court had itself stated that SEBI’s pursuit of investigations is based on the premise that it is pursuing the ‘spirit of the law’, which flies in the face of the prospective amendments with deferred effect that SEBI has made on the legislative side,” the CPI(M) added.
The CPI(M) said the Supreme Court has given approval to these amendments which admittedly act as a wall to conceal identities of the foreign investors’ links with the “ultimate beneficiary”.
The CPI(M) added it is “most unfortunate” that the judgement has given an open licence to the government to probe whether Hindenburg Research’s allegations “ignored Rules” and to take action accordingly.
“…In other words to shoot the messenger, which would jeopardise all those media outlets which had published the Hindenburg report,” the party said, adding the “Supreme Court has not enhanced its credibility with this judgement”.
The apex court on Wednesday refused to transfer the probe into allegations of stock price manipulation by the Adani Group to a special investigation team or the CBI, saying market regulator SEBI was conducting a “comprehensive investigation” and its conduct “inspires confidence”. PTI AO AS AS
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