The Supreme Court of India has decided to set up a committee to examine the Hindenburg report on the Adani Group. This move comes after the court rejected the government’s suggestion to keep the report in a sealed cover, stating that transparency is crucial in maintaining the committee’s credibility in the eyes of the nation.
A Bench headed by Chief Justice of India (CJI) D Y Chandrachud said: “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.”
The bench, also comprising justices P.S. Narasimha and J.B. Pardiwala, said the court wants full transparency for protection of interest of investors and it will form a committee so that there is a sense of confidence in the court.
The Hindenburg report is an investigation into the business practices of the Adani Group, one of India’s largest multinational conglomerates. The report, which was published by an investigative journalism outlet in 2021, alleges a number of financial irregularities and environmental violations by the company.
The Indian government had recommended that the Supreme Court keep the report in a sealed cover, arguing that its contents could have a negative impact on national security. However, the court rejected this suggestion, stating that it wanted to maintain full transparency in the examination of the report.
The Chief Justice of India, DY Chandrachud, remarked that the court wanted to ensure that the committee’s work was seen as credible and transparent by the public. By appointing its own committee to examine the report, the court hopes to provide a sense of confidence in the process and to avoid any accusations of bias.
The Adani Group has denied any wrongdoing and has criticized the Hindenburg report as being politically motivated. However, the report has caused significant controversy in India, with some politicians and environmental activists calling for the government to take action against the company.
The Supreme Court’s decision to set up a committee to examine the report is likely to be seen as a significant step in the ongoing debate about the Adani Group’s business practices. It remains to be seen what the committee will find and what actions, if any, will be taken as a result of its investigation. However, the decision to prioritize transparency and credibility in the examination of the report is a positive development and a reminder of the importance of accountability in business and government.
“We must not accept a sealed cover suggestions from the government. We want to ensure full transparency. It (accepting sealed cover) may give the impression that it is a government-appointed committee that has been accepted by the SC. We will appoint a committee of our own, will instill confidence,” the court said.
There are four PILs on the issue pending before the top court –one each by advocates ML Sharma and Vishal Tiwari; Madhya Pradesh Congress leader Jaya Thakur and one Manish Kumar — seeking probe into the Hindenburg-Adani report.
