The Supreme Court on Thursday ordered setting up of a six-member committee headed by former apex court judge Justice A M Sapre to investigate the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations and other regulatory aspects related to stock markets.
The Supreme Court on Thursday asked the Sebi to probe within two months allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures, and also set up a panel to look into protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate's market value. The top court while directing the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework and for making recommendations to strengthen the process said it was appropriate to set up such a panel of experts in order to "protect Indian investors against volatility of the kind which has been witnessed in the recent past". The court-appointed Justice Sapre panel, which will be provided assistance by the Centre and other statutory agencies including the Sebi chairperson, will have to submit its report in a sealed cover within two months, said the bench which comprised Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala.
This Women's Day Week, we pay tribute to the extraordinary courage, resilience, and leadership of three iconic Indian queens -- Rani Lakshmibai of Jhansi, Rani Chennamma of Kittur, and Maharani Ahilyabai Holkar of Malwa.
Following the exit poll prediction of a resounding BJP victory, BSE benchmark Sensex shot up on Monday by 2,507 points or 3.4 percent to settle at a new closing peak of 76,469. However, a day later on Tuesday, the equity markets witnessed a bloodbath, with the Sensex tanking 4,390 points or 6 percent to settle at 72,079. This was the worst single-day fall in four years.
The Supreme Court said on Friday it may consider granting three more months to SEBI for concluding its probe into the allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure, and listed a batch of PILs and plea by the market regulator on May 15. A bench of Chief Justices DY Chandrachud and Justices P S Narasimha and J B Pardiwala said the court registry has received the report of the apex court-appointed Justice (retd) A M Sapre committee on the issue and would like to hear the matter on Monday after perusing the findings of the panel. "We will go through the report in the meantime.
The Supreme Court adjourned to Tuesday the hearing on a plea of the Securities and Exchange Board of India (SEBI) seeking extension of six months to complete a probe into allegations of stock price manipulation by the Adani group. The hearing on the market regulator's plea and PILs could not take place on Monday due to paucity of time and on account of scheduled hearing of certain matters before a special bench at 3 pm. A bench comprising Chief Justice D Y Chandrachud and justices P S Narasimha and J B Pardiwala on May 12 had said it would consider granting three more months to Sebi for concluding its probe into the allegations of stock price manipulation and lapses in regulatory disclosure.
While recusing herself from the matter, she said that she had earlier represented a party in the case as a lawyer.
The Supreme Court on Wednesday granted the Securities and Exchange Board of India time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group. A bench headed by Chief Justice D Y Chandrachud directed the SEBI to file an updated status report of the investigation.
The Supreme Court on Friday asked the Securities and Exchange Board of India (SEBI) what the capital markets regulator intends to do for ensuring the protection of investors from extreme volatility in the stock market.
The verdict could impact a range of life choices of Indians, including food habits and sexual orientation.
Former RBI governor Raghuram Rajan has asked why SEBI has not yet got to the bottom of ownership of the four Mauritius-based funds who are said to have parked 90 per cent of their $6.9 billion in Adani group stocks, saying does the market regulator need help of investigating agencies for this? The funds -- Elara India Opportunities Fund, Cresta Fund, Albula Investment Fund and APMS Investment Fund -- have been under cloud for last couple of years after allegations that they may be shell companies. They came into focus once again in January when a US short seller alleged that Adani Group used offshore shell companies to inflate stock price.
A plea has been filed in the Supreme Court for initiation of contempt proceedings against the Securities and Exchange Board of India (SEBI), alleging it has violated the timeline for completing the investigation and submitting its report on the allegations of stock price manipulation by the Adani group. An application has been filed by PIL petitioner Vishal Tiwari saying that despite the deadline given to the SEBI it has failed to comply with the direction of the court and has not submitted the final conclusion/report as was directed by the court. It said by the order dated May 17, 2023, the apex court directed SEBI to submit its report till August 14, 2023.
An expert committee appointed by the Supreme Court said it cannot conclude any regulatory failure around Adani Group's stock rallies, and that Securities and Exchange Board of India (SEBI) has 'drawn a blank' in its probe into alleged violations in money flows from offshore entities into the conglomerate.
An expert committee appointed by the Supreme Court said it cannot conclude any regulatory failure around Adani Group's stock rallies, and that Sebi has "drawn a blank" in its probe into alleged violations in money flows from offshore entities into the conglomerate. But the six-member panel said there was an evidence of a build-up in short positions on Adani Group stocks ahead of the report of US-based short seller Hindenburg Research, and profiting from squaring off positions after prices crashed post-publication of the damning allegations. "At this stage, taking into account the explanations provided by Sebi, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation," the panel said in the report submitted to the Supreme Court.
The linking of biometric UID/Aadhaar number to all public services makes "We, the People of India" worse than slaves, says Gopal Krishna.
The Supreme Court appointed its former judge, Justice D K Jain, as the first court-appointed ombudsman for the Board of Control for Cricket in India.
A bench comprising Justices S A Bobde and A M Sapre also said that they will appoint three more members to the CoA and the orders to this effect would be passed in chambers.
Here is the chronology of Supreme Court hearings in the right to privacy case.
Karnataka, West Bengal, Punjab and Puducherry took a stand opposite to the Central government which had said that Right to Privacy is a common law right and not a Fundamental Right.
In a jolt to 634 medical students, the Supreme Court on Monday upheld cancellation of their admission in the MBBS course through Vyapam test in Madhya Pradesh for adopting unfair means, terming their action as "an act of deceit".
In Jee Le Zaraa, Zoya Akhtar's swanky new road trip to self-discovery, our favourite gal pals Priyanka Chopra, Katrina Kaif and Alia Bhatt are set to take off on a whirlwind adventure.
The top court, however, granted liberty to all candidates to approach the West Bengal State Election Commission for appropriate relief.
The traders said that the recent SC order would cause huge losses to them.
President Pranab Mukherjee on Tuesday said that justice should not only be delivered in time but must also be accessible to the most marginalised of the society.
If Godse's brother could be released in the Mahatma Gandhi assassination case, then why should the doors be closed for assassins of Rajiv Gandhi, Tamil Nadu Government on Thursday asked the Supreme Court.
Narsimha will meet representatives of various BCCI state units to discuss the multiple Interim Appeals (IA) before the next apex court hearing on Thursday, April 25. He is expected to submit a report on the matter on that day.
The Bihar government had challenged Patna HC's order granting bail to Yadav.
Attorney General K K Venugopal resumed his arguments before a nine-judge bench headed by Chief Justice J S Khehar, stressing that it was not a fundamental right.
Kumar said in his petition that there was no need for his custodial interrogation as he has already been sent to judicial custody.
The Supreme Court on Friday sought response from the Centre and Delhi Police on a plea seeking an SIT probe and initiation of contempt action against three lawyers who were allegedly caught on camera "bragging and boasting" that they had beaten up JNUSU President Kanhaiya Kumar and others, including journalists, in a court complex.
'The nine judges with all their convictions, wisdom, intellectual girth and enlightened debate have not just stood up to the government but disempowered the State in favour of the people,' says Maheshwar Peri.
The Supreme Court on Thursday agreed to hear Central Board of Secondary Education's plea seeking more time to re-conduct All India Pre Medical Test-2015 exam which was scrapped in view of large-scale cheating in the test.
The Centre had termed privacy as a 'vague and amorphous' right which cannot be granted primacy to deprive poor people of their rights to life, food and shelter.
The apex court had on April 28 rejected Purohit's plea for urgent hearing, saying the petition will come up in regular course.
Facing flak for its failure to check unabated poaching of one-horned rhinoceros in Kaziranga National Park the Assam government has sought public opinion on its intention to launch a pilot project of dehorning (trimming) rhinos.
The Supreme Court on Thursday took note of a plea of the Committee of Administrators (CoA) seeking urgent appointment of an ombudsman in the Board of Control for Cricket in India to decide on the fate of Team India players Hardik Pandya and KL Rahul.
A nine-judge Constitution bench, headed by Chief Justice J S Khehar, heard marathon arguments for six days over a period of three weeks and reserved its verdict on the issue whether right to privacy can be held as a fundamental right under the Constitution.
The centre had opposed the plea, saying Asthana had an outstanding career and had supervised over 40 high-profile cases like coal scam, AugustaWestland scam, blackmoney and money laundering cases.
The Centre gave an assurance to the court that the building would not be demolished.
A five-judge Constitution Bench headed by Chief Justice J S Khehar dismissed the pleas on the ground of delay in filing the petition and also on merit.
