[Marxistindia] Adani Case: A Disappointing Verdict

[news from the cpi(m)]

Press Statement

 

The Polit Bureau of the Communist Party of India (Marxist) has issued the
following statement:

 

Adani Case: A Disappointing 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. In 2014, the DRI
had made a reference to SEBI on a direct charge against Adani. In 2021,
Parliament had been informed that the SEBI had been probing allegations
against Adani but  in its affidavit to the Court, SEBI denied such a probe.
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." However the Supreme Court has given
approval to these amendments which admittedly act as a wall to conceal
identities of the links of foreign investors with the "ultimate
beneficiary." 

Thirdly,  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 Supreme Court has not enhanced its credibility with this judgement. 

 

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