From Our Bureau
NEW DELHI: The Centre on Monday agreed to a panel to be set up by the Supreme Court to strengthen the regulatory regime to protect investors in the context of crores lost in Adani’s companies.
Solicitor General Tushar Mehta said the remit of the panel has to be very specific, so that it does not affect the flow of money and investments.
Stressing that SEBI and other bodies were equipped to deal with he situation, SG told the Supreme Court on behalf of the Centre that “the government has no objection for forming a committee, but the remit of committee we can suggest and we can provide names in a sealed cover.”
The Supreme Court asked the Centre to come on Friday and apprise it about the remit of the panel.
Dealing with two public interest litigations (PIL) that highlighted how the shares of the listed firms of the Adani Group lost a record $120 billion (close to 50 per cent of value) within a matter of days, and led to massive losses to investors, a bench headed by Chief Justice of India (CJI) Dhananjaya Y Chandrachud proposed the constitution of an expert committee under the supervision of a retired judge to formulate the way forward.
“If the Union (government) is ready to accept the suggestion, the necessary recommendation of the committee may be made,” said the court in its order, while asking solicitor general (SG) Tushar Mehta, who appeared for the Centre and the market regulator Sebi, to submit by February 13 a detailed report on the current regime and the changes that can be planned to make it more robust in the future.
