In Writ Petition(s) VIishal Tiwari Vs. Union of India & Ors., Hon’ble Dr Dhananjaya Y Chandrachud, Chief Justice of India pronounced the reportable order of the Bench comprising His Lordship, Hon’ble Mr Justice Pamidighantam Sri Narasimha and Hon’ble Mr Justice J B Pardiwala.
To protect Indian investors against volatility of the kind which has been witnessed in the recent past, the Bench was of the view that it is appropriate to constitute an Expert Committee for the assessment of the extant regulatory framework and for making recommendations to strengthen it.
Therefore, the Court ordered constitution of a committee consisting of the following members:
- Mr. O P Bhatt;
- Justice J P Devadhar (retired)
- Mr. KV Kamath;
- Mr. Nandan Nilekani; and
- Mr. Somashekhar Sundaresan.
The Expert Committee shall be headed by Justice Abhay Manohar Sapre, a former judge of the Supreme Court of India.
The remit of the Committee shall be as follows:
- To provide an overall assessment of the situation including the relevant causal factors which have led to the volatility in the securities market in the recent past;
- To suggest measures to strengthen investor awareness;
- To investigate whether there has been regulatory failurein dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group or other companies; and
- To suggest measures to (i) strengthen the statutory and/or regulatory framework; and (ii) secure compliance with the existing framework for the protection of investors.
The Chairperson of the Securities and Exchange Board of India (SEBI) is requested to ensure that all requisite information is provided to the Committee. All agencies of the Union Government including agencies connected with financial regulation, fiscal agencies and law enforcement agencies shall co-operate with the Committee. The Committee is at liberty to seek recourse to external experts in its work.
The Committee is requested to furnish its report in sealed cover to this Court within two months.”
Gautam Adani, the Chairman of Adani Group has welcomed the Order saying, ‘Truth will prevail’.
The Adani Group welcomes the order of the Hon’ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail.