Won’t ever stop media from reporting on a matter, says SC

NEW DELHI: The Supreme Court is not going to ever forbid the media from reporting on a matter, Chief Justice of India (CJI) Dhananjaya Y Chandrachud observed on Friday as a plea was moved to prevent news outlets from carrying reports on the Adani-Hindenburg episode until the court delivers its order on the constitution of a panel to look into the issue.

“We are not going to ever give any injunction against the media. We will do what we have to do. We will pronounce our order,” justice Chandrachud told advocate ML Sharma, who is one of the petitioners in the case and has questioned regulator Sebi’s failure to suspend the trading of Adani Group shares soon after the Hindenburg report came out and demanded a criminal prosecution of the short-sellers.

Sharma, on his part, complained that there are various reports being published by media organisations routinely even as the bench, led by the CJI, is seized of the matter and is yet to form a committee to examine it. “Such reports are affecting lakhs of investors and innocent people. Please restrain media until this court delivers the order,” Sharma said.

But the CJI remained indisposed. “We have already reserved the order and we will pronounce it. Mr Sharma, please make a stata

The pro-Khalistan leader demanded Lovepreet’s release, stating that the case against him was filed without any proof. He announced on Wednesday that he will hold a protest outside the police station where the case was filed ble argument. We are not going to injunct or gag media.”

On February 17, the CJI-led bench reserved its order on the composition and remit of a committee, which is expected to look into the recent episode that witnessed a massive slide in Adani Group’s stock prices after US firm Hindenburg Research came out with a report alleging fraud and stock manipulation by the Gautam Adani-led group. The Adani Group has denied the charges.

On that day, the bench turned down the Centre’s “sealed cover” nominees for a probe committee, asserting that the court will instead name its own panel. The bench noted that the process must inspire transparency and confimarket dence without an impression being given of the committee being “government-appointed”.

The Centre’s note, submitted in the court through solicitor general (SG) Tushar Mehta, suggested that the proposed panel should be entrusted with the primary task of ascertaining the truthfulness of allegations against the Adani Group in the Hindenburg report.

The probe, the note added, should also focus on Hindenburg’s admitted position of acquiring a “short position” in the Adani group, and gather details of all its transactions undertaken by it and its linked companies, besides exploring ways to strengthen statutory and regulatory framework in India. The note also submitted a few names for the proposed panel in a sealed cover envelope.

Hindenburg’s report, released on January 24, claimed “brazen accounting fraud” and “stock manipulation” by the Gautam Adani-led group. Though the conglomerate rejected the report as “unresearched” and “maliciously mischievous”, it triggered a massive rout of Adani Group stocks, with the flagship firm losing over $120 billion in days, and forcing the cancellation of a ₹20,000 crore secondary share sale after it had scraped through.

As HT reported earlier, the decline in the market value of a share by lakhs of crores does not always mean investors have lost that much money.