Supreme Court Dismisses Plea Seeking To Ban Media From Reporting On Adani Group Matter

New Delhi, 24th February 2023: The Supreme Court on Friday dismissed a plea seeking to restrain the media from reporting on the Adani-Hindenburg matter till the court pronounces its order. The apex court had on 20th February reserved its order on a batch of Public Interest Litigations (PILs) on Adani Group shares arising out of allegations of fraud by Hindenburg Research.

A bench headed by Chief Justice (CJI) DY Chandrachud dismissed the plea of advocate ML Sharma, who mentioned the matter. “We are not going to issue any injunction to the media,” he said. The bench also comprises Justices PS Narasimha and JB Pardiwala.

The apex court had on Monday refused to take on record the suggestion of one of the petitioners and a report published by Forbes in a batch of PILs. The court had on 17th February refused to accept in a sealed cover the Centre’s suggestion on a proposed panel of experts to strengthen regulatory measures for the stock market. The bench had said, “We will not accept the suggestion given in your sealed cover as we want to maintain complete transparency.”

The top court had on 10th February said that in the backdrop of Adani Group’s stock rout, the interests of Indian investors needed to be protected against market volatility and asked the Center to strengthen the regulatory mechanism with domain experts headed by a former judge.

Lawyers ML Sharma and Vishal Tiwari, Congress leader Jaya Thakur and activist Mukesh Kumar have filed four PILs in the apex court. Adani Group shares have come under pressure on the bourses following allegations by Hindenburg Research against the business conglomerate, including fraudulent transactions and manipulation of share prices.

The Adani Group has dismissed the allegations as false, adding that it complies with all laws and disclosure requirements.

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