Senior lawyer Harish Salve has stated that demands by some opposition parties for a Joint Parliamentary Committee (JPC) has investigate Adani Group Hindenburg row is only to embarrass the government” Salve also appreciated and welcomed Supreme Court’s order to set up a committee comprising six experts, which in his opinion was a better option because it involved the trust of the investors. He also reiterated that investigations of a committee should be time bound.
Salve says JPC demand by opposition parties “is only to embarrass the government”
Furthermore opined that Adani-Hindenburg row involves some complex financial matters that only subject matter experts can handle.
Mr.Salve stated,
“It is critical (this investigation is time-bound) because investors’ confidence is fragile. Today, whether true or false, investor sentiment has been damaged by such occurrences of market volatility and to build it back we need to know quickly what exactly happened,”
Further added,
“The JPC (joint parliamentary committee) consists of MPs who are very wise people. Here, what has happened is in an area – a very specialised field. What has happened here is there are allegations made on structuring of companies, allegations made about how shares have been issued, how shares have been overvalued, how the market has been played,”.
“This is a very specialised field. Justice Sapre brings an experience – he has been a commercial lawyer, we have worked together… He was in the SAT (Securities Appellate Tribunal). So is Somasekharan Sundaresan. He knows the subject. He knows this law better than most lawyers do. He can teach me this law. He is that good,”
Composition of Supreme Court Appointed Six Member Committee
- Former Supreme Court Judge Justice AM Sapre
- Former SBI Chairman OP Bhatt
- Retired Bombay High Court judge Justice JP Devadhar
- Former Infosys Chairman KV Kamath
- Infosys Co-founder Nandan Nilkeni
- Lawyer Somasekharan Sundaresan (security and regulatory expert)
Mr. Salve also referred to the National Election scheduled for next year and stated,
“People like them will look at what is going on in the market and what exactly has happened and you will have that report. And after that, if the report convinces you that there has been a political cover-up, then you should demand action in parliament, debate in parliament, joint parliamentary committee (JPC). Today, the demand for a JPC is only to embarrass the government and the noises will become more shrill as 2024 comes closer,”
“There are two things – one is the allegations made by the Hindenburg report. They may be right, they may be wrong – Adani is my client, you know that – we will defend the allegations etc, but there is a completely different dimension to this. Hindenburg is no Good Samaritan who has exposed wrongdoings. They have timed the report, they have dropped the report, they do it for shorting,”
“It is my suggestion and I have said so publicly, and I am repeating that the committee must find all those who have made tonnes of money at the cost of the middle class investor by shorting shares. Treat that as market manipulation and get them to disgorge and ban them from trading,”
Salve also stressed on the fact that India needs to have some mechanism which can hold to account people who make money off misfortune of the middle class shareholders
“India is new to this game. We are growing our capital markets. If the middle class investor is petrified that every time he invests in a company, tomorrow there’s a Hindenburg report, by the time it is proved to be false it’s too late. The shares have tanked anyway,”
Opposition Parties divided on the issue
However the opposition parties are divided on the Supreme Court’s Order to appoint six member committee, with Trinamool Congress has welcomed the Supreme Court’s decision and stated that it would not insist on a JPC. Former Maharashtra Chief Minister Uddhav Thackrey and Delhi’s ruling Aam Aadmi Party have also welcomed the court’s decision.
Supreme Court’s decision has left Congress and its allies isolated because it is still insistent on a JPC , with its leader Rahul Gandhi singularly focusing on the issue. Tamil Nadu’s DMK is also vociferous on the demand of the Congress.
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