The Supreme Court on Friday rejected a Public Interest Litigation (PIL) seeking to prevent media from reporting the Adani-Hindenburg issue till the court pronounces its order.
A bench headed by Chief Justice DY Chandrachud declined the PIL filed by advocate Manohar Lal Sharma.
The CJI said, “We are not going to issue any injunction to the media. We pronounce order shortly.”
The bench also comprised Justices PS Narasimha and JB Pardiwala.
Notably, ML Sharma sought a direction to issue a gag order restraining the media from releasing any statement /allegations against the listed companies, including the Adani group of companies without being pre-verified by the Securities and Exchange Board of India (SEBI) in accordance with the law.
The plea said, "If the Gag order restraining media to release any allegations without verified by Sebi is not issued millions of innocent investors will be suffered serious financial and reputation loss and injury which cannot be compensated in terms of money on the other hand if Ex-parte Gag order is released restraining media to release any statement and allegation without pre-verified by Sebi there will be no loss and injury to anyone and millions of investors will be protected."
Earlier, SC had turned down the names proposed by the Union Government and said it will form an expert committee to review the regulatory mechanism regarding the Adani-Hindenburg Case.
After rejecting a number of proposals of names from the union Government a bench led by the CJI said the court will constitute the committee to ensure “full (public) confidence”.
CJI Chandrachud said, “We want full transparency… if we accept these suggestions, then it will be seen as a government-appointed committee, which we do not want. Leave it to us to decide.”
He further said, “However, we can’t start with a presumption of regulatory failure.”