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New Delhi [India], November 24 (ANI): Hearing the Adani-Hindenburg matter, the <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Friday remarked that it is easy to make allegations against anyone and opined the petitioners to show some responsibility while levelling charges against any party. A bench of Chief Justice of India DY Chandrachud, also comprising justices JB Pardiwala and Manoj Misra passed the remarks when one of the petitioners raised questions over members of the expert committee. Advocate Prashant Bhushan, appearing for one of the petitioners, told the court about one of the members of the expert committee Somashekhar Sundaresan, noting that he has been a lawyer representing Adin various forums including in the SEBI Board. CJI DY Chandrachud raised an objection to the petitioner's submission and remarked that if one goes with the theory that a lawyer who appeared 17 years ago can now not be appointed to the committee and like this, no lawyer who has appeared for an accused should become a High Court judge. CJI DY Chandrachud remarked that he is not an in-house counsel he was a lawyer and he appeared in 2006 and this conflict arose 17 years later. There has to be some responsibility for the allegations being levelled, SC remarked. During the hearing, the court also remarked that it is easy to make allegations and one must be also very careful. "We are not giving a character certificate to anyone," SC noted. When the hearing commenced today, Solicitor General Tushar Mehta told the top court that SEBI is not seeking an extension of further investigation matters relating to the Hindenburg report. Out of 24 cases in the Adani-Hindenburg matter, investigations in 22 cases are over For the remaining two cases, they need information from foreign regulators and others and they have been in consultation with them, SG Mehta informed the court. The court then said that it had intervened in the matter due to the extreme volatility of the stock market and sought to know what is SEBI planning to do for such kind of volatility and planning to protect investors in cases like short selling. SG Tushar Mehta took the court through the recommendations of the Expert Committee which SEBI has agreed with in principle. Advocate Prashant Bhushan, appearing for the petitioner, told the SC that there were many factual revelations in the Hindenburg report. He raised doubts about SEBI's role in the matter and says a lot of information was available to it in 2014. Bhushan informed the SC about a letter written in 2014 by the Directorate of Revenue Intelligence regarding substantial money siphoned to Mauritius. SG Mehta questioned Bhushan over this and said that DRI concluded the proceedings in 2017. The court remarked that to advocate Bhushan, appearing for the petitioner, it is easy to make allegations and one must be also very careful. SG Tushar Mehta urged the top court to stop these kinds of allegations. The court remarked that SEBI, a statutory body looks into stock market frauds. SG Tushar Mehta said that there is a growing tendency to plant stories outside India to influence decisions within India. After hearing the matter in length, the court reserved the order on various aspects related to the issue. Earlier, the <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (SEBI) filed a status report before the Supreme Court apprising it that out of 24 investigations arising out of the Hindenburg report, 22 are final in nature and 2 are interim in nature. The investigation was carried out in compliance with the directions of the top court's order dated March 2, 2023, SEBI has investigated 24 matters. In the mid of May, the top court gave three months more time to the Securities and Exchange Board of India (SEBI) to conduct a probe into the Hindenburg report SEBI was granted time till 14th August 2023 to conduct the probe. On March 2, the <keyword id="6356229" type="General" weightage="80" keywordseo="apex-court" source="Orion">apex court</keyword> directed the capital market regulator SEBI to investigate any violations of securities law by the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> in the wake of the Hindenburg report, which led to a massive wipeout of more than USD140 billion of the Adani Group's market value. Supreme Court, on March 2, set up an expert committee on the issue arising from the <keyword id="9916845" type="General" weightage="50" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> report on Adani Group companies. The committee will consist of six members, headed by former apex court judge Justice AM Sapre. The top court had then asked SEBI to file a status report within two months. The apex court was then hearing petitions pertaining to the Hindenburg report, including the constitution of a committee relating to regulatory mechanisms to protect investors' interests. The January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate. The Adani Group has attacked Hindenburg as "an unethical short seller", stating that the report by the New York-based entity was "nothing but a lie". A short-seller in the securities market books gains from the subsequent reduction in the prices of shares. (ANI)

Adani-Hindenburg case: Easy to make allegations, can't take unsubstantiated ones, remarks SC

<ul><li>The Supreme Court bench led by Justice Arun Mishra turned the heat on the government and telecom companies’ counsels during the adjusted gross revenue (AGR) dues cases hearing today.</li><li>Questioning the reliability of <keyword id="1553175" type="COMPANY" weightage="20" keywordseo="Vodafone-Idea">Vodafone Idea</keyword>, Justice Mishra asked the company’s counsel “How do we catch hold of you”, after calling it a foreign company.</li><li>Solicitor General Tushar Mehta also bore the brunt of Justice Mishra’s annoyance, and was told “your hands will be cut short”.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Vodafone Idea and Airtel want to pay the unpaid spectrum licence fees and usage charges. But even as they hoped that the Supreme Court of India would concede this reprieve, the Justices Arun Mishra-led bench posed a series of thorny questions. “We want to catch hold of you (Vodafone). There’s so much liability on you. How should we catch hold of you?” asked Justice Arun Mishra and followed it up with a barb that it is a foreign company. Interestingly, Vodafone Idea’s shares ended the session 1% higher, and Airtel closed up 2%, while the judges put the companies in a tough spot at court. <div type="image" title="Vodafone Idea Airtel share price" msid="77067486" hostid="261" caption="&amp;lt;p&amp;gt;Share price of Vodafone Idea and Airtel in the last one week&amp;lt;/p&amp;gt;"></div> Vodafone Idea counsel Mukul Rohatgi had a tough time fending off these barbs from the top court hearing the case on adjusted gross revenue (AGR). The Supreme Court in February this year <a href="https://www.businessinsider.in/business/news/birla-meets-telecom-secy-as-voda-idea-stares-at-over-rs-53000-cr-agr-dues/articleshow/74193134.cms">ordered</a> telecom companies to pay up a disputed amount retrospectively for over a decade. Since then, the appeal has been pending the apex courts’ verdict. <div type="Article" hostid="261" msid="76440420" title="Vodafone Idea says it’s ‘barely afloat’, appeals Supreme Court to stagger spectrum payments over 20 years" mstype="2" mssubtype="0"></div> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">AGR demand (in crore) </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Vodafone Idea </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹58,254 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Airtel </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹43,980 </td></tr></tbody></table> Why is the court so apprehensive about Vodafone-Idea being able to repay the dues? Vodafone Idea is the most troubled of all telecom operators in India. The company just posted a ₹73,878 crore loss in just three months, a record for any Indian corporate. The counsel Rohatgi also went on to say that the only asset left with the company is the spectrum. Yet, Rohatgi highlighted that the company had already coughed up ₹7,854 crore, on account of AGR, despite the mounting losses and tax refunds pending from the government to the tune of ₹8,000 crore. But the court was more keen on knowing how the company owned by the Aditya Birla Group in India plans to repay the remaining ₹50,339 crore. In the <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-plunge-over-6-after-supreme-court-asks-for-an-undertaking-to-cough-up-53000-crore/articleshow/76317790.cms">previous hearing held on June 18</a>, the Supreme Court bench led by Justice Arun Mishra asked Vodafone Idea, Airtel and other telcos to submit their books of accounts and other financial documents for the past 10 years. This time, too, he reminded both Airtel and Vodafone Idea that he could order that any time now. Even the government faces the heat Turning the heat on the Solicitor General (SG) Tushar Mehta who represents the Department of Telecommunications (DoT), Justice Mishra <a href="https://twitter.com/LiveLawIndia/status/1285149179950530562">said</a>, “We will reject everything and ask everyone to pay right now. Why are these self-assessments being done?”. Justice Mishra also appeared annoyed with the SG, <a href="https://twitter.com/barandbench/status/1285149567164379137">saying</a>, “You are the solicitor general and you cannot do this. You cannot commit contempt on this court? What is this nonsense?”. “Do not think you have very big hands. We will cut it short,” Justice Mishra was also <a href="https://twitter.com/barandbench/status/1285151066980409345">quoted</a> as saying by Bar &amp; Bench. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-plunge-over-6-after-supreme-court-asks-for-an-undertaking-to-cough-up-53000-crore/articleshow/76317790.cms">Vodafone Idea shares plunge over 13% after Supreme Court asks for an undertaking to cough up ₹53,000 crore</a> <a href="https://www.businessinsider.in/stock-market/markets/news/a-deal-with-google-is-not-the-only-lifeline-vodafone-idea-is-betting-on/articleshow/76086104.cms">A deal with Google is not the only lifeline Vodafone Idea is betting on</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-its-timeline-of-woes/articleshow/74577942.cms">Vodafone Idea and its timeline of woes</a>

'How do we catch hold of you' – India's Supreme Court asks Vodafone Idea and that was just one of the many barbs

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Adani-Hindenburg case: Easy to make allegations, can't take unsubstantiated ones, remarks SC

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'How do we catch hold of you' – India's Supreme Court asks Vodafone Idea and that was just one of the many barbs

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