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JPC Demand Only To Embarrass Centre, Harish Salve To NDTV On Adani-Hindenburg Row


Harish Salve said the investigation should have a deadline as it concerns investors’ confidence.

New Delhi:

Senior lawyer Harish Salve told NDTV today that requests by several opposition parties to allow a joint parliamentary committee to investigate the dispute between the Adani group and the Hindenburg Study “only embarrasses the political government”.

He said the Supreme Court’s order to set up a committee of six experts was a much better option and that their investigation should be time-bound as it concerns investors’ confidence.

“It’s important (this investigation has a deadline) because investor confidence is fragile. Today, rightly or wrongly, investor sentiment has been damaged by market fluctuations. like that and to rebuild it, we need to quickly know exactly what happened,” Mr. Salve told NDTV.

The Supreme Court yesterday set up a six-member committee of experts to look into matters arising from the collapse of shares of Adani group companies due to allegations by Chinese short sellers. Hindenburg States.

Mr. Salve, welcoming the commission’s creation, said the Adani-Hindenburg dispute involved a number of complex financial issues that only experts in the matter could handle.

“The JPC (joint parliamentary committee) is made up of MPs who are very wise. Here what happened was in one area – a very specialized area. What happened here is there were allegations about the structure of the companies, allegations about how the shares were issued, how the stock was overvalued, how the market went,” Mr Salve said. .

“This is a very specialized field. Judge Sapre brings experience – he was a commercial lawyer, we worked together… He took the SAT (Court of Appeals) exam. Somasekharan Sundaresan too. He knows the subject. He knows this law better than most lawyers. He can teach me this law. He is very good,” said Mr. Salve, referring to the law. Refers to the composition of the six-member committee – former Supreme Court judge, Judge AM Sapre, former SBI chairman OP Bhat, retired Bombay High Court judge JP Devadhar, former Infosys chairman KV Kamat, Infosys co-founder Nandan Nilekani and lawyer Somasekharan Sundaresan, is also an expert in securities and regulation.

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The Adani team called the Hindenburg Research report an “attack on India”.

“People like them will look at what’s going on in the market and what exactly happened and you’ll have that report. And then if the report convinces you that there’s been a political cover-up , then you should ask for action in parliament, debate in parliament, joint congressional committee (JPC) Today, asking for a JPC only confuses the government and the noise becomes glaring. worse as 2024 gets closer,” Mr Salve said, referring to the national elections already scheduled for next year.

“There are two things – one is the allegations in the Hindenburg report. They can be right, they can be wrong – Adani is my client, you know that – we will defend the allegations etc., but yes a totally different side to this. Hindenburg was not the good Samaritan who exposed the wrongdoing. They timed the report, they dropped the report, they did it to short sell. ‘ said Mr Salve.

“That is my proposal and I have said it publicly, and I repeat that the committee must find all the people who have made tons of money at the cost of the middle investor by shorting. Shares. Consider it an act of manipulating the market and force them to dissolve and ban them from trading,” the senior lawyer told NDTV.

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Shares of companies belonging to the Adani group of companies fell sharply after the report of the US-based short-selling company Hindenburg Research.

“India is new in this game. We are growing our capital markets. If the middle class investor is afraid that every time he invests in a company, tomorrow there will be a new one. Hindenburg’s report, when it was proven wrong, it was too late. The stock has fallen anyway,” said Mr. Salve, adding that India must have some institutional mechanism to hold the blame. responsible for those who are systematically profiting from the misfortune of middle-class shareholders.

Even among the opposition parties, there are differences of opinion over the new commission. Congress and its allies want a JPC, with leader Rahul Gandhi particularly focused on the issue. Tamil Nadu’s DMK has also echoed Parliament’s request.

However, the Trinamool Congress welcomed the Supreme Court’s decision and said it would not ask for the JPC. Trinamool is not alone. Former Maharashtra Minister Uddhav Thackeray and Delhi’s ruling Aam Aadmi Party also welcomed the court’s decision, which isolated Parliament and some allies.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, a Company of the Adani Group.)

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