'Won't Issue Injunction': SC On Plea To Stop Media Reports On Adani- Hindenburg

Advocate ML Sharma, who had filed the plea, told the top court that the media "was creating a sensation."

(Photo: Altered by The Quint)

The Supreme Court on Friday, 24 February, rejected a plea which asked for the media to stop reporting on the Adani-Hindenburg row till the top court passed a ruling in the case.

"We are not going to issue any injunction ever against the media."

CJI DY Chandrachud

Advocate ML Sharma, who had filed the plea, requested the top court to re consider because the media "was creating a sensation." The CJI, however, asked him to instead "make a reasonable argument, not for injunction to the media."

The top court added that the bench will pass orders in the case shortly.

The case: The court has heard four petitions related to the report published by short-seller Hindenburg Research, which alleged that the Adani Group had committed fraud. In the wake of the report, the conglomerate had suffered losses of more that $ 100 billion.

Last week, the top court had reserved its orders on constituting an expert committee which will look into what is to be done int the aftermath of the report.

While reserving its verdict, a bench of CJI DY Chandrachud, Justices PS Narasimha and JB Pardiwala had also rejected the centre's sealed cover report including names for the expert committee.

The four petitions in detail:

1) Advocate Manohar Lal Sharma's plea demanded an inquiry and register a First Information Report (FIR) against founder of Hindenburg Research, Nathan Anderson, and his associates in India. Sharma also filed an application seeking to halt media reports about listed companies unless such reports are first filed with and verified by the SEBI

2) Advocate Vishal Tiwari sought an inquiry into the report by a committee headed by a retired judge of the top court. He has also asked for the setting up of a special committee to oversee a sanctioning policy for loans of more than Rs 500 crore

3) Congress leader Jaya Thakur, in her petition has asked for the prosecution of the Adani group under multiple laws and has questioned the State Bank of India's (SBI) and the Life Insurance Corporation's (LIC) decision to invest in Adani shares at allegedly inflated prices

4) Another petition filed by Anamika Jaiswal has asked for a probe against Adani group based on the Hindenburg report

(With inputs from LiveLaw & Bar and Bench)