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The Supreme Court dismissed claims of conflict of interest against members of the committee it formed to investigate allegations against the Adani Group. The Court stated that it cannot determine the credibility of the report until authorities investigate it. Chief Justice of India D Y Chandrachud, heading a three-judge bench, reserved judgment on the petitions and emphasized the need for investigative agencies to look into the allegations.

The Court clarified that it cannot automatically accept the information in the report as true without verification. Therefore, SEBI was directed to conduct an investigation to determine the veracity of the allegations. The CJI highlighted the importance of verifying information before making any judgments, especially when it comes from sources not directly involved in the proceedings.

Advocate Prashant Bhushan raised doubts about SEBI’s investigation and suggested looking into reports from credible sources such as Hindenburg, Financial Times, The Guardian, and OCCRP. However, the CJI emphasized that statutory regulators cannot solely rely on information from newspapers for making decisions.

In March, the SC established a committee to investigate regulatory failures related to the Adani Group and directed SEBI to probe violations in the securities market. Bhushan requested the reconstitution of the committee due to alleged conflicts of interest involving two members. The CJI urged fairness in allegations against committee members and emphasized the need for responsible accusations.

The CJI’s remarks aimed to address concerns about the committee’s integrity and ensure a fair investigation into the allegations against the Adani Group.

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