SC upholds constitutional validity of UP Madrasa Education Act, sets aside Allahabad HC verdict
However, the apex court held that the Madrasa Act's provisions regulating higher education degrees was unconstitutional.
The Centre on Monday agreed to a panel to be set up by the Supreme Court to strengthen the regulatory regime governing the securities market to protect investors who suffered a huge loss following the crash of shares of Adani group of companies in the wake of the Hindenburg report.
Solicitor General Tushar Mehta told a bench of Chief Justice DY Chandrachud, Justice Pamdidghantam Sri Narasimha and Justice JB Pardiwalaa that the remit of the panel has to be very specific, so that it does not affect the overseas investors and the flow of money and investments.
Telling the court that the hat SEBI and other bodies were equipped to deal with the any situation, Solicitor General told the Supreme Court that “the Central government “the government has no objection to the forming a committee, but the remit of committee we can suggest and we can provide names (of the domain experts) in a sealed cover.”
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The Supreme Court asked the Centre to come with the remit of the proposed panel by Wednesday and posted the matter for hearing on February 17, 2023.
The top court is dealing with two public interest plas (PIL) highlighted how the shares of the listed firms of the Adani Group lost a record $120 billion (close to 50 per cent of value) within a matter of days, and led to massive losses to investors.
The top court had in the last hearing suggested the constitution of an expert committee under the supervision of a retired judge to formulate the way forward.
“If the Union (government) is ready to accept the suggestion, the necessary recommendation of the committee may be made,” said the court in its order, while asking solicitor general Mehta, who appeared for the Centre and the market regulator Sebi, to submit by February 13 a detailed report on the current regulatory regime and the changes that can be made to make it more robust in the future.
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