A Congress leader who demanded, "without a shred of evidence," an independent investigation into State Bank of India and Life Insurance Corporation for making large investments in Adani group stocks and incurring significant losses in the group share meltdown after the Hindenburg report was rebuked by the Supreme Court.
A bench consisting of Chief Justice D Y Chandrachud, Justices J B Pardiwala and Manoj Misra, spontaneously responded to lawyer Varun Thakur's appeal on behalf of petitioner Jaya Thakur by declaring that reckless demands were being made without supporting documentation and without considering the impact they would have on the nation's economy.
CJI Chandrachud said, “As lawyers, when you argue a case, please be responsible for the nature of submissions before the court. You are asking the court, without a shred of evidence, to direct investigations against SBI and LIC? Do you realise the impact of the direction which you are seeking? “Is this some debate in college or are you making submissions in court? Do you realise the impact of investigations directed by the Supreme Court against SBI and LIC? Do you realise the impact it will have on the stability of our financial markets? Surely, the counsel must exercise some responsibility, while making submissions.”
Thakur attempted to draw the court’s attention to the petitioner’s submissions. Brushing it aside, the CJI-led bench said, “There is absolutely no material furnished by you and you are seeking a probe against SBI and LIC. Some responsibility needs to be exercised by petitioners in their pleadings and submissions by their counsel.”