Singapore-based Haren Ventures Pvt Ltd, appearing as an intervener, told a five-judge Constitution Bench that the apex court has powers to lay down guidelines for media if Parliament maintains silence.
"If Parliament maintains stoic silence (on the issue of guidelines for press) then this court cannot be a silent spectator," the firm's counsel Abad Ponda submitted before a bench headed by Chief Justice S H Kapadia.
"Press has no power to investigate. They carry out their own parallel probe (in criminal cases). This is absolutely wrong and incorrect," he submitted before the bench, also comprising justices D K Jain, S S Nijjar, Ranjana Prakash Desai and J S Khehar.
He said only "undisputed" facts can be reported like lodging of FIRs, arrest made in a particular case, which will be considered as fair reporting.
Haren Ventures Pvt Ltd, a recruitment company, is reportedly said to have links with Speak Asia, which is embroiled in criminal cases in India relating to alleged chit fund scam.