Man is,above all, a rational creature. And all human development is the direct result of our capability to communicate ideas, which is why Free Speech is such a prized and ferociously defended right.
Any attempt to curb Free Speech by regulation or otherwise is looked upon with a great deal suspicion because once this fundamental freedom is compromised; democracies are on their way to become oligarchies, monarchies, or worse, dictatorships.
Therefore, we must be slow to interfere with free speech in any form, including freedom of press. However, since there is no such thing as 'absolute freedom', Right to Freedom of Speech and Expression is also subject to reasonable restricitions, like all other constitutional rights.
Justice Markandey Kajju's ready rejection of 'self-regulation' as an effective check against unethical conduct among journalists met fierce resistance and drew angry critism. but then, his views on the issue deserve serious contemplation, for to see media as holy cow is pushing the limits of optimistic imagination a little too far. Media wields a staggering degree of influence on the people, and any means that it capable of influencing public opinion as greatly must be carefully monitored. Therefore, the need for an independent media watchdog with some real teeth is definitely the need of the hour.