The apex court has asked the regulator to submit its report on August 14. Earlier this week, the Sebi sought six more months time from the SC to complete its probe into the allegations.
The Supreme Court Wednesday granted three months extension to the Securities Exchange Board of India (Sebi) to submit a report on its probe into the allegations of “brazen stock manipulation” and “accounting fraud” by shortseller firm Hindenburg Research against billionaire industrialist Gautam Adani’s group of companies.
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The bench headed by Chief Justice DY Chandrachud granted the regulator time till August 14 to submit the report. The court listed the matter for further hearing on July 11.
The apex court also ordered that the report of the Justice A M Sapre committee, which was submitted to it, be made available to the parties to enable them to assist the court in the matter.
This comes two days after Sebi informed the court that it had not probed any Adani Group of companies since 2016 as alleged by some of the petitioners who have sought a probe into the claims by Hindenburg Research on the group.
In a rejoinder affidavit, the market regulator had said the contention by the petitioners in their reply affidavit “has no relation and/or connection to the issues referred to and/or arising out of the Hindenburg report”.
Sebi sought six more months time from the SC to complete its probe into the allegations. Denying the extension earlier the week, the court said, “We cannot grant 6 months now. There needs to be some alacrity in the work. Put together a team. We can list the case in August mid and have the report then.. 6 months cannot be given as a minimum time. SEBI cannot take indefinitely long period and we will give them 3 months”.
Hindenburg Research, the US-based short seller firm, had accused industrialist Gautam Adani-led conglomerate of “brazen stock manipulation and accounting fraud scheme over the course of decades”.
Following the report, several petitions were filed in the SC against the Adani group. While hearing them, the SC, in March, asked the Sebi to investigate the matter and gave two months time to finish the probe.
First published on: 17-05-2023 at 13:08 IST
