SEBI seeks 6-month extension from SC for investigating Adani-Hindenburg case

Supreme Court of India [Representational Image]
Supreme Court of India [Representational Image] File: ANI

New Delhi: The Securities and Exchange Board of India (SEBI) has urged the Supreme Court to extend the time to conclude the investigation in the Hindenburg Research report on the Adani Group by a period of six months.

In an application moved before the Supreme Court, SEBI submitted that it would take further time to arrive at verified findings and conclude the investigation. SEBI, in the application also submitted that for ascertaining possible violations related to misrepresentation of financials, circumvention of Regulations and/or fraudulent nature of transactions in respect, SEBI in the normal course would take at least 15 months for completion of the investigation of these transactions, but is making all reasonable endeavours to conclude the same within six months.

"Applicant/SEBI, in the forgoing circumstances, most respectfully submits that in order to enable SEBI to conduct a proper investigation and arrive at verified findings, it would be just, expedient and in the interest of justice that this Court may be pleased to extend the time to conclude the investigations as directed in the common order dated 02.03.2023, by at least 6 months," SEBI said.

Supreme Court on March 2 set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group companies. The committee will consist of six members, headed by former apex court judge Justice AM Sapre. The top court had then asked SEBI to file a status report within two months.

The Expert Committee is headed by Justice Abhay Manohar Sapre, a former judge of the Supreme Court of India along with other five members who include retired judge Justice J P Devadhar, OP Bhatt, KV Kamath, Nandan Nilekani and Somashekhar Sundaresan.

In addition to this, SC had directed SEBI to investigate whether there has been a violation of Section 19 of SEBI rules, and whether there was any manipulation of stock prices.

The apex court was then hearing petitions pertaining to the Hindenburg report, including on the constitution of a committee relating to regulatory mechanisms to protect the investors' interest.

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