The Supreme Court will hear a series of public interest litigations (PILs) on Wednesday to probe the matter related to the Adani Group–Hindenberg report and SEBI’s request for extension of time to submit the report.
The Supreme Court on Monday adjourned the hearing on SEBI’s plea seeking a six-month extension to conclude its probe into the Hindenburg Research report.
A panel headed by the Chief Justice of India (CJI) Dr. Dhananjaya Yeshwant Chadrachud and also comprising Justices PS Narsimha and JB Pardiwala adjourned the matter.
Solicitor General Tushar Mehta informed the SC that SEBI is seeking an extension of time to conduct the investigation and needs six months to come to any conclusion.
SEBI has informed the Supervisory Committee that the investigation previously conducted by SEBI relates to the issuance of Global Depositary Receipts (“GDRs”) by 51 listed Indian companies in relation to which the investigation was conducted. SEBI told the Supreme Court that no listed Adani Group company was part of these 51 companies it was investigating.
SEBI told the Supreme Court that its request for extension of time is to ensure the administration of justice keeping in mind the interest of the investors and the stock market as any improper or premature closure of the case without complete record on record would not serve the ends of justice and therefore would be legally unsustainable.
On March 2, the Supreme Court ordered capital market regulator SEBI to investigate any securities law violations by the Adani Group in the wake of the Hindenburg report, which led to a massive wipeout of more than $140 billion from Adani Group’s market value.
Hindenburg Report of January 24 alleged stock manipulation and conglomerate fraud.
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