Adani Group vs Hindenburg: The Supreme Court will hear the pleas on the Adani-Hindenburg row on May 12, almost two months after it had asked market regulator Securities and Exchange Board of India (Sebi) and an experts' panel to probe the matter.
On March 2, the apex court had directed the capital market regulator Sebi to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report, which led to a massive wipeout of more than $140 billion of the Adani Group's market value.
It had also ordered the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework. The apex court had set up a panel to look at providing protection to investors.
As per the cause list uploaded on the SC website, a bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala is scheduled to hear the pleas on May 12.
Market regulator Sebi was supposed to file the report by May 2 but on April 29, it made an application seeking a six-month extension for thorough investigation into the allegations of stock manipulation and financial fraud against Adani Group.
On April 29, Sebi filed its request with the apex court and highlighted complex transactions involving listed, unlisted and offshore entities that require deeper investigations.
"Pass an order extending the time to conclude the investigation as directed by this Court by the common order dated March 2 by a period of 6 months or such other period as this court may deem fit and necessary in the facts and circumstances of the present case," the Sebi plea said.
After Sebi's plea to the court, the Gautam Adani-led conglomerate responded saying it is fully cooperating with the probe.
“We have welcomed the investigation, which represents a fair opportunity for everyone to be heard and for all issues to be addressed. We are fully compliant with all laws, rules and regulations and are confident that truth will prevail. We are fully cooperating with Sebi and will continue to provide all our support and cooperation," the company said in a statement.
The group highlighted: “It is pertinent to note that in the Sebi application filed before the Hon'ble Supreme Court, there are no conclusions of any alleged wrong-doing. The Sebi application only cites the allegations made in the short-sellers report, which are still under investigation.”
On Monday, the six-member expert panel submitted its report in a sealed cover to the court, a report said on Wednesday.
Till now, four PILs have been filed in the top court on the issue including by lawyers M L Sharma and Vishal Tiwari and Congress leader Jaya Thakur.
One of the PIL petitioners, advocate Vishal Tiwari, has opposed the Sebi's plea, saying the market regulator has already got sufficient time to inspect, examine, collect and seize relevant documents.
Tiwari, in his fresh application before the apex court, said: “(The delay) may allow the various corporate entities which are under the umbrella of investigation to manipulate important data... and may cause tampering of evidence.”
In his plea, which was filed on May 3, Tiwari said that the reasons for the extension of time are "not acceptable" as Sebi had already got sufficient time to inspect, examine, collect and cease the relevant documents, data, information, etc.
"Sebi is trying to make the investigation process endless and delay will grant benefit to the wrongdoer companies and promoters," the application stated.
Adani Group’s market capitalisation stood at roughly over Rs 19 lakh crore before January 24, but it plunged to less than Rs 7.3 lakh crore in just a month. At present, its combined market cap stood at Rs 9.6 lakh crore.
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