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On March 2, the apex court had ordered SEBI to complete its probe into the matter within two months. Adani-Hindenburg case: The Supreme Court on Friday said that it may give Sebi a three-month extension to complete its investigation into the Adani-Hindenburg row. It has now listed the matter for Monday, May 15 for consideration of SEBI's plea seeking an extension of time.
The apex court had earlier asked the market regulator to complete its probe into the matter within two months. Market regulator Sebi was supposed to file the report by May 2 but on April 29, it submitted a fresh application seeking a six-month extension for a 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.
In its application to SC, SEBI said that given the complexity of the case, it would take around 15 months to complete the investigation. But it is trying to conclude the investigation within six months.
Here are the latest updates from Business Today.In:
Adani-Hindenburg case: The Supreme Court on Friday said it may give Sebi a three-month extension to complete its investigation into the Adani-Hindenburg row. While listening to the Sebi plea, the division bench said extending the time by 6 months may be too much.
The apex court has now listed the matter for Monday (May 15) for consideration of SEBI's plea seeking an extension of time.
A bench of Chief Justices DY Chandrachud and Justices PS Narasimha and JB Pardiwala said the court registry has received the report of the apex court-appointed Justice (retd) AM Sapre committee on the issue and would like to hear the matter on Monday after perusing the findings of the panel. "We will go through the report in the meantime. We will take up the matter on May 15," the bench said.
SEBI submitted that in respect of the investigation relating to 12 suspicious transactions, these are complex and have many sub-transactions.
A rigorous investigation of these transactions would require collation of data from various sources along with detailed analysis including verification of submissions made by the companies, it said.
“Applicant submits that replies and documents/information received from the companies would require reconfirmation and reconciliation, as well as independent verification.
“The detailed investigation process would also include depositions as may be required from various entities such as Key Managerial Personnel (KMPs), statutory auditors, and other relevant persons,” the plea said.
Also read: Three Adani firms weigh raising up to Rs 40,000 cr: Report
Last month, SEBI moved the apex court and sought a six-month extension to complete its probe into allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure.
In its application to SC, SEBI said that given the complexity of the case, it would take around 15 months to complete the investigation. But it is trying to conclude the investigation within six months.
“To ascertain possible violations related to misrepresentation of financials, circumvention of Regulations, and investigate the fraudulent nature of transactions mentioned in the Hindenburg report, it would take in the normal course at least 15 months,” said Sebi in its application.
SEBI's application demanding an extension of time has been opposed by the petitioner Vishal Tiwari. That petition will also come up for hearing on Friday.
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