SEBI denies investigating Adani companies since 2016; calls allegations 'baseless'

The Securities and Exchanges Board of India (SEBI) in its affidavit said that it has not been investigating Adani companies since 2016, and that the allegations are baseless. It said investigations were conducted against 51 Indian listed companies, out of which none were Adani's listed companies. 

"Hence, the allegations that the Securities and Exchanges Board of India (SEBI) is investigating Adani since 2016 is baseless. I, therefore, say and submit that reliance sought to be placed on the investigation pertaining to GDRs is wholly misplaced," it said.

In the rejoinder SEBI said the investigations pertains to the issuance of Global Depository Receipts (GDRs) by 51 Indian listed companies. 

SEBI's rejoined comes after advocate Prashant Bhushan contended in last week's hearing that the regulator admitted to have been investigating Adani transactions since 2016 and hence no more time should be allowed to them. 

Meanwhile, the market regulator told the Supreme Court on Monday that any incorrect or premature investigation into the Adani Group’s possible lapses of regulatory disclosures will be legally untenable. This comes after the regulator sought 6 months to complete its probe rather than the 2 months it was given on March 2. 

The apex court said that it was willing to extend the deadline to 3 months. 

SEBI argued that Hindenburg’s allegations against the Adani group are highly complex and have many sub-transactions and numerous jurisdictions. It said it has already approached 11 overseas regulators for information to examine if the Adani group had violated any norms regarding its publicly available shares, with the first request made as early as October 6, 2020.

Also read: Adani Enterprises, Adani Transmission: Two Adani Group firms together to raise up to Rs 21,000 cr via QIP