Published on: 13 May 2023 at 00:23 IST
The Supreme Court has ruled that it cannot grant the Securities and Exchange Board of India (SEBI) an additional six months to complete its investigation into the Adani-Hindenburg controversy.
The SEBI had requested the extension to complete its inquiry into allegations made by Hindenburg Research against the Adani Group.
The court stated that the regulatory body had ample time to investigate the case, and the delay in completing the investigation was unjustified. The Adani Group has denied all allegations of wrongdoing made by Hindenburg Research.
The Supreme Court has rejected the Securities and Exchange Board of India’s (SEBI) request for a six-month extension to complete its investigation into the Adani-Hindenburg controversy.
The Hindenburg Research had made allegations against the Adani Group, and SEBI was tasked with investigating the matter. However, the court stated that the regulatory body had already been given enough time to investigate the case, and the delay in completing the investigation was unjustified. The Adani Group has denied all allegations made against it by Hindenburg Research. According to a report by Bar and Bench, the court’s decision was made on Friday.
Supreme Court received the report of the Justice (retd) AM Sapre committee on the allegations against the Adani Group made by the Hindenburg Research, and has scheduled a hearing on the matter for May 15 after perusing the findings of the panel.
The court did not grant the six months extension requested by SEBI to complete its probe, and will pronounce its order on the plea on May 15. The court also cautioned a lawyer appearing for petitioner Jaya Thakur of Congress to be careful when making allegations, as this may affect sentiments in the stock market.