The Supreme Court has adjourned hearing to July 10 in the application filed by the Securities and Exchange Board of India (SEBI) seeking a six-month extension to complete its investigation in the Adani-Hidenburg matter.
While hearing the application last week, a bench comprised of Chief Justice of India (CJI) DY Chandrachud, Justices PS Narasimha and JB Pardiwala stated that it could not allow more than three months to finish the entire process. The two-month period originally granted by the Supreme Court in its March 2 order expired on the day of the last hearing, May 2.
Although the bench stated on May 12 that it will hear the case on May 15 after reviewing the report of the expert committee led by ex-judge Justice AM Sapre, the case could not be heard yesterday.
SEBI submitted a rejoinder affidavit in the Supreme Court yesterday, outlining additional reasons for requesting more time to investigate the Adani-Hindenburg matter.
According to SEBI, the transactions are complex and will take additional time to investigate. The securities board has also disputed the petitioner’s claim that it has been examining Adani since 2016.
According to reports, the inquiry focused on the issuing of Global Depository Receipts by 51 Indian listed firms, none of which were part of the Adani Group. SEBI has informed the Supreme Court that it has already approached eleven international regulators in accordance with the Multilateral Memorandum of Understanding (MMOU) with the International Organisation of Securities Commissions (IOSCO) about its probe into Minimum Public Shareholding (MPS) requirements.
