Hindenburg Report On Adani: SEBI Seeks 6 Months Time From SC

The Securities and Exchange Board of India (SEBI) on Saturday filed a plea before the Supreme Court for a six-month extension to complete its investigation into the Hindenburg Research report on Adani Group.

The Apex Court allowed SEBI to continue its investigation in an order passed on March 2. It is to be noted that the investigation was supposed to be completed by May 2, 2023.

This investigation was in addition to the one ordered by the Top Court by an expert committee led by retired Supreme Court Justice AM Sapre.

SEBI stated in its application filed on Saturday that the investigation would take another six months to complete.

It also stated that it had informed the expert committee of the status, steps taken, and interim findings of its examinations and investigations.

The market regulator stated in its application that the 12 suspicious transactions cited in the Hindenburg report would necessitate a thorough investigation lasting at least 15 months due to their complexity and numerous sub-transactions.

Furthermore, the investigation would necessitate obtaining bank statements from multiple domestic and international banks, and because the bank statements would be for transactions undertaken more than ten years ago, this would take time and be a challenge.

However, the SEBI stated that it will try to complete the task in six months and has requested a six-month extension time.

“Applicant/SEBI also respectfully submits that for ascertaining possible violations related to mis-representation of financials, circumvention of Regulations and/or fraudulent nature of transactions in respect of 12 suspicious transactions mentioned herein above, given the complexity of the matter, SEBI in the normal course would take at least 15 months for completion of the investigation of these transactions, but is making all reasonable endeavours to conclude the same within six months,” the application stated.

Four petitions have been filed in the top court on the Adani-Hindenburg issue by lawyers M L Sharma, Vishal Tiwari, Congress leader Jaya Thakur and activist Mukesh Kumar.

Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.

The report caused a drop in the share value of various Adani companies, and the conglomerate reportedly lost more than Rs 100 billion.

 

 

Nunnem Gangte

Recent Posts

Rajasthan HC Quashes SC/ST Case Against Actress Shilpa Shetty

The Rajasthan High Court on Thursday quashed a complaint filed under the SC/ST (Prevention of…

7 hours ago

Allahabad HC Turns Down Appeal Seeking Appointment Of Receiver For Jaigurudev Sanstha

The Allahabad High Court on Thursday has dismissed an appeal filed by the Jaigurudev Dharma…

8 hours ago

Shivaji Statue Collapse Case: Bombay HC Grants Bail To Consultant Chetan Patil

The Bombay High Court granted bail to consultant Chetan Patil on Thursday in connection with…

8 hours ago

Excise Policy Case: Delhi HC Refuses To Stay Trial Against Arvind Kejriwal

The Delhi High Court on Thursday declined to stay the trial proceedings against former Delhi…

9 hours ago

AP Assembly Passes Resolution To Set Up HC Bench In Kurnool

The Andhra Pradesh Assembly on Thursday passed a resolution to establish a permanent High Court…

9 hours ago

Lesbian Couple Desiring Child Gets Bail In Kidnapping Of Minor Girl

The Bombay High Court on Thursday granted bail to a lesbian couple arrested for allegedly…

10 hours ago