The Supreme Court has given Sebi a three-month extension to investigate the matter related to the Adani-Hindenburg case.
By Aneesha MathurThe Supreme Court (SC) has granted the Securities and Exchange Board of India (Sebi) an extension till August 14 to investigate the Adani-Hindenburg case.
The three-judge SC bench hearing the case adjourned the matter on Monday. In the previous hearing, the market regulator had submitted an affidavit, stating its reason for a six-month extension to investigate the matter.
In today’s hearing, the SC bench, led by Chief Justice of India DY Chandrachud, told the market regulator that the court had earlier granted 2 months for the investigation and now it is giving a three-month extension.
“Sebi can share status of probe in August, if there’s a genuine issue we will consider,” the chief justice said, adding that the market regulator will effectively get five months to investigate the matter.
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On Monday, Sebi informed the SC that any incorrect or premature conclusion of its investigation into the Adani Group’s possible lapses of regulatory disclosures could hamper justice.
“Application for extension of time filed by Sebi is meant to ensure carriage of justice keeping in mind the interest of investors and the securities market since any incorrect or premature conclusion of the case arrived at without full facts material on record would not serve the ends of justice and hence would be legally untenable,” the market regulator said.
The investigation is related to a report published by US short-seller Hindenburg Research, which raised several governance concerns around the Adani Group, and accused it of fraud and stock manipulation.
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