Adani-Hindenburg case: SEBI seeks 15-day extension to conclude probe
Aug 14, 2023
New Delhi [India], August 14 : The Securities and Exchange Board of India (SEBI) on Monday requested the Supreme Court to grant 15 more days to conclude its investigation into the Adani-Hindenburg matter and submit the status report in the same.
In its application, the SEBI stated that significant progress had been made in the investigation and requested additional time to complete the process and file a comprehensive status report.
SEBI informed the court that it had diligently examined and investigated 24 matters as directed by the Supreme Court.
Among these, 17 investigations had been finalized and approved by the Competent Authority in accordance with SEBI's established procedures.
Regarding one matter, SEBI reported that the investigation had been concluded based on available material, leading to the preparation and approval of an interim report by the Competent Authority.
SEBI indicated its intention to evaluate further actions upon receiving information from foreign regulatory agencies.
In four investigations, SEBI had crystallized its findings and prepared corresponding reports, pending approval by the Competent Authority. The approval process for these reports is expected to conclude shortly and before the next hearing scheduled for August 29.
In two other matters, SEBI is at an advanced stage of investigation and is in the process of preparing an interim report based on gathered information.
SEBI's ongoing probe stems from the Hindenburg Research report released on January 24. The report levelled allegations of stock manipulation and fraud against the Adani Group, resulting in a substantial market value decline of over USD 140 billion.
In response, the Supreme Court directed SEBI to investigate potential securities law violations by the Adani Group.
A committee of experts was established by the Supreme Court, headed by former apex court judge Justice AM Sapre, to address issues arising from the Hindenburg report. The court had set a two-month deadline for SEBI to submit a status report on its investigation.
The Adani Group has vehemently contested the Hindenburg report, labelling it as the work of an "unethical short seller" and asserting that the allegations were baseless.
The court proceedings remain focused on the Hindenburg report and related matters, with SEBI's investigation poised to shed light on the allegations against the conglomerate.
