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Adani-Hindenburg row: SEBI seeks 15 more days to submit report

Adani-Hindenburg row: This year in January Hindenburg report alleged stock manipulation and fraud by the Adani Group.

Arushi Jaiswal Edited By: Arushi Jaiswal New Delhi Updated on: August 14, 2023 18:11 IST
SEBI, Adnai
Image Source : FILE Securities and Exchange Board of India

Adani-Hindenburg row: The capital markets regulator Securities and Exchange Board of India (SEBI) on Monday sought for 15 more days to complete the investigation and submit the status report into its probe into Hindenburg report against Adani group from the Supreme Court .

Earlier, the Supreme Court had granted SEBI time till August 14, 2023, to submit its probe report.

17 matters final and complete 

SEBI in its fresh application, said that it has examined and investigated 24 matters pertaining to the case. "Out of the said 24 investigations/examinations, 17 are final and complete and approved by the competent authority in accordance with SEBI's extant practice and procedures," the regulator said.

The application said in one matter, SEBI has completed the investigation/examination based on the material that could be gathered by it thus far and interim report has been prepared and approved by the competent authority in accordance with SEBI's extant practice and procedures. "The applicant/SEBI had sought information from agencies/regulators in foreign jurisdictions, etc. and upon receipt of such information, will evaluate the same to determine further course of action, if any, in the said matter," it said.

The SEBI said that out of the remaining six matters, "in four investigations/examinations, findings have been crystalized and the reports prepared consequent thereto are in the process of approval by the competent authority."

The application said the SEBI expects to complete the approval process in respect of these four matters shortly and in any event, before the next date of hearing on August 29.

It said that in the remaining two matters, investigation is at an advanced stage in one and in the other matter, interim report is under preparation based on information gathered by the SEBI thus far.

"The applicant/SEBI had sought information from entities/agencies/regulators in foreign jurisdictions, etc. and upon receipt of such information, will evaluate the same vis-a-vis the interim report to determine further course of action, if any, in the said matter," it said.

The application said SEBI has "progressed substantially" and "keeping in view the ongoing work...

it would be just, expedient and in the interest of justice that this court may be pleased to grant to the applicant/SEBI, an extension of time by 15 days in order to conclude the process and file status report with respect thereto, before this court."

It has urged the apex court to pass an order extending the time granted to SEBI to conclude the investigation and submit the status report by "15 days or such other period as this court may deem fit and necessary in the facts and circumstances of the present case."

On April 29, the Sebi moved the Supreme Court seeking six-months extension to complete its probe into Hindenburg allegations of "stock manipulation" by the Adani group. The top court on Monday is likely to pronounce order on Sebi's plea.

About Adani row

It should be mentioned here that the Adani Group equities have suffered on the stock exchanges after Hindenburg Research levelled a slew of accusations against the corporate behemoth, including illegal transactions and share-price manipulation. However, the Adani Group has denied the accusations, claiming that it abides by all legal and disclosure obligations.

Meanwhile, both Houses of the parliament have witnessed uproar over the last few days as Opposition parties have demanded sought a Joint Parliament Committee (JPC) or a Supreme Court-monitored investigation into the alleged "economic scam" allegations by a US-based short seller against the Adani Group.

(With PTI inputs)

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