SEBI seeks more time from SC to complete probe against Adani Group over Hindenburg charges

SEBI informed the Court that it “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…”

The Board said “out of the remaining 6 matters. in 4 investigations/ examinations, findings have been crystalized and the reports prepared consequent thereto are in the process of approval by the Competent Authority” and that it “expects to complete the approval process in respect of the aforesaid 4 matters shortly and in any event before the next date of hearing, i.e., 29.08.2023.”

The application added that “in the remaining 2 matters, investigation is at an advanced stage in 1 matter and in the other 1 matter, interim report is under preparation based on information gathered by SEBI thus far.”

On March 2, 2023, the SC set up a six-member expert committee “to investigate if there was a regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group or other companies.”

Separately, the SC also asked SEBI to investigate if there has been a violation of the minimum public shareholding norms in public limited companies, if there has been a failure to disclose transactions with related parties, and if there was any manipulation of stock prices.

On May 17, the Court granted SEBI time till August 14 to complete the probe and submit a status report.