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Adani-Hindenburg controversy: Sebi seeks more time for probe, SC to decide on May 15

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Adani-Hindenburg controversy: Sebi seeks more time for probe, SC to decide on May 15

27 views | May 13, 2023, 11:47:22 AM | Mirror Now

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The Supreme Court on Friday said it will hear on May 15 the Securities and Exchange Board of India (Sebi) plea for 6 more months time to complete probe into allegations of stock price manipulation by the Adani group and lapses in its regulatory disclosure. A bench of Chief Justice DY Chandrachud and Justices PS Narasimha and JB Pardiwala said the court registry has received the report of the apex court-appointed Justice (retd) AM Sapre committee on the issue and would like to hear the matter on Monday after perusing the findings of the panel. Sebi told the top court that 6 months is the minimum time that it needs to complete probe which involves taking assistance from off-shore regulators and agencies regarding foreign investors in stock market. "This is the compressed period we need," Solicitor General Tushar Meha told the court appearing for Sebi. The bench said it was not proper for Sebi to seek 6-month extension and hinted that it may consider granting 3 months of extra time. "When we had sought report from Justice Sapre-led committee and Sebi in 2 months, it is not proper for Sebi to seek 6 months more to complete the probe. We will give you 3 more months. Let there be some alacrity," the SC said.

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