Adani Hindenburg case: SEBI seeks additional time to complete probe
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New Delhi: Capital markets regulator SEBI on Monday moved the Supreme Court seeking 15 more days to complete its probe into allegations of rigging in share prices by Adani Group. The Securities and Exchange Board of India (SEBI) said in a new petition that it has investigated 24 cases related to it. “Investigation in 17 of the above 24 cases has been completed and approved by the competent authority as per extant procedures of SEBI,” the regulator said.
SEBI said that the time for filing the report on the findings of the investigation may be extended by “15 days or such other period as the Hon’ble Court may deem fit and necessary in the facts and circumstances of the present case”. Chief Justice D.Y. Chandrachud’s bench had on July 11 asked Sebi to inform it about the status of the investigation into allegations of stock rigging against the Adani group. Along with this, instructions were given to complete the investigation expeditiously by the extended time i.e. till 14th August.
American financial research and investment firm Hindenburg in January accused the Adani group of fraud in the books and manipulation of stock prices, as well as improper use of foreign units. Following these allegations, there was a big fall in the shares of the group. Thereafter, the Supreme Court had constituted an expert committee on March 2 to probe disclosures of related party transactions and manipulation of share prices.
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