Adani Hindenburg case: SEBI seeks more time to complete probe

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 application that it has investigated 24 cases related to it. “Investigation in 17 of the said 24 cases has been completed and the same have been cleared by the competent authority as per extant procedures of SEBI,” the regulator said. According to the petition, in one case, SEBI has so far collected Investigation based on material available to be accessed has been completed and an interim report has been prepared as per extant procedures of the regulator.

The competent authority has also approved the same. SEBI said that out of the remaining six cases, “the findings in the investigation of four have been clarified and the report prepared as a result has been sent to the competent authority”. That the approval process in respect of these four cases be completed expeditiously and in any case before the next date of hearing on 29th August. According to the petition, investigation in one of the remaining two cases is at an advanced stage and in the other case, an interim report is being prepared by SEBI based on the information gathered so far. 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 the 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. In January this year, US-based financial research and investment firm Hindenburg had accused the Adani group of bookkeeping fraud and manipulation of stock prices, along with improper use of overseas 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 investigate the disclosure of transactions between related parties and irregularities in the price of shares.

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