No findings of irregularities in SEBI’s application to Supreme Court: Adani Group

New Delhi. The Adani Group, led by billionaire industrialist Gautam Adani, has said that no wrongdoing has been found in the Sebi application to the Supreme Court. Capital market regulator Securities and Exchange Board of India (SEBI) has sought six more months from the court to complete the probe into the allegations against Adani. American short seller Hindenburg, in its report, accused the Adani group of rigging the share price and lapses in regulatory disclosures. The group has termed all these allegations as baseless.

In an application filed before the court, SEBI said, “It will take six more months to complete the proceedings to detect possible violations related to financial misrepresentation, fraud of regulations and/or fraudulent transactions.” I was supposed to file a status report on May 2, but on Saturday it moved an application seeking more time. Sebi, in its application filed on Saturday, said it has to “re-verify the analysis and final conclusion” in these cases where “prima facie violations have been found” and where “prima facie violations” have not been found. To reach ” needs another six months.

Sebi, in its application, said examination of the 12 suspicious transactions revealed that these were ‘complex and consisting of multiple sub-transactions and a rigorous examination of these transactions was required with detailed analysis including verification as well as from various sources. The figures will need to be reconciled.” The Adani group said in the statement, “It is pertinent to note that there is no finding of any alleged irregularities in SEBI’s application filed before the Supreme Court.” The delay in the investigation was viewed with suspicion. Trinamool MP Mahua Moitra and Shiv Sena leader Priyanka Chaturvedi have also raised questions on SEBI by tweeting.

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