The petitioner opposed the appeal to extend the period of investigation against the Adani group
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New Delhi: A petitioner has approached the Supreme Court against market regulator SEBI’s six-month extension to complete the probe into allegations of rigging in boosting share prices of Adani group companies.Securities and Exchange Board of India (SEBI) ) has already requested the Supreme Court a few days ago that it should be given six months to complete the ongoing investigation regarding the shares of Adani Group. The investigation involved allegations of misrepresentation of financial statements, including transaction irregularities and regulatory violations.
On March 2, the top court had asked SEBI to complete the probe in two months. Apart from this, a committee was also formed to safeguard the interests of Indian investors. In a report published in January, the American investment research firm made several serious allegations against the Adani group such as financial rigging and manipulation of share prices. A Public Interest Litigation was filed in the Supreme Court for a proper inquiry into these allegations. Advocate Vishal Tiwari, who filed that PIL, moved an application with a bench headed by Chief Justice DY Chandrachud on Tuesday, opposing the six-month time given to SEBI. It has been said that giving this time to SEBI will prolong the investigation and this will cause additional delay.
Tiwari said in his application, “If time is given, the companies under investigation may get an opportunity to tamper with important data and facts and this may also lead to tampering of evidence.” He said. SEBI was probing the activities of Adani group companies even before the court’s direction. Therefore, the demand for extension of time is not acceptable. He already has the necessary time, data and relevant documents for the investigation. Along with this, the petitioner also referred to SEBI not giving the details of the officer leading the investigation. Accusing SEBI of making this investigation endless, he has said that if this happens, only wrongdoing companies and their promoters will get benefited.
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