SEBI Appeals to Supreme Court for a 15-Day Extension to Conclude Probe into Adani Group-Hindenburg Issue

 

The ongoing dispute between Adani Group and Hindenburg Research has taken a new turn as the Securities and Exchange Board of India (Sebi) seeks an extension of 15 days from the Supreme Court. This extension is aimed at allowing Sebi more time to complete its investigation into the allegations made by US-based short-seller Hindenburg Research against the Adani Group led by Gautam Adani.

 

Initial Deadline and Acknowledgment:

In May of this year, the Supreme Court had set August 14 as the original deadline for Sebi to present an updated status report on the ongoing investigation. The significance of the concerns raised by Hindenburg Research, particularly in relation to the Adani Group's adherence to minimum public shareholding (MPS) norms, was acknowledged by the Chief Justice of India (CJI)-led bench at the time.

 

Sebi's Current Progress:

Sebi's recent communication to the Supreme Court has revealed that it is awaiting critical information from foreign agencies in certain cases. Additionally, reports on various matters are in the process of being reviewed and approved by competent authorities.

 

Investigations Conducted:

Among the 24 matters that Sebi has examined and investigated, 17 have been successfully concluded. These investigations have followed the established protocols and procedures of Sebi.

 

International Collaboration:

Sebi has actively engaged with foreign agencies and regulators to gather essential information pertinent to specific cases.

 

Current Status of Investigations:

Out of the remaining seven matters, one investigation has been finalized based on the collected evidence. An interim report has been prepared and approved in another instance.

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Pending Reports and Findings: (Adani Group-Hindenburg Issue)

Reports outlining findings have been prepared in four cases, with these reports awaiting approval by competent authorities. Additionally, investigations are at an advanced stage in one matter, and an interim report is being prepared based on the available information in another.

 

In light of these developments, Sebi's appeal for an extension showcases its commitment to conducting a thorough and comprehensive investigation into the Adani Group-Hindenburg Research matter.

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