SEBI has filed an affidavit in the Supreme Court regarding its investigation. Image Credit source: File Photo
The report of Adani Group and Hindenburg Research has taken a new turn in the investigation of the case. SEBI has said in its clarification on the issue of seeking 6 months time in the Supreme Court that the 12 suspicious transactions of the group are very complex, so it will take more time to investigate them. The reason for seeking his time of 6 months is to give ‘justice’ to the investors and the market.
Actually, after the report of Hindenburg Research against Adani Group, the shares of the companies of the group started collapsing. Meanwhile, a public interest litigation was filed in the Supreme Court to investigate against the Adani Group on the basis of this report to protect the interest of the investors.
The Supreme Court had asked SEBI to investigate for this. On which SEBI asked for 6 months more time. But due to the opposition of the petitioner, the Supreme Court sought clarification from SEBI on this.
The conclusion will not be with the ‘principle of justice’
SEBI has said in an affidavit filed in the Supreme Court on Monday that premature or wrong conclusion of its investigation against Adani Group for violation of regulatory rules will not be with the ‘principle of justice’.
SEBI has said in its clarification that it is already in touch with 11 market regulators from different countries of the world regarding the investigation against Adani Group. SEBI is trying to know whether the Adani group has not violated the rules related to publicly available shares and minimum public shareholding?
Hindenburg claim ‘baseless’
SEBI told that it is investigating the issue of Global Depository Receipts of 51 Indian listed companies. SEBI started the first such investigation in October 2020. In such a situation, in the Hindenburg Research report, the claim of SEBI’s ongoing investigation against the Adani group since 2016 is ‘baseless’.
Transaction complicated, investigation will take time
SEBI also spoke about 12 suspicious transactions of Adani Group in the report of Hindenburg Research. SEBI says that the transactions mentioned in the Hindenburg report. These are quite complex and are connected to many countries of the world. In such a situation, it will take a long time to check the data of all these transactions.
SEBI said that it has asked for 6 months time for the investigation so that justice can be done to the investors and the security market. At present, the hearing of this case has now been postponed till Tuesday.