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The Supreme Court will hear on Wednesday public interest litigations (PILs) seeking probe into the Adani Group-Hindenburg Report case and market regulator SEBI’s plea for extension of time to submit the report. The Supreme Court on Monday adjourned the hearing on SEBI’s plea seeking extension of six months to complete the probe into the Hindenburg Research report. A bench headed by Chief Justice of India (CJI) Dr Dhananjay Yashwant Chadrachud and Justices PS Narasimha and JB Pardiwala adjourned the matter.
According to sources, the Adani Group is seeking extension of time to probe the Hindenburg report matter and SEBI needs 6 months to probe it to reach a conclusion. SEBI told the SC that the earlier investigations by SEBI pertained to the issuance of Global Depository Receipts (“GDRs”) by 51 Indian listed companies, in respect of which the probe was conducted.
This is the purpose of SEBI
SEBI told the Supreme Court that none of the listed companies of Adani Group were part of the 51 companies it was probing. The application for seeking time filed by SEBI is meant to ensure justice keeping in mind the interests of the investors and the securities market as any wrong or premature conclusion of the matter would be reached without complete facts. The record would not serve the ends of justice and hence would be legally unsustainable.
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SC had given this instruction to SEBI
The Supreme Court had on March 2 directed capital markets regulator SEBI to investigate any violation of securities laws by the Adani Group in the wake of the Hindenburg Report, which led to a massive loss of over USD 140 billion in market valuation to the Adani Group. Happened. The Hindenburg Report of January 24 alleged stock manipulation and fraud on the part of the Adani Group.