The Securities and Exchange Board of India (SEBI) informed the Supreme Court on Monday that prematurely or incorrectly concluding its ongoing investigation into potential regulatory disclosure lapses by the Adani Group would be legally unwarranted and unjust.

What Happened? Initially given two months on March 2, SEBI on April 29 requested six months to conclude its probe. However, the Supreme Court indicated on Friday that it might extend the investigation for three months.

The investigation followed allegations raised by U.S.-based short-seller Hindenburg Research in January. Hindenburg questioned the governance within Gautam Adani’s group, alleging improper use of tax havens and stock manipulation by the ports-to-energy conglomerate. The Adani Group has refuted all these allegations.

See also: Adani Group’s Shares Plunge As SEBI Investigates Alleged Irregularities in Offshore Transactions

SEBI mentioned in a court filing on Monday that the transactions Hindenburg flagged as violating Indian laws are highly complex. These transactions involve numerous sub-transactions across many jurisdictions.

To determine if the Adani group breached any norms regarding its publicly available shares, SEBI has already reached out to 11 foreign regulators for information. SEBI made the first such request on October 6, 2020.

SEBI emphasized the need to thoroughly analyze documents received from various sources before reaching definitive findings.

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