The Securities and Exchange Board of India (SEBI) has assured the Supreme Court that it won’t seek more time to wrap up its probe into the Adani group. This update came during a hearing on the high-profile Hindenburg report matter. SEBI, represented by SG Tushar Mehta, stated that they are not requesting additional time for further investigations related to the Hindenburg report.
What Happened? According to ANI, so far, out of 24 cases, SEBI has completed investigations in 22. This development follows a plea filed in the Supreme Court on Nov. 19, calling for contempt proceedings against SEBI. The petitioner claimed that SEBI hadn’t concluded its investigation into the Adani-Hindenburg issue within the Supreme Court’s specified deadline.
The Supreme Court had directed SEBI to present its findings by August 14, but as Advocate Vishal Tiwari, one of the petitioners who filed a Public Interest Litigation (PIL), noted, the report is still pending. Tiwari’s plea also seeks an investigation into the Organised Crime and Corruption Reporting Project (OCCRP) report, which accused Adani of stock manipulation.
The backdrop: The crux of the matter dates back to January when American short-seller Hindenburg Research released a report alleging stock manipulation and other malpractices by the Adani group, claims that Adani vehemently denied.
The report’s release led to a significant drop in Adani companies’ stock market value and sparked a political storm, raising questions about Prime Minister Narendra Modi’s association with Gautam Adani. This controversy led to multiple PILs being filed in the Supreme Court.
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