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NEW DELHI: The Securities and Exchange Board of India (Sebi) on Friday told the Supreme Court that it will not seek any further extension to complete its probe into the allegations of stock price manipulation by the Adani group. Solicitor General Tushar Mehta informed the apex court that investigation is over in 22 out of the 24 cases related to the Adani-Hindenburg probe.
PIL petitioner Vishal Tiwari had filed an application stating the SEBI had failed to honour the deadline set by the top court and had not submitted the final conclusion/report as was directed by the court.On May 17, the apex court had granted Sebi time till August 14 to complete its probe.
A Supreme Court-appointed expert committee had in an interim report in May stated that it saw “no evident pattern of manipulation” in billionaire Gautam Adani‘s companies and there was no regulatory failure.
It, however, cited several amendments the SEBI made between 2014 and 2019 that constrained the regulator’s ability to investigate, and its probe into alleged violations in money flows from offshore entities has “drawn a blank”.
The apex court had on May 17 directed that copies of the report submitted before it by the top court-appointed Justice (retd) A M Sapre expert committee be made available to the parties to enable them to assist it in further deliberations in the matter.
Adani Group stocks had taken a hit after Hindenburg Research made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against the business conglomerate.
The Adani Group dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
PIL petitioner Vishal Tiwari had filed an application stating the SEBI had failed to honour the deadline set by the top court and had not submitted the final conclusion/report as was directed by the court.On May 17, the apex court had granted Sebi time till August 14 to complete its probe.
A Supreme Court-appointed expert committee had in an interim report in May stated that it saw “no evident pattern of manipulation” in billionaire Gautam Adani‘s companies and there was no regulatory failure.
It, however, cited several amendments the SEBI made between 2014 and 2019 that constrained the regulator’s ability to investigate, and its probe into alleged violations in money flows from offshore entities has “drawn a blank”.
The apex court had on May 17 directed that copies of the report submitted before it by the top court-appointed Justice (retd) A M Sapre expert committee be made available to the parties to enable them to assist it in further deliberations in the matter.
Adani Group stocks had taken a hit after Hindenburg Research made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against the business conglomerate.
The Adani Group dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
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