UPDATE 1: 9:32 a.m. ET 5/17/2023:
Editors’ Note: The following story was originally published in the evening on May 17 and has been republished during regular business hours to reach a wider audience.
At a hearing today, May 17, attended by Reorg, the Supreme Court of India, in an
order, granted the Securities and Exchange Board of India, or SEBI, an extension until August 14 to complete its probe into
allegations made against the Adani Group by shortseller
Hindenburg Research, and submit an updated status report regarding the progress of its investigation.
Three-member bench, led by Chief Justice of India Dhananjaya Yeshwant Chandrachud, adjourned the hearing to July 11, after the court’s summer recess.
SEBI previously approached the Supreme Court for a six-month extension to conclude its investigation, as
reported. The initial deadline to complete the probe was May 2.
During the course of the hearing, the Solicitor General of India, Tushar Mehta, a senior law officer representing SEBI, said that the claim made against the market regulator that it has been investigating Adani Group since 2016 is incorrect. That was a different matter, he added.
In its May 15
affidavit, SEBI stated that the investigation in 2016 was related to the issuance of global depository receipts, or GDRs, by 51 Indian-listed companies and had no relation to the issues referred to in the Hindenburg Report. None of the listed Adani Group companies were part of those 51 companies, according to the affidavit.
Prashant Bhushan, counsel for petitioner Anamika Jaiswal, alleged that SEBI has been investigating some cases since 2016 and should put everything on record in the Supreme Court.
Bhushan alleged that despite many complaints against Adani Group, SEBI has not taken any action. He noted that the abnormal increases in the Adani Group stock price in a one-year span should have sounded some alarm bells at SEBI.
Another petitioner, Vishal Tiwari, while opposing SEBI’s request for a six-month extension to conclude its investigation, argued that SEBI has not even apprised this court of whom they have appointed to undertake the investigation.
Original Story 3:22 a.m. UTC on May 17, 2023BREAKING: India Supreme Court Grants SEBI Extension Until Aug. 14 to Investigate Hindenburg Allegations Against Adani GroupAt a hearing today, May 17, attended by Reorg, the Supreme Court of India in an oral order granted the Securities and Exchange Board of India, or SEBI, an extension until Aug. 14 to complete its probe into
allegations made against Adani Group by
shortseller Hindenburg Research.
More follows…