During the Hindenburg report hearing on Friday, the Securities and Exchange Board of India (SEBI) declared that it will not request more time to wrap up its probe into the Adani group.
Attorney General Tushar Mehta informed the Supreme Court that investigations have been finalized in 22 out of the 24 cases, addressing concerns raised in an application filed on November 19. The application sought contempt proceedings against SEBI, claiming that the regulatory body failed to meet the specified timeframe for the Adani-Hindenburg investigation, as directed by the Supreme Court on May 17.
SEBI was required by the Supreme Court’s directive to submit its findings by August 14. Advocate Vishal Tiwari, who filed a Public Interest Litigation (PIL), brought attention to the fact that the report has not yet been presented.
Tiwari’s plea asked the Supreme Court to order the Expert Committee to look into the Organised Crime and Corruption Reporting Project (OCCRP) report in addition to initiating contempt proceedings.The OCCRP’s report accused Adani of stock manipulation.
Noting the volatility in share prices as a primary factor for its intervention, the Supreme Court highlighted that SEBI has acknowledged certain recommendations from the expert committee regarding regulatory oversight. The regulatory body, in principle, accepted these suggestions, and they are currently under active consideration.
A report published earlier this year by Hindenburg Research claimed that the Adani company was involved in stock manipulation and fraud. The Adani group sharply refuted the allegations, blaming them on foreign organizations seeking to damage India’s standing. The report’s publication had a significant effect on the Adani firms’ stock market valuation.