As it seeks more time from the Supreme Court, the Securities and Exchange Board of India (SEBI) is expected to delay the status report of its investigation into the accusations of fraud and manipulation made against the troubled Adani group.
According to the publication, which cited two informed sources, SEBI is likely to ask the Supreme Court for an extension of time to finish its investigation into the claims made by Hindenburg Research against the Adani group. The market regulator may inform the court of the status of the case and provide an explanation for why further time is needed.
The Supreme Court set a May 2 deadline for the status report submission after ordering SEBI to “expeditiously conclude” the probe within two months and publish a status report on March 3. In the same order, the court established a six-member expert panel and ordered it to look into the Adani case’s regulatory failure and submit a sealed report within two months.
The Adani group has been accused of misleading stock rates and allegedly violating minimum public shareholding norms, according to SEBI, which was requested by the Supreme Court. The publication claims that the Supreme Court also ordered SEBI to inform the expert committee of the actions it had taken.
It’s been reported that the six-member team, led by retired Supreme Court judge Justice A.M. Sapre, visited the SEBI headquarters earlier this week. The members of the court-appointed committee are O.P. Bhatt, Nandan Nilekani, K.V. Kamath, Justice J.P. Devadhar, and Somasekharan Sundaresan.
According to the newspaper, SEBI has been gathering extensive information over the last two weeks. This relates to transactions between related parties carried out by the 10 public and unlisted companies that make up the power-to-port conglomerate, which has experienced tremendous expansion under the leadership of Prime Minister Narendra Modi.
Additionally, SEBI has requested information on shareholding patterns, disclosures, and other details to support the group’s reported figures and assertions. Two distinct teams are investigating the subject to look at market movements before and after the report’s publication as well as potential manipulation in Adani Group shares, according to a report.
