Adani-Hindenburg row: Supreme Court to hear PILs seeking probe today
The January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate.
PremiumThe Supreme Court will on Wednesday hear a batch of Public Interest Litigations (PILs) seeking an investigation into the Adani Group-Hindenberg report issue and the SEBI's plea for an extension of time to submit the report.
The apex court on Monday adjourned the hearing on the SEBI plea seeking a six-month extension to conclude the investigation in the Hindenburg Research's report.
The bench led by the Chief Justice of India (CJI) Dr Dhananjaya Yeshwant Chadrachud and also comprising Justices P S Narsimha and J B Pardiwala adjourned the matter.
Solicitor General Tushar Mehta informed the SC that SEBI is seeking an extension of time for conducting the probe and needs six months to reach any conclusion.
SEBI told the SC that the investigation done earlier by SEBI pertains to the issuance of Global Depository Receipts ("GDRs") by 51 Indian listed companies, in respect of which investigation was conducted. SEBI submitted before the Supreme Court that no listed company of Adani Group was part of those 51 companies it was investigating.
SEBI submitted before the Supreme Court that the application for extension of time filed by it is meant to ensure carriage of justice keeping in mind the interest of investors and the securities market since any incorrect or premature conclusion of the case arrived at without full facts material on record would not serve the ends of justice and hence would be legally untenable.
On March 2, the apex court directed the capital market regulator SEBI to investigate any securities law violations by the Adani Group in the wake of the Hindenburg report, which led to a massive wipeout of more than USD 140 billion of the Adani Group's market value.
The January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate.
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