SC grants SEBI time till Aug 14 to probe into stock price manipulation by Adanis
New Delhi, May 17 (UNI): The Supreme Court on Wednesday in its order granted time to the SEBI, till August 14, to complete the probe in relation to the allegations made by a US short seller, Hindenburg, against the top Indian business conglomerate, Adani group of stock manipulation and other charges.
A three-judge bench of the Supreme Court, headed by the Chief Justice of India (CJI) Dr Dhananjaya Yeshwant Chadrachud, passed the order on Wednesday. The other two judges in the bench with the CJI were Justices J B Pardiwala and P S Narasimha.
The SEBI had moved the Supreme Court seeking a direction to complete the probe in six months, to which the Apex Court granted them time for around three months till August 14, 2023.
The Top Court in its order also directed the copies of the report submitted by the Justice (Retired) A M Sapre panel will be given to the parties in the meantime to enable them assist in further deliberations.
The Securities and Exchange Board of India (SEBI), the market regulator of India, had recently moved the Supreme Court saying that the probe could not be completed and thereby it needed six more months time.
The Solicitor General (SG) Tushar Mehta, senior lawyer appearing for SEBI, had told the Apex Court that the market regulator has filed an application seeking an extension of six more months to complete the probe into the allegations of Hindenburg against Adani.
“SEBI needs six more months time to complete the probe,” the SG had said.
One of the petitioners, Vishal Tiwari opposed the plea of SEBI and had told the Apex Court that six more months is a huge period, and in fact, the SEBI had already started investing the matter before the Supreme Court heard this very matter.
