New Delhi: The Supreme Court on Monday will hear the plea moved by the Securities and Exchange Board of India(SEBI) seeking additional time to wrap up its probe into allegations of stock price manipulation by the Adani group.
On May 12, a bench headed by Chief Justice D Y Chandrachud fixed May 15 for hearing a batch of PILs on the Adani-Hindenburg row as also an application by SEBI seeking extension of time to complete the probe into alleged stock price manipulation by the Adani group. The court then said it will consider granting three more months to the Securities and Exchange Board of India to wrap up its probe into allegations of stock price manipulation by the Adani group while rejecting suggestions that it had blamed SEBI for regulatory failure.
The bench, also comprising Justices PS Narasimha and JB Pardiwala, however, decided not to give much leeway to SEBI, which sought six months to conclude the probe, saying it has to show some alacrity and complete it within three months.
The apex court had on March 2 asked SEBI to probe within two months the allegations against the Adani group and also set up a panel to look at providing protection to Indian investors after a damning report by US short seller Hindenburg wiped out more than USD 140 billion of the Indian conglomerate's market value.
Till now, four PILs have been filed in the top court on the issue including by lawyers M L Sharma and Vishal Tiwari and Congress leader Jaya Thakur.
Adani Group stocks had taken a beating on the bourses after Hindenburg Research made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against the business conglomerate.
The Adani Group dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
PTI
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