The Supreme Court has granted the Securities and Exchange Board of India (SEBI) a three-month extension to complete its investigation into Hindenburg’s allegations against the Adani Group.
The court, led by Chief Justice of India DY Chandrachud, also directed SEBI to provide an updated status report by August 14. The bench acknowledged the significance of the Hindenburg report and emphasized the issue of non-compliance with the Minimum Public Shareholding (MPS) norms.
During the hearing of multiple petitions seeking an inquiry into Hindenburg’s allegations against the Adani Group, senior advocate Prashant Bhushan accused SEBI of attempting to shield the Adani Group companies.
Bhushan pointed out that despite concerns surrounding the group, its shares had surged by approximately 10,000% over two years. He emphasized the need for SEBI to disclose details of the 2016 investigation on record to ensure transparency.
In response to Bhushan’s allegations, Solicitor General Tushar Mehta stated that an expert committee had been established by the Supreme Court to oversee the investigation. Mehta requested a time extension until September.
However, the Chief Justice responded by urging SEBI to provide information on the progress made since the previous two-month extension, expressing the court’s reluctance to grant unlimited extensions.
Six out of ten listed Adani Group stocks experienced a decline in afternoon trading. Adani Total Gas, Adani Transmission, Adani Wilmar, Adani Power, ACC, and NDTV all saw a decrease of up to 5per cent.