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Adani Supreme Court Hearing: The Supreme Court will now hear the Adani-Hindenburg case on 15 May 2023. Earlier, SEBI had sought six months’ time from the court. Chief Justice DY Chandrachud told Sebi that the demand for six months’ time to complete the probe was not reasonable. He said that we will do the hearing around August 14 and you should complete the investigation within three months. The Chief Justice said that the committee we had formed has not been read yet. The Chief Justice said that he will consider SEBI’s application during the hearing on Monday.
Earlier, during the hearing, the stock market regulator SEBI sought six more months from the court to complete the investigation in the Adani case. Solicitor General Tushar Mehta, appearing for SEBI, told the court that in view of the matter, more time of six months is needed.
However, senior advocate Prashant Bhushan told the court that SEBI is a partner of IOSCO, whose members are also tax haven countries. According to the treaty of IOSCO, any country can ask for any kind of information and there is nothing secret in it. He said that SEBI could have sought information earlier also. According to the government, SEBI is investigating since 2017. Prashant Bhushan said that in SEBI’s master circular issued on December 19, 2022 for foreign portfolio investors, it has been said that it is necessary for all investors to disclose the names of the beneficial owners.
On 2 March 2023, the Supreme Court asked SEBI (SEBI) to review the existing regulatory mechanism to investigate the steep fall in shares of the Adani Group after the Hindenburg Research report surfaced and to protect the interests of small investors. An expert committee was formed under the leadership of a retired judge of the Supreme Court. The court has constituted a committee under the leadership of former Supreme Court judge AM Sapre. In which KV Kamath, former CEO of ICICI Bank, Nandan Nilekani, co-founder of Infosys, were made members. Apart from these, former SBI chairman OP Bhatt, Justice JP Deodhar and Somashekhar Sandarshan Committee were also other members of the committee. The Supreme Court had asked this committee to submit its report in a sealed cover within two months. The committee has prepared its report within two months and submitted it to the court.
The Supreme Court had asked SEBI to complete its investigation in two months. SEBI was asked to investigate whether there was any violation of section 19 of SEBI. And whether there has been any tampering in the stock prices of Adani Group. The court had also ordered SEBI to provide all kinds of information to the committee formed by the court. But SEBI says that its investigation cannot be completed in two months and it needs six months time for which the petitioners were opposing.
In its application, SEBI told the court that according to Hindenburg’s allegations, there are 12 such suspicious transactions. Apart from this transaction being complex, many sub-transactions are also present in it. According to SEBI, statements of financial transactions from several domestic and foreign banks will be required during the investigation. Bank statements older than 10 years will also be required, which will take time to obtain and it is challenging as well. SEBI says that it will try to complete the investigation in six months.
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