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Adani Group-Hindenberg Issue: SEBI has sought six more months from the Supreme Court to probe Hindenburg Research’s allegations against the Adani group but the petitioners are protesting. While filing an application in the Supreme Court, a petitioner has opposed the demand of giving more time of six months to SEBI. The petitioner says that the first regulator has been given sufficient time for investigation.
Petitioner Vishal Tiwari filed an application before the bench of Chief Justice DY Chandrachud on May 2, in which he opposed SEBI for giving more time for investigation, saying that it would prolong the investigation as well as delay the investigation. In fact, last week, SEBI, the regulator of the stock market, has filed an application before the Supreme Court, in which SEBI has asked for six months more time to investigate the allegations of Hindenburg Research Report against Adani Group.
Earlier, on 2 March 2023, the Supreme Court had ordered SEBI to investigate the allegations, in which it was ordered to complete the investigation in two months. But now SEBI is asking the court for more time to complete the investigation. SEBI told the court that according to Hindenburg’s allegations, there are 12 such suspicious transactions, which would require 15 months’ time to investigate. Because this transaction is very complex as well as 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.
On March 2, the Supreme Court had also constituted an expert under the chairmanship of retired judge AM Sapre to give its recommendations on strengthening SEBI’s regulations after the Adani case came to the fore. SEBI told the court that it has shared the investigation so far with the Interim Status Committee.
Let us tell you that three petitions were filed in the Supreme Court after Hindenburg’s disclosure regarding the Adani group. In which a petitioner was filed by Vishal Tiwari, in which there was a demand for investigation on Hindenburg’s allegations. The second petition was filed by Congress leader Jaya Thakur and the third petition by ML Sharma.
The Security Exchange Board of India filed a PIL in the Supreme Court in the Adani case, in which SEBI sought another six months to investigate the allegations against the Adani Group. On this, the Supreme Court said that in this case, SEBI has been given enough time to collect documents related to Adani Group and to seize them.
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