National Desk, 14th August: In the latest development in the Adani-Hindenburg case, the Securities and Exchange Board of India (SEBI) sought from the Supreme Court on Monday another fifteen days to wrap up its investigation and submit a status report.
In its plea, the SEBI claimed that the probe had made great progress and asked for more time to finish it up and submit a thorough status report. It notified the court that it had carefully looked into and probed 24 items as the Supreme Court had instructed.
The Competent Authority had completed and approved 17 of these investigations in accordance with the prescribed SEBI protocols.
The investigation had been completed in one case, according to SEBI’s report, and the Competent Authority had prepared and approved an interim report based on the information at hand.
After obtaining information from overseas regulatory organizations, SEBI stated that it would consider taking additional measures.
In four investigations, SEBI refined its conclusions and created related reports, awaiting Competent Authority approval. The approval procedure for these reports is anticipated to be finished before the next hearing on August 29.
In two other cases, SEBI is conducting in-depth investigations and is currently putting up an interim report based on the data acquired.
The current SEBI investigation is in response to the Hindenburg Research study, which was published on January 24 of this year. The Adani Group was accused in the report of stock manipulation and fraud, which significantly decreased its market worth by approximately USD 140 billion.
In response, the Adani Group may have violated securities laws, and the Supreme Court ordered SEBI to look into this.
Meanwhile, the Adani Group violently disputed the Hindenburg report, branding it the product of an “unethical short seller” and stating that the accusations were unfounded.