After SEBI asked the Supreme Court for an extension of 6 months to complete the probe into the Hindenburg allegations leveled against the Adani group, the Gautam Adani-led group replied that it is fully cooperating with the probe.
“We understand that SEBI has approached the Hon’ble Supreme Court for more time to conclude its investigation,” the statement further said.
“We welcome the investigation, which represents a fair opportunity for everyone to be heard and all issues addressed. We are fully compliant with all laws, rules and regulations and are confident that the truth will prevail.” We are fully cooperating with SEBI.” And will continue to extend our full support and cooperation.”
It is pertinent to note that in the application of SEBI filed before the Hon’ble Supreme Court, there is no finding of any alleged wrongdoing. The Sebi application only cites the allegations made in the short-sellers report, which are still under investigation, the statement said.
“While we continue to focus on our business and growth, we would request the media to refrain from unnecessary speculation at this juncture and wait for SEBI and the expert committee appointed by the Hon’ble Supreme Court to complete their work and submit their findings.” do,” the statement said.
A US-based short seller alleges Adani Group with financial improprieties in its investigation on 25 February. Subsequently, the market capitalization of the Adani Group fell by over US$140 billion.
The Supreme Court on 2 March constituted an expert committee on the issue arising out of the Hindenburg Research Report on Adani group companies. The committee will consist of six members, which will be headed by former apex court judge Justice AM Sapre. The top court had then asked SEBI to file a status report within two months.
What did SEBI say?
SEBI has urged on Saturday Supreme Court To extend the time to conclude the investigation.
In an application filed before the Supreme Court, SEBI said that it would take more time to arrive at verified findings and conclude the investigation.
SEBI in its application has also stated that in order to detect possible violations relating to misstatement of financial statements, circumvention of regulations and/or fraudulent nature of transactions, SEBI would normally complete the investigation of these transactions at least Will take at least 15 months. , but is making all reasonable efforts to bring it to an end within six months.
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