Adani-Hindenburg saga: SC to hear SEBI’s 6-month extension plea on May 12

SEBI had Seeks extension from apex court to complete its probe The allegations leveled by US-based short seller Hindenburg against the group require a thorough investigation, noting that Adani Group’s complex transactions involving listed, unlisted and offshore entities. After SEBI’s plea in court, the Gautam Adani-led group responded by saying that it is Fully cooperating with the investigation.

“We understand that SEBI has approached the Hon’ble Supreme Court for more time to complete its investigation,” the statement 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 truth will prevail. Will be,” it added.

Read also: SC sets up panel, asks SEBI to complete its probe within 2 months

”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 Adani group said the Sebi application only cites the allegations made in the short-sellers report, which are still under investigation.

On March 2, the Supreme Court constituted an expert committee on the issue arising out of the Hindenburg Research Report on Adani group companies. The apex court directed SEBI to investigate whether there has been a violation of Section 19 of the SEBI regulations and whether there has been any manipulation of stock prices.

Earlier this year, Hindenburg in his investigation on February 25 accused the Adani group of financial improprieties. Subsequently, the market capitalization of the Adani Group fell by over USD 140 billion.