The headquarters of the Securities and Exchange Board of India (SEBI) is in Mumbai. file. , Photo Credit: Reuters
The Securities and Exchange Board of India (SEBI) told the Supreme Court on May 15 that any wrong or premature conclusion Investigation of possible defaults of Adani Group Regulatory disclosures would be legally untenable and would not serve justice.
Sebi had on April 29 sought six months to complete its probe, instead of the two months it had given on March 2. However, the Supreme Court said on Friday It was inclined to grant an extension of three months,
The investigation comes after US-based short-seller Hindenburg Research January raised several governance concerns around billionaire Gautam Adani’s group, and alleged improper use of tax havens and stock manipulation by the port-to-energy group. The group has denied all the allegations.
Sebi said in a court filing on Monday that the group transactions highlighted by Hindenburg for violating Indian laws are highly complex and have multiple sub-transactions across multiple jurisdictions.
The regulator said that it has already approached 11 foreign regulators for information so that the investigation can be done Adani group had violated any norms of its publicly available shares.
Sebi said the first such request was made on October 6, 2020.
The regulator said, “(a) analysis would have to be done on the documents received from various sources before arriving at a conclusive conclusion.”