Adani Hindenburg Issue: SC Receives Expert Committee Report; In Favour Of Granting Three More Months To Sebi For Its Investigations

A three-Judge bench of the Supreme Court comprising of CJI DY Chandrachud and Justices PS Narasimha and JB Pardiwala on Friday (12 May) stated that it was inclined to grant only three more months to the Securities and Exchange Board of India (SEBI) to complete its investigation into the allegations against the Adani Group of companies. 

SEBI had sought an extension of six months to submit its probe report, and the court will announce its decision on Monday (15 May).

Additionally, the bench stated that it had received the probe report submitted by the court-appointed expert committee, led by retired apex court judge Justice AM Sapre. 

Solicitor General Tushar Mehta appeared for SEBI during the hearing.

The Supreme Court had previously allowed SEBI to continue its probe in an order passed on March 2, with a deadline for completion by May 2. 

This investigation was in addition to the one ordered by the top court, conducted by the expert committee headed by Justice AM Sapre. 

SEBI submitted an application last month stating that it needed six more months to complete the probe, and that it had kept the expert committee updated on the status, steps taken, and interim findings of its examinations and investigations. 

SEBI also claimed that the 12 suspicious transactions cited in the Hindenburg report would require at least 15 months of rigorous investigation due to their complexity and multiple sub-transactions.

The Supreme Court is currently hearing four petitions related to the Hindenburg Research report's allegations against the Adani Group, which accused the conglomerate of inflating share prices and fraud.