Adani-Hindenburg row: Supreme Court grants SEBI time till August 14 to submit report; check details
By Team Newsable | First Published May 17, 2023, 1:52 PM ISTLast week, the apex court said that it may grant a three-month extension to probe into the allegations of stock price manipulation by the Adani Group and lapses in regulations. The Sebi had asked the court for a six-month extension.
The Supreme Court on Wednesday (May 17) granted the Securities and Exchange Board of India (SEBI) time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group.
A bench headed by Chief Justice DY Chandrachud directed the SEBI to file an updated status report of the investigation.
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The bench, also comprising Justices PS Narasimha and JB Pardiwala, also ordered that the report of the Justice AM Sapre committee, which was submitted to it, be made available to the parties to enable them to assist the court in the matter.
On March 2, the apex court had ordered the formation of a six-member committee to probe allegations of stock manipulation against Adani Group by US short-seller Hindenburg. The Supreme Court listed the matter for further hearing on July 11.
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Last week, the apex court said that it may grant a three-month extension to probe into the allegations of stock price manipulation by the Adani Group and lapses in regulations. The Sebi had asked the court for a six-month extension.
"We granted you two months and now 3 months...already 5 months...we cannot grant you an indefinite extension," Chandrachud said.
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