New Delhi: The Securities and Exchange Board of India (Sebi) on Friday informed the Supreme Court that it does not require an extension to complete its probe into allegations against the Adani Group, according to an ANI report.
According to the report, Solicitor General Tushar Mehta said that Sebi’s investigation related to the Hindenburg report is nearing completion, with 22 out of 24 cases already concluded.
This development follows an earlier plea for contempt proceedings against the market regulator, alleging failure to complete its investigation within the stipulated deadline of the Supreme Court, as reported by LiveLaw.
The court asked Sebi to report its findings by August 14 following a public interest litigation (PIL), citing concerns over the alleged share manipulation of the Adani Group, as outlined in a report by the Organized Crime and Corruption Reporting Project.
The Adani Group has consistently denied the allegations, originally presented in January by Hindenburg Research.
Also read: Hindenburg 2.0? George Soros-backed OCCRP said it plans another “exhibition”
What is the Adani-Hindenburg line?
In January, American short-selling company Hindenburg Research published a report, alleging that the Adani group is engaged in stock manipulation and other fraudulent activities to artificially inflate its share price.
Also read: Hindenburg Research seeks answers to 88 questions in its report
The Adani group refuted these allegations, dismissing the report as an effort by foreign entities to damage India’s reputation.
Also Read: Adani news Highlights: Why govt avoids debate on Adani row? asks Congress
The release of the report has sparked widespread controversy in the political landscape, with questions being raised about the association between Prime Minister Narendra Modi and Gautam Adani. That uproar triggered a response from activists and political figures who filed many PILs in the Supreme Court.
(With inputs from agencies)
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Updated: 24 Nov 2023, 14:52 IST