Adani-Hindenburg row: SC may grant 3 more months to SEBI for probe

The court scheduled a hearing for May 15 to address a series of public interest litigations (PILs) and pleas presented by SEBI, indicating its intention to consider these matters further.

Gautam Adani,

The Supreme Court on Friday (May 12) indicated that it might grant an additional three months to the Securities and Exchange Board of India (SEBI) to complete its investigation into the allegations of stock price manipulation and regulatory disclosure lapses by the Adani group.

The court listed a set of public interest litigations (PILs) and pleas by SEBI for further hearing on May 15.

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A bench of Chief Justices DY Chandrachud and Justices PS Narasimha and JB Pardiwala said the court registry has received the report of the apex court-appointed Justice (retd) AM Sapre committee on the issue and would like to hear the matter on Monday after perusing the findings of the panel.

We will go through the report in the meantime. We will take up the matter on May 15, the bench said.

During the hearing, the bench told Solicitor General Tushar Mehta, appearing for SEBI, that it may grant the market regulator three months instead of six it has sought to wrap up the probe into allegations of stock manipulation.

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Cautioning a lawyer, appearing for petitioner Jaya Thakur, it said this court has said nothing about any regulatory failure on the part of SEBI.

“Be careful when you make allegations. This may affect the sentiments in the stock market. Its all your allegations and the panel has been formed to look into it,” the bench said.

(With agency inputs)