The Securities and Exchange Board of India’s request for a six-month delay was finally decided by the Supreme Court. According to the latest news, SEBI has been given until August 14, 2023 by the Supreme Court to finish its investigation into the Adani-Hindenburg matter and submit a report.
Because it had already granted SEBI five months to finish the Adani and Hindenburg soup investigation, the Supreme Court reaffirmed that it was unable to grant an indefinite extension. The market regulator, SEBI, is now anticipated to deliver its findings by the specified deadline as a result of this update.
The Supreme Court postponed the hearing on SEBI’s request for a six-month extension on Monday. Later, it was stated that the Supreme Court might take into account giving an additional three months to finish its investigation into the Adani v. Hindenburg case.
The regulator was given until August 14 to submit the findings by the panel led by Chief Justice DY Chandrachud. On July 11, the judge set the subject for further hearing.
Additionally, Security and Exchange board of India informed the Supreme Court that the prior inquiry focused on the issue of Global Depository Receipts (GDRs) by 51 listed Indian businesses. After that, it said that none of the listed Adani Group companies were among the 51 entities it was looking into.
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How the Adani-Hindenburg issue started SEBI
The Research’s devastating study accusing the conglomerate of stock manipulation and fraud wreaked havoc for the Gautam Adani-led Adani Group. Since then, the issue has continued.
Several petitions against the group were submitted to the SC after the report. After hearing them, the SC instructed the SEBI to look into the situation in March and granted them two months to do so.
The market regulator said in a rejoinder document that the petitioners’ position in their reply affidavit “has no relation and/or connection to the issues referred to and/or arising out of the Hindenburg report”.
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