New Delhi: The Supreme Court of India will hear the plea regarding the Adani-Hindenburg row on Friday, May 12. Earlier, the Supreme Court had asked the Securities and Exchange Board of India (SEBI) to form an experts’ panel and probe into the matter.
On the SC website, a clause list has been uploaded to mention the bench having Chief Justice of India DY Chandrachud and Justices PS Narasimha and JB Pardiwala arranged to hear the pleas on Friday, reported PTI.
Market regulator SEBI has drafted an application seeking an extension of time to investigate the matter.
Application
SEBI, in its application, asked to be granted a period of 15 months to carry out the investigation, given the complexity of the case. However, it is making it possible to carry out the discovery within six months.
Ascertaining the possible violations related to the faulty representation of financials, circumvention of Regulations, and finding out the fraudulent nature of transactions found out in the Hindenburg report, in the normal case it will take at least 15 months, said SEBI in its application.
“Pass an order extending the time to conclude the investigation as directed by this Court by the common order dated March 2 by a period of 6 months or such other period as this court may deem fit and necessary in the facts and circumstances of the present case,” the SEBI petition said.
What did the Hindenburg Report say?
Hindenburg Research published a report targeting Adani Group on January 24, stating that the firm has been indulged in “brazen Stock manipulation and accounting fraud scheme over the course of decades.”
The report caused political chaos and financial disturbance, following which the Supreme Court ordered the SEBI to look into the matter on March 2.
SEBI was directed by the Supreme Court to discover whether it has violated Rule 19A of the Securities Contracts (Regulations) Rules, 1957; any failure to disclose transactions with related parties, stock manipulation, etc.
