In another development in the Hindenburg-Adani saga, the Securities and Exchange Board of India (SEBI) on Monday filed an application with the Supreme Court seeking 15 more days to submit the report on the allegations levied.
The markets regulator told the apex court that it has completed investigating 17 out of the 24 transactions it had taken up for probe.
“It has completed the investigation/examination based on the material that could be gathered by it thus far. An interim report has been prepared and approved by the competent authority in accordance with Sebi’s extant practices and procedures. However, it has sought information from agencies and regulators in foreign jurisdictions, etc. and upon receipt of such information, will evaluate the same to determine further course of action, if any,” SEBI said in its filing.
Earlier in May, the Supreme Court granted Sebi an extension until August 14 to conclude its investigation which was shorter than the six months time sought by the markets regulator to complete the investigation.
Sebi has examined whether the Adani group manipulated the share prices of its group companies by manipulating the minimum public shareholding (MPS) norms and whether it failed to reveal related-party transactions.
The case pertains to January when the research firm Hindenburg accused the conglomerate of ‘brazen stock manipulation and accounting fraud’.
Adani had denied the allegations calling it a calculated attack on India.