Adani-Hindenburg case: According to a legal document, the Securities and Exchange Board of India (SEBI) has asked the Supreme Court for an extension of 15 days to submit its findings on the Adani-Hindenburg dispute.
According to the legal complaint, SEBI has finished investigations into 17 of the 24 transactions investigated by Adani Group.
The markets regulator stated that it has requested additional information from other regulators and other jurisdictions in order to determine its next line of action. It also stated that four investigations have “crystalized” conclusions in the remaining six concerns.
Earlier in the day, it was reported that SEBI had already completed its final report on the claims levelled against the Adani Group by US short-seller Hindenburg Research. However, the market regulator has requested an extension of 15 days because the inquiry is still ongoing.
The SEBI probe focuses on whether the Adani Group manipulated share prices by exploiting gaps in minimum public shareholding (MPS) regulations, as well as if it neglected to report related-party transactions.
It should be noted that the allegations of related-party transactions and MPS exploitation were important factors emphasized by Hindenburg in its January report.
The Supreme Court had set an August 14 deadline for SEBI to complete the investigation and submit its report, with the next hearing slated for August 29.
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