The Supreme Court gave the market regulator SEBI till August 14 to deliver its findings on the probe into the Adani-Hindenberg report controversy on Wednesday. The top court on Monday postponed the hearing on the SEBI request for a six-month extension to complete the investigation in the Hindenburg Research report.
The SC reaffirmed that because it has already allowed five months to finish the investigation, it cannot grant another extension.
The issuing of Global Depository Receipts (GDRs) by 51 Indian listed firms was the subject of a previous SEBI probe, according to information provided to the SC. Before the Supreme Court, SEBI argued that none of the 51 firms it was looking at were listed companies of the Adani Group.
“Adequate enforcement actions were taken in this situation in accordance with the conclusion of the inquiry. Therefore, it is unfounded in fact to claim that the Securities and Exchange Board of India has been looking into Adani since 2016. As a result, I assert that any reliance on the GDR investigation that is being requested is completely incorrect, the CIA wrote in its court submission.
The administration stands by its statement in Lok Sabha on July 19, 2021, according to the Finance Ministry’s reaction to the opposition’s tweet.
The Finance Ministry tweeted that the government “stands by its reply in Lok Sabha on July 19, 2021, to Q. No. 72, which was based on due diligence and inputs from all concerned agencies.”
The SC reaffirmed that because it has already allowed five months to finish the investigation, it cannot grant another extension.
The issuing of Global Depository Receipts (GDRs) by 51 Indian listed firms was the subject of a previous SEBI probe, according to information provided to the SC. Before the Supreme Court, SEBI argued that none of the 51 firms it was looking at were listed companies of the Adani Group.
Jairam Ramesh of Congress claimed that either SEBI was inactive or that the administration had misled the parliament.
In response, the government stated that SEBI is looking into whether some Adani group firms are following the regulator’s rules.
Under the Multilateral Memorandum of Understanding (MoU) with the International Organisation of Securities Commissions (IOSCO), SEBI testified before the Supreme Court that SEBI has already contacted eleven foreign regulators in the context of an investigation into Minimum Public Shareholding (MPS) norms.
