The Supreme Court granted the capital markets regulator until August 14 to provide an updated progress report on the Adani Group v. Hindenburg Research case.
The US-based short seller Hindenburg Research made allegations against the Gautam Adani-led ports-to-power conglomerate Adani Group, and on Monday, the capital markets regulator Securities and Exchange Board of India (SEBI) moved the Supreme Court to extend the deadline by 15 days. A deadline extension for the submission of the status report was also requested by the Sebi.
The Supreme Court set an August 14 deadline for the capital markets regulator to produce an updated progress report on the case in May of this year. At the time, the bench headed by the Chief Justice of India (CJI) stated that there is some merit to the concern raised by Hindenburg on the violation of the MPS requirements.
In its most recent application, the Sebi stated that it had looked into or investigated 24 cases, 17 of which were concluded. According to SEBI practice and regulations, the relevant authority has approved these investigations.
According to Sebi, it has occasionally requested information from international organisations and authorities. Of the seven unresolved cases, Sebi has concluded its investigation in one case using the information obtained. The regulator said that the competent authority had approved the interim report that it had prepared.
Four more cases have resulted in results that have been compiled into a report. The report is currently being authorised by the appropriate authorities in these cases. In the remaining two cases, an interim report is being prepared in one case based on the data Sebi has so far collected, while an inquiry is ongoing in the other.
