On May 12th, 2023, Friday, the Supreme Court will hear the petitions on the Adani-Hindenburg row. The Security Exchange Board of India has filed these petitions on the Adani-Hindenburg matter seeking to increase the time to finish the probe of the Hindenburg report by 6 months. The SEBI was instructed by the court to conclude the probe into this matter within 2 months only.
Dr Dhananjaya Yeshwant Chandrachud, the Chief Justice of India headed the bench which includes Justice JB Pardiwala and PS Narsimha will listen to the matter today after two months it had asked the experts’ and regulators of market to probe the whole matter. The SEBI, regulator of capital markets, was directed by the apex court to investigate any breach of securities law in the Hindenburg report by Adani Group.
The report by the Hindenburg against Adani resulted in the massive wipeout of almost USD 140 billion in the market value of the Adani Group. The SEBI’s application demanding an expansion of time has been questioned by the petitioner, Vishal Tiwari. In an application that moved before the Supreme Court, SEBI submitted that keeping in mind the ongoing circumstances, it would take further more time to reach at verified timings and complete the probe. A panel was set up by the apex court to look at providing protection to the investors.
In a statement by the Security Exchange Board of India said that, “SEBI, in the ongoing situation, most respectfully submits that in order to permit SEBI to conduct a proper investigation and arrive at verified timings, it would be just, expedient and in the interest of Justice that this court may be pleased to increase the time to finish the investigations as directed.” Abhay Manohar Sapre who is a former judge of the Supreme Court of India headed the expert committee along with five members which include, retired judge Justice J P Devadhar, OP Bhatt, KV Kamath, Nandan Nelikani, and Somashekhar Sunderesan.
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