Submit report on Adani-Hindenburg probe by August 14, Supreme Court tells Sebi

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NEW DELHI: The Supreme Court on Wednesday granted the Securities and Exchange Board of India (Sebi) an additional three months, until August 14, to complete its probe into possible lapses in regulatory disclosures by the Adani Group.
A bench headed by Chief Justice DY Chandrachud directed the Sebi to file an updated status report on probe into allegations of stock price manipulation by Gautam Adani-led group.
The bench, also comprising Justices PS Narasimha and JB Pardiwala, also ordered that the report of the Justice AM Sapre committee, which was submitted to it, be made available to the parties to enable them to assist the court in the matter.
The apex court had on March 2 ordered the formation of a six-member committee to probe allegations of stock manipulation against Adani Group by US short-seller Hindenburg Research. The Supreme Court listed the matter for further hearing on July 11.
The Hindenburg in its report on January 24 had accused Adani Group of “stock manipulation and accounting fraud” and termed it the “largest con in corporate history”. The Adani Group had denied all allegations.
The Adani Group has suffered a loss of over $100 billion in market valuation since the publication of the Hindenburg report.
Earlier, the Sebi had on July 25 told the apex court that it needed more time to probe the matter. The court had earlier asked the regulator to submit its report by July 31. The case pertains to a complaint filed by the Centre against Adani group’s Rs 16,000-crore coal mine project in Ratna in Chhattisgarh. The Centre has alleged that the group made fraudulent disclosures in its filings with the Sebi in connection with the project.
(With inputs from agencies)

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