The Supreme Court verdict on six-month extension request by the Securities and Exchange Board of India (SEBI) has come out. As per updates, the apex court has granted SEBI time till August 14, 2023 to complete its probe of the Adani-Hindenburg issue and submit its report.
Accordingly, the Supreme Court reiterated that it can't give an indefinite extension for completing the probe in the Adani-Hindenburg soup as it had already given five months to SEBI. With this update, SEBI, the market regulator, is now expected to submit its findings by the mentioned date.
On Monday, the Supreme Court adjourned the hearing on SEBI's plea asking for a six months extension. It was later reported that the apex court may consider a three month extension for SEBI to complete its Adani vs Hindenburg case probe.
SEBI also told the Supreme Court that the investigation carried out earlier had to do with the issuance of Global Depository Receipts (GDRs) by 51 Indian listed companies. Post which, SEBI submitted that none of the listed companies of the Adani Group were a part of those 51 companies that it was investigating.
The Hindenburg Research caused havoc for the Gautam Adani-led Adani Group after its scathing report alleging stock manipulation and fraud by the conglomerate. Since then, the matter has been on.
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