SEBI has informed the Supreme Court that it has not been investigating any Adani Group companies since 2016, contrary to earlier claims. In an affidavit submitted to the court on Monday, SEBI requested more time to investigate the allegations against the conglomerate, citing the highly complex nature of the case. SEBI stated that the twelve transactions mentioned in the Hindenburg Report involved numerous sub-transactions across several jurisdictions, necessitating the collection of data and supporting documents from various sources. The regulator has asked for an extension of six months to complete the investigation. The Supreme Court had earlier allowed SEBI to continue its probe into the allegations, with a May 2 deadline. However, the court expressed its willingness to grant only three more months to SEBI to complete the investigation during a hearing on Friday. The Supreme Court is currently examining four petitions related to the Hindenburg Research report, which had accused the Adani Group of inflating share prices and led to a significant drop in the value of various Adani companies.
TAGS: SEBI Supreme Court Adani Group investigation affidavit Hindenburg Report allegations complex transactions data supporting documents extension probe petitions short-seller fraud share prices value.
