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Adani-Hindenburg case: Not probed Adani Company since 2016, Sebi tells Supreme Court

Indian market regulator SEBI on Monday told the Supreme Court that it had not probed any of Adani Group's companies since 2016.

Gautam Adani

Securities and Exchange Board of India (SEBI) on Monday said that it had not probed any Adani Grup of Companies since 2016, and the statement made last time was wrong.

The Securities and Exchange Board of India (Sebi) has asked for a six-month extension to complete the probe into Hindenburg Research’s allegations against the Adani group.

The Supreme Court bench, headed by CJI Chandrachud, will soon consider SEBI’s application seeking a six-month extension to finish the probe.

Hindenburg Research, the US-based short seller firm, had accused industrialist Gautam Adani-led conglomerate of “brazen stock manipulation and accounting fraud scheme over the course of decades”.

“We cannot grant 6 months now. There needs to be some alacrity in the work. Put together a team. We can list the case in August mid and have the report then.. 6 months cannot be given as a minimum time. SEBI cannot take indefinitely long period, and we will give them 3 months,” the SC Bench said while hearing an application by the Market Regulator for seeking an extension of six months to complete its probe.

SEBI, or Securities and Exchange Board of India, told the Supreme Court today that allegations that it has been investigating the Adani Group since 2016 are “factually baseless”. It also cautioned against “premature and wrong conclusions” in the case.

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