The Securities and Exchange Board of India (SEBI) has informed the Supreme Court that it will not seek an extension to finalize its inquiry into allegations against the Adani Group. According to Solicitor General Tushar Mehta, 22 out of 24 cases related to the Hindenburg report have already been concluded.
This development follows a previous plea for contempt proceedings against SEBI, accusing the markets regulator of failing to conclude its investigation within the stipulated deadline set by the Supreme Court.
The Supreme Court had directed SEBI to report its findings by August 14, following a public interest litigation (PIL) that raised concerns over alleged stock manipulation by the Adani Group, as highlighted in a report by the Organised Crime and Corruption Reporting Project. The allegations were initially brought forth by Hindenburg Research in January.
The Adani Group has consistently denied the allegations, considering them an attempt by foreign entities to tarnish India’s reputation. The controversy triggered various PILs in the Supreme Court, prompting scrutiny of the association between Prime Minister Narendra Modi and Gautam Adani.
With SEBI nearing the completion of its investigation, this marks a significant development in the Adani-Hindenburg controversy. The outcome of SEBI’s findings will be closely watched as the legal proceedings unfold.*
