SC directs SEBI to complete probe on Adani issue within 3 months

adani-office
The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. Photo: Reuters

New Delhi: The Supreme Court said on Friday it will examine a special panel's report on the Adani group's possible lapses in regulatory disclosures and pass orders, on Monday, on the market regulator's plea for more time to conclude its own probe.

The Securities and Exchange Board of India (SEBI), in a petition filed on April 29, had sought six months to complete its probe, following a court order on March 2 that gave the regulator two months to submit its report.

However, the apex court said during a hearing on Friday that it is inclined to give the regulator three months to complete its probe, as granting six more months would be inappropriate.

The apex court had also formed a special panel to examine the regulatory framework and allegations levelled against billionaire Gautam Adani's conglomerate.

The special panel submitted its report to the Supreme Court earlier this week in a sealed envelope, the contents of which were not disclosed or discussed in Friday's hearing.

In January, US-based short-seller Hindenburg Research raised several governance concerns around the Adani Group and alleged improper use of tax havens and stock manipulation by the ports-to-energy conglomerate. The group has denied all the allegations.

The comments posted here/below/in the given space are not on behalf of Onmanorama. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.