Adani-Hindenburg row: SC hints at granting SEBI extension on probe report, to decide on May 15

• SC has listed the PILs in the Adani-Hindenburg issue for May 15.
  
• The apex said that it has received a report from the six-member panel it had appointed in March but has not read it.
  
• SEBI has sought an extension to submit its report on a probe that the court has ordered on the matter.

India’s apex court on Friday said that it could extend the time given to markets regulator Securities and Exchange Board of India (SEBI) to finish its probe into allegations of stock manipulation by Adani group. The Supreme Court said it will take up the matter on May 15.

The markets regulator had been given two months by the Supreme Court in March, but SEBI has sought six more months to finish the probe.

“Six months is an unfair time...we will place the matter around 14th August. You complete your investigation in three months and come back to us. We can't say you need a minimum of six months,” Chief Justice of India DY Chandrachud told SEBI on Friday as per Live Law.

The court had also appointed a six-member panel of experts headed by former Supreme Court Justice Abhay Sapre in March. The panel was appointed to investigate whether there had been a regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani group or other companies.

The apex court said that its registry had received a report from the panel but the court had had no time to read it. It proposed to list multiple PILs filed on the Adani-Hindenburg issue on May 15.

The six-member panel is head by Justice Sapre, and also has experts like former non-executive chairman of ICICI Bank KV Kamath; former chairman of SBI, OP Bhatt; Infosys co-founder Nandan Nilekani; securities lawyer Somasekhar Sundaresan and retired high court judge JP Devadhar.

Multiple public interest litigations (PILs) were filed with the apex court, following which the expert panel was set up in March.

In addition to this, the Supreme Court had directed SEBI to investigate whether there has been a violation of Section 19 of SEBI rules and whether there was any manipulation of stock prices.

(With inputs from PTI)

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