As per sources, the Supreme Court of India has granted the extension of three-month time to the Securities and Exchange Board of India (SEBI) to submit the report in the Adani-Hindenburg report. Notably, the decision has been taken by the top court after the market regulator asked for additional six months to investigate the dealing done by the conglomerate.After the hearing on May 17, the Supreme Court directed the Securities and Exchange Board of India to submit the report on August 14. The order was passed by a bench of Chief Justice of India (CJI) DY Chandrachud and Justices PS Narasimha and JB Pardiwala after the market regulator sought additional six months to investigate the dealings of the conglomerate, reasoning that they were “highly complex”.The Chief Justice of India said that we could have given you the time till September 30, but according to the current status August 14 has been given to submit the status report on the investigation.The top court had already delayed the hearing on the SEBI request for a six-month extension to complete the investigation into the Hindenburg Research report on Monday, May 15. The case was postponed by a three-person panel chaired by the Chief Justice of India (CJI), Dr DY Chadrachud. The hearing on Sebis plea and other PILs could not take place on May 16 due to time restrictions and the Monday hearing schedule.As per sources, the Supreme Court had allowed SEBI to continue with its probe in the order that was passed on March 2. The probe was to be completed by May 2.Notably, the expert committee subsequently submitted its report while the SEBI sought an extension of time. Also, the report had led to a fall in the share value of various Adani companies, reportedly to the tune of USD 100 billion.
