Update (May 12, 4:38 pm): Supreme Court on Friday indicated that it has given three-month time to the market regulator SEBI to complete the probe in the Adani-Hindenburg row. The next hearing in the case will be on Monday, May 15 now.Notably, the Securities and Exchange Board of India (SEBI) is investigating the allegations of manipulation of the stock price by the Adani Group and the lack of regulatory disclosure. On Friday, Solicitor General Tushar Mehta told the Supreme Court that there should be an investigation into suspected transactions and SEBI would take at least six months more to conclude.The plea was heard by a bench comprising Chief Justice of India DY Chandrachud and Justices P S Narsimha and J B Pardiwala.Adani-Hindenburg row: SC to hear SEBI plea seeking time extension for probeThe Supreme Court on Friday will hear the plea filed by the Securities and Exchange Board of India (SEBI) seeking more time to conclude the investigation of the Hindenburg report by a period of six months. The matter will be heard by the bench led by Chief Justice of India DY Chandrachud and also compromising Justices PS Narshimha and JB Padriwala on Friday, notably, after two months since market regulator and an experts panel are probing the matter.In light of the Hindenburg report, which caused a significant wipe-out of more than USD 140 billion of the Adani Groups market value, the highest court had earlier on March 2 ordered the SEBI to investigate any violations of securities law by the Adani Group.SEBI application seeking an extension of time has been opposed by the petitioner, Vishal Tiwari. Reportedly, the petition by SEBI was submitted keeping forging in mind, the organisation said that it would take more time to arrive at verified findings and conclude the investigation.SEBI in its application said that in normal course it takes at least 15 months and to ascertain possible violations related to misrepresentation of financials, circumvention of Regulations, and investigate the fraudulent nature of transactions mentioned in the Hindenburg report they need more time.Noteworthy, a US-based Short-teller, Hindenburg in its report has accused Adani Group of manipulating the stocks and faulty transactions. Given the report, which has created a ruckus on the financial front as well as in politics, Supreme Court directed to investigate on Hindenburg report on March 2.The Supreme Court also constituted a six-member committee, led by former Justice Abhay Manohar Sapre to evaluate the extant regulatory framework to protect investors against volatility and for making recommendations to strengthen it. Justice J P Devadhar, a retired judge, is also a member of the committee, along with OP Bhatt, KV Kamath, Nandan Nilekani, and Somashekhar Sundaresan.
