Supreme Court Grants SEBI Extension Till August 14 For Adani Probe

The Supreme Court of India has granted an extension to the Securities and Exchange Board of India (SEBI) to complete its probe into the allegations made by Hindenburg Research against the Adani Group.

The apex court's decision to grant this extension until August 14th comes amidst a heated debate surrounding the veracity of the claims made by Hindenburg.

The Supreme Court was considering a number of petitions asking for an investigation on the long list of accusations made by Hindenburg against the Adani Group. The Sebi's appeal asking for more time to provide updates on the investigation was a crucial one.

There are numerous matters listed with the Sebi and Securities Appellate Tribunal (SAT), according to senior attorney Prashant Bhushan, and there is a blatant attempt to conceal the Adani Group firms. Despite the group's critics, he added, its shares had soared by almost 10,000% in just two years.

Bhushan said in response to Sebi's investigation into the claims made by Hindenburg that no conclusions could be made until the capital markets regulator recorded specifics of the 2016 investigation. In the Parliament, the Minister stated that the Sebi has been looking into the Adani Group between 2016 and 2021. The senior attorney further stated that the regulator must provide material for the record.

In response to Prashant Bhushan's accusations, Solicitor General Tushar Mehta stated that the Supreme Court established an expert team to oversee the probe. The SG requested an extension of time till September.

The Chief Justice of India responded by saying that the Sebi was required to provide details about the investigation and advise the court of any developments since the initial update of two months ago.

The CJI stated that the capital markets regulator now has a total extension of five months as a result of today's extension. The court, he said, is not permitted to grant indefinite extensions.

Adani Group stocks reaction after the Supreme Court verdict later in the day- Adani Enterprises traded 0.61% lower at Rs 1,877.55 on the NSE, Adani Ports traded 0.42% lower at Rs 684.10.

Adani Transmission shares dropped 3.42% to Rs 784.6 whereas Adani Green Energy shares gained 0.46% to trade at Rs 878.20.

Adani Wilmar stock dropped 3.90% to trade at Rs 379.25, Adani Power was at Rs 232.90, 1.40% lower.