6 months time sought from Supreme Court to investigate Adani case, why?

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Adani मामले की जांच के लिए सुप्रीम कोर्ट से मांगा गया 6 महीने का समय, आखिर क्यों?

adani sebiImage Credit source: File Photo

Market regulator SEBI has sought 6 more months from the Supreme Court to complete the probe into the allegations leveled by Hindenburg Research against Adani Group. Seven listed companies of Adani along with subsidiaries are under investigation and they are Adani Enterprises Limited, Adani Power Limited, Adani Transmission Limited, Adani Green Energy Limited, Adani Ports and Special Economic Zone Limited, Adani Total Gas Limited and Adani Wilmar Limited. Have been asked to submit documents and information.

SEBI said in a statement that with regard to the investigation relating to 12 suspicious transactions, it has been noted that these transactions are complex and have many sub-transactions and various sources are required for a rigorous examination of these transactions. Detailed analysis is required along with collation of data/information from the SEBI said that in view of the matter, it will take at least 15 months to complete the investigation of the transaction, but is making all reasonable efforts to conclude the same within six months.

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SEBI has listed the violations which may require more time to complete the investigation:

  1. Potential Violations Related to Related Party Transaction (RPT) Disclosure
  2. Potential Violations of Corporate Governance Matters
  3. Possible violation of minimum public shareholding (MPS) norms
  4. Allegations of possible stock price manipulation
  5. Potential Violation of FPI Regulations
  6. Possible breach of ODI norms
  7. Potential Violation of Insider Trading Regulations/FUTP Regulations
  8. Possible violation of short selling rules
  9. In addition, statements of key managerial personnel may be required prior to the conclusion of the investigation.

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Adani Group continuously denied the allegations

The Supreme Court has ordered SEBI to “expeditiously conclude” its investigation within two months and file a status report by May 2. The expert panel was directed to submit its report in a sealed cover to the court within two months. The expert committee was set up by the court on March 2 amid a controversy arising out of a report by US-based Hindenburg Research, which accused the Adani Group of using a network of companies in tax havens to inflate revenue and stock prices. But Adani Group has consistently denied these allegations.

SEBI was directed by the Supreme Court to investigate whether Section 19 of the SEBI regulations were violated and there was any manipulation of stock prices by the Adani Group.

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