The Securities and Exchange Board of India (SEBI) on Monday sought extension of 15 days to complete investigation into the allegations made by US-based short-seller firm Hindenburg Research against the Adani group of companies.
The Counsel appearing for the markets regulator apprised the Apex Court by way of an affidavit that it has made substantial progress in the case.
He said out of the seven cases, in one matter, an interim report has been prepared on the basis of material, adding that it has sought information from agencies and regulators in foreign jurisdictions.
After the receipt of such information, the Board would evaluate the same to determine further course of action, if any, in the matter.
He said the findings have been crystalised and the reports were waiting approval of the competent authorities in four matters.
As per the lawyer, investigation was at an advanced stage in one of the remaining two matters, while an interim report was under preparation in the seventh matter.
Earlier on May 17, the Apex Court had directed the market regulator to finish its probe by August 14 into the allegations levelled by Hindenburg Research against the Adani group companies over stock price manipulations.
The bench had passed the extension order on May 17 in an application filed by the SEBI seeking a further time of 6 months to complete the probe. The two months’ time originally allowed by the apex court as per its March 2 order ended on May 2.
The market regulator had asked for six months extension by way of a rejoinder affidavit, apprising the Supreme Court that the transactions were complex in the case and required more time to examine.
SEBI had earlier denied the allegation made by the petitioner that it had been investigating the Adani group of companies since 2016.
The petitioner had claimed that the investigation actually pertained to the issuance of Global Depository Receipts by 51 Indian listed companies, which did not include any listed company of Adani Group.
As per SEBI, it had already approached 11 overseas regulators under the Multilateral Memorandum of Understanding (MMOU) with the International Organisation of Securities Commissions (IOSCO) with respect to its investigation into the Minimum Public Shareholding (MPS) norms.