Adani-Hindenburg row: Supreme Court to hear SEBI's extension plea on July 10

Adani-Hindenburg row: Supreme Court to hear SEBI's extension plea on July 10

A Bench headed by Chief Justice of India Dr Dhananjaya Yeshwant Chadrachud could not take up SEBI's plea on Monday due to lack of time to examine its additional affidavit.

FPJ BureauUpdated: Tuesday, May 16, 2023, 01:02 PM IST
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NEW DELHI: The Supreme Court has adjourned to July 10 after its summer vaccation the hearing on SEBI's yet another plea for 6-month extension in the probe of US short-seller Hindenburg Research's allegations against the Adani group for adequate time to ensure justice.

A Bench headed by Chief Justice of India Dr Dhananjaya Yeshwant Chadrachud could not take up SEBI's plea on Monday due to lack of time to examine its additional affidavit. The court had given it two months for the probe on March 2 and it orally said the extension could be of three months and not more.

SEBI insists on thorough probe

The Securities and Exchange board of India (SEBI) on Monday warned the Supreme Court that any incorrect or premature conclusion of its probe into possible lapses of the regulatory disclosures by billionaire Gautam Adani's group will not serve the interest of justice and it will be legally untenable if asked to shorten the probe.

SEBI also denied the petitioners' claim that it was already probing the Adani Group of companies since 2016 and so it should not be allowed six months more to probe the report by the US short-seller Hindenburg Research.

It told the court that it sought six months of extension meant "to ensure carriage of justice keeping in mind the interests of investors and the securities market since any incorrect or premature conclusion arrived at without full facts material on record would not serve the ends of justice and hence would be legally untenable.

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