Ever since the Adani-Hindenburg saga was triggered off by serious allegations of corporate fraud, markets have been paying attention to every update about the firm. It has entered another phase, as legal proceedings in the matter are moving forward, and the Supreme Court has given the Securities and Exchange Board of India till August 15 to submit a report.
While SEBI told the court that claims about ongoing probes against Adani are baseless, the hearing has been deferred.
Needs more time
SEBI has also filed an additional affidavit listing reasons for a six-month extension, after the court said that it can only get three more months to submit a report.
SEBI also told the court that it hasn't been investigating the Adani Group since 2016, as opposed to allegations.
The regulator wants to make sure that the conclusion of its investigation isn't premature or inaccurate, as that would affect investors.
Reported transactions too complicated
It also pointed out that the transactions mentioned by Hindenburg Research in its report against Adani are too complex, and will have to be analysed thoroughly.
Apart from probing the crash of Adani's stocks, which wiped out $140 billion of its value, SEBI has also been told to suggest ways for strengthening the regulatory framework for protecting investors.
The hearing was deferred because of the paucity of time, as some matters were scheduled for a hearing at 3:00 PM.
