![Adani-Hindenburg Case: SC Grant 3 Months Extension to Probe Hindenburg Claims](http://media.assettype.com/english-sentinelassam%2Fimport%2Fh-upload%2F2023%2F05%2F12%2F456866-adani-hindenburg.webp?w=480&auto=format%2Ccompress&fit=max)
NEW DELHI: The Supreme Court of India granted the Securities and Exchange Board of India (SEBI) a three-month extension to investigate the Adani-Hindenburg issue, which involves stock-manipulation charges made by American short-seller Hindenburg in their inquiry report. However, SEBI requested a 6-month extension because the case was challenging.
The hearing will take place on August 15, 2023, according to the division bench. While hearing the Sebi petition, the division bench stated that extending the time by 6 months may be excessive.
“We will extend the time for the probe, but not for six months. We will extend the time for three months", the Supreme Court, bench led by Chief Justice of India Dr Dhananjaya Yeshwant Chadrachud and also comprising Justices PS Narsimha and JB Pardiwala told SEBI in Adani group-Hindenburg report hearing.
In contrast, despite the petitioner Vishal Tiwari's opposition, the Apex Court directed SEBI to investigate any violations of securities law by the Adani Group in the aftermath of the Hindenburg report, which resulted in a tremendous loss of more than USD140 billion of the Adani Group's market value.
According to the Hindenburg report, which was published on January 24th, the Adani Group was accused of stock manipulation fraud, which the Adani Group dismissed as a "malicious combination of selective misinformation and stale, baseless, and discredited allegations."
The Expert Committee is led by Justice Abhay Manohar Sapre, a former Supreme Court of India judge, and includes five additional members: retired judge Justice J P Devadhar, OP Bhatt, KV Kamath, Nandan Nilekani, and Somashekhar Sundaresan
“Applicant submits that replies and documents/information received from the companies would require reconfirmation and reconciliation, as well as independent verification.
“The detailed investigation process would also include depositions as may be required from various entities such as Key Managerial Personnel (KMPs), statutory auditors, and other relevant persons,” the plea said.
Also Watch: