Team Blitz India
NEW DELHI: The Supreme Court Friday had said it will consider granting three more months to the Securities and Exchange Board of India to wrap up its probe into allegations of stock price manipulation by the Adani group while rejecting suggestions that it had blamed SEBI for regulatory failure.
The apex court said on May 12 that it was to ascertain whether there was a regulatory failure that it had appointed an expert committee whose report it has received.
A bench headed by Chief Justice D Y Chandrachud fixed May 15 for hearing a batch of PILs on the Adani-Hindenburg row as also an application by SEBI seeking extension of time to complete the probe into alleged stock price manipulation by the Adani group.
The bench, also comprising Justices PS Narasimha and JB Pardiwala, however, decided not to give much leeway to SEBI, which sought six months to conclude the probe, saying it has to show some alacrity and complete it within three months.
Adani Group stocks had taken a beating on the bourses after Hindenburg Research made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against the business conglomerate, which has already dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
