SC Grants SEBI 3 Months to Conclude Adani Probe, Rejects SIT Demand
Top Court Limits Interference in Regulatory Scope, CJI cites completion of 22 out of 24 investigations
On Wednesday, the Supreme Court gave the SEBI three months to wrap up its investigation into two ongoing cases involving accusations against the Adani group.
Chief Justice D Y Chandrachud led a bench that declared it could not control SEBI's investigative authority, pointing out that the agency had concluded its investigation in 22 of the 24 cases involving claims made against the Adani group.
The top court further declared that the case's facts did not support giving the investigation over to a Special Investigation Team (SIT) or other investigative body.
The top court rendered a decision on a number of petitions pertaining to the Adani-Hindenburg dispute, which involved claims that the Indian conglomerate had manipulated stock prices.
The CJI stated during the verdict announcement that the top court's authority to delve into the Securities and Exchange Board of India's (SEBI) regulatory sphere was restricted.
On November 24 of last year, a reserved judgment was reached regarding the PILs filed by attorneys Vishal Tiwari, M L Sharma, Congressman Jaya Thakur, and Anamika Jaiswal.
Following a slew of accusations against the business conglomerate by Hindenburg Research, including those regarding fraudulent transactions and share-price manipulation, the Adani Group stocks were bludgeoned on the exchanges.
The Adani Group said it complies with all legal requirements and disclosure requirements, dismissing the accusations as baseless.
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