The Supreme Court is set to hear the Adani-Hindenburg case on May 12, where market regulator SEBI is probing allegations of stock price manipulation by the Adani Group and lapses in regulatory disclosure. The court had also set up a panel, headed by former apex court judge Justice A M Sapre, to provide protection to Indian investors after a damning report by US short seller Hindenburg wiped out more than $140 billion of the Indian conglomerate’s market value. Recently, SEBI moved the apex court seeking a six-month extension to complete its probe into possible violations related to misrepresentation of financials, circumvention of regulations, and/or fraudulent nature of transactions. The hearing is significant as the six-member committee has submitted its report to the top court in a sealed cover, according to media reports.
In early 2022, the Indian conglomerate Adani Group faced a major setback when a report by US short seller Hindenburg Research accused it of accounting irregularities, among other allegations. The report wiped out over $140 billion of the Adani Group’s market value, leading to investigations by the Securities and Exchange Board of India (SEBI).
Supreme Court’s intervention in the Adani-Hindenburg case
On March 2, 2023, the Supreme Court asked SEBI to probe the allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure within two months. The court also set up a panel headed by former apex court judge Justice A M Sapre to assess the existing regulatory framework and recommend ways to strengthen the process. The panel is to be provided assistance by the Centre and other statutory agencies, including the SEBI chairperson.
SEBI seeks extension to complete probe into Adani group’s alleged violations
Recently, SEBI moved the apex court seeking a six-month extension to complete its probe into possible violations related to “misrepresentation of financials, circumvention of regulations and/or fraudulent nature of transactions” by the Adani group.
Contention of PIL petitioner against SEBI’s plea
One of the PIL petitioners, advocate Vishal Tiwari, has opposed SEBI’s plea, saying the regulator has already had enough time to inspect, examine, collect, and seize relevant documents.
The significance of the hearing on May 12
The Supreme Court is scheduled to hear the Adani-Hindenburg case on May 12. The hearing gains significance in light of media reports that the Justice Sapre panel has submitted its report to the court in a sealed cover.
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