Adani-Hindenburg investigation report is to be submitted by the end of August after the conclusion of hearings on Constitution Bench matters.
On 14th August, market regulator SEBI filed a fresh application in the Supreme Court saying that the substantial work has already been finished and the preparation of the report was at an advanced stage.
In the fresh filed application SEBI stated, “Out of the 24 investigations/examinations 17 are final and completed and approved by the Competent Authority in accordance with SEBI’s extant practice and procedures.” And requested for 15 more days “or such other period as the court may deem fit and necessary in the fact and circumstances of the present case” for final submission of Adani- Hindenburg investigation report into the market manipulation against Adani Group levelled in the Hindenburg report.
On 11th July, the time period for the investigation had already extended till 14th August by a three-judges Bench led by Chief Justice DY Chandrachud, when Solicitor General Tushar Mehta sought some more time assuring that the probe was into the allegation of stock price manipulation by the Adani group.
Now, the expected date for the Supreme Court to take up the matter is by the end of this month after the conclusion of hearings on the Constitution Bench matters.
While, the Expert Committee appointed by the Supreme Court submitted its report in May, saying that there was no evidence of stock price manipulation in Adani Group Companies. Although, a skyrocketing had been observed in the proceedings initiated by SEBI to 7,195 cases as compared with 562 cases in 2020-21 and 249 cases in 2019- 20.
The SEBI responding to it, on the other hand, told the Supreme Court that there is no “sky-rocketing” of securities violations as mentioned by the court-appointed Expert Committee.
“In this respect, it is submitted that the increase of Adjudication proceedings initiated in 2021-22 i.e. 7195 was an outlier due to the large number of adjudication proceedings in Illiquid Stock Options (ISO) matters initiated that year. If ISO matters, being the anomaly, are netted out for FY 2021-22, the total number of proceedings initiated in FY 2021-22 would only be 416,” SEBI had submitted.
