The highest court in the land announced the possibility of granting a three-month extension to the investigation into charges that the Adani Group manipulated stock prices and violated various regulations just the week before. The Sebi had requested that the court grant them an additional six months of time.
The claims that the Adani group manipulated stock prices were brought before the Supreme Court of India on Wednesday (May 17), and the court gave the Securities and Exchange Board of India (SEBI) until August 14 to finish its investigation into the allegations.
A judge’s bench led by Chief Justice DY Chandrachud issued a directive to the Securities and Exchange Board of India (SEBI) to provide an updated progress report on the probe.
The bench, which also included Justices PS Narasimha and JB Pardiwala, directed that the report of the Justice AM Sapre committee, which was presented to it, be made accessible to the parties so that they can assist the court in the matter. This was done so that the parties would be able to provide assistance to the court.
The highest court in India issued an order on March 2 mandating the establishment of a committee of six members to investigate claims of stock manipulation levelled against Adani Group by US short-seller Hindenburg. The issue will be revisited by the Supreme Court on July 11, according to the court’s schedule.
The highest court in the land announced the possibility of granting a three-month extension to the investigation into charges that the Adani Group manipulated stock prices and violated various regulations just the week before. The Sebi had requested that the court grant them an additional six months of time.
“We granted you two months, and now 3 months…already 5 months…we cannot grant you an indefinite extension,” Chandrachud stated.