Adani-Hindenburg Case: Top court gives SEBI till August 14 to finish the investigation

The Supreme Court has given capital markets regulator SEBI an extension till August 14th to complete its investigation into the Adani-Hindenburg issue.

This was in response to an application filed by SEBI seeking 6 months more time to complete the probe. The two months’ time originally allowed by the apex court as per its March 2nd order ended on May 2nd.

On Friday, the top court told SEBI that it was unable to grant the market regulator's request for a six-month extension to finish its investigation.

Additionally, the SC has ordered that the parties be given copies of the report that was filed by the Justice Sapre panel in the interim so they can participate in future discussions. The next hearing will take place in July.

On January 24th, the U.S based short seller, Hindenburg research released a report making scathing allegations of stock price manipulation and corporate governance malpractices by the Adani group. This report sent the conglomerate's stocks on a downward spiral. Adani group strongly denied the accusations in a 400 page reply.