By Shruti Mahajan
India’s capital markets regulator urged the country’s top court to give it six more months to complete a probe into short-seller Hindenburg Research’s allegations against billionaire Gautam Adani’s conglomerate.
The Securities and Exchange Board, which was set to file a status report May 2, told the Supreme Court in a legal filing Saturday that it has collected information and documents from a number of entities, including seven publicly listed Adani companies and subsidiaries.
The material will require verification, and the investigation will involve depositions from the relevant people, according to the filing, which was reviewed by Bloomberg News. The process of obtaining the companies’ bank statements, domestic as well as offshore, also needs more time.
Adani said it welcomes the investigation and is fully cooperating with SEBI.
“We are fully compliant with all laws, rules and regulations and are confident that truth will prevail,” a company spokesperson said in a statement.
The regulator is looking into allegations made on Jan. 25 as well as market activity before and after that date, Adani said. SEBI cites the short-seller’s report, which is still under investigation, and makes no conclusions of wrongdoing, it added.
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New York-based Hindenburg in January accused Adani Group of using a web of companies in tax havens to inflate revenue and stock prices, even as debt piled up. The conglomerate has repeatedly denied the allegations.