The Supreme Court (SC) on Wednesday granted the Securities and Exchange Board of India (Sebi) time till August 14 to submit its report on the Adani-Hindenburg case. Chief Justice of India (CJI) D Y Chandrachud said that the expert committee has submitted a report bearing in mind the timeline of two months as fixed in the earlier order of the court.
While granting the extension, he said that the proceedings shall be listed after the summer recess. According to a tweet by Bar & Bench, he said that the bench could have extended the deadline to September 30 but "on August 14 tell us which stage you are in...give us an updated report on the status of the investigation".
On March 2, the SC had asked Sebi to probe the crash of Adani group stocks following the Hindenburg report. It also asked the regulatory body to suggest ways to strengthen the regulatory framework to protect the interest of the investors.
The apex court also set up a six-member expert committee to determine if there was any regulatory failure to deal with the issue. The committee was asked to submit the report in a sealed cover in two months. The chairperson of Sebi, Madhabi Puri Buch, was also ordered to provide all the relevant information to the committee.
In April, Sebi moved the SC and sought a six-month extension to complete its probe.
It said that to arrive at verified findings, "it would be just, expedient and in the interest of justice" that the SC extends the time, at least by six months, to conduct and conclude a proper investigation.
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Last week, the apex court said that it may grant a three-month extension to probe into the allegations of stock price manipulation by the Adani Group and lapses in regulations. The Sebi had asked the court for a six-month extension.
"We granted you two months and now 3 months...already 5 months...we cannot grant you an indefinite extension," Chandrachud said on Wednesday.