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Sunday, February 25, 2024

Adani-Hindenburg scam: SEBI seeks 15-days extension from SC to complete probe

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The Securities and Exchange Board of India (SEBI) on Monday filed an application before the Supreme Court seeking a direction for 15 more days time to file its report in connection with the probe into Adani-Hindenburg issue.

The Apex Court had earlier in its order directed the SEBI, to file its probe report with respect to Adani versus Hindenburg scam case by today, August 14.

The market regulator SEBI, in an application filed before the Top Court, said that the substantial work has been done and report will be filed after 15 days.

The Apex Court is scheduled to hear the matter on August 29, Tuesday.

“Pass an order extending the time granted to the Applicant/SEBI to conclude the investigation and submit the status report as directed by this Court,” the SEBI said in its application.

The SEBI, in compliance with the SC order has examined/ investigated 24 matters. Out of the said 24 investigations/ examinations, 17 are final and complete and approved by the Competent Authority in accordance with SEBI’s extant practice and proceeiures, the SEBI said.

It further submitted that in the matter, it has completed the investigation based on the material received by it. The interim report has been prepared and approved by the Competent Authority in accordance with SEBI’s extant practice and procedures, the SEBI said.

The SEBI had sought information from agencies regulators in foreign jurisdictions, etc. and upon receipt of such information, will evaluate the same to determine further course of action, if any, in the said matter, the SEBI said.

“Out of the remaining 6 matters, in 4 investigations/ examinations, findings have been crystalized and the reports preparecl consequent thereto are in the process of approval by the Competent Authority. SEBI expects to complete the approval process in respect of the 4 matters shortiy and in any event before the next date of hearing, i.e. August 29, 2023,” the SEBI said.

It also said that in the remaining 2 matters, investigation is at an advanced stage in 1 matter and in the other 1 matter, interim report is under preparation based on information gathered by SEBI so far.

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