Sebi gets 3 mths more to complete Adani probe
SC asks market regulator to place on record an updated status report of the probe
image for illustrative purpose
New Delhi: The Supreme Court on Wednesday granted the Securities and Exchange Board of India (SEBI) time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group and asked the market regulator to place on record an updated status report of the probe. A bench headed by Chief Justice D Y Chandrachud also directed that copies of the report submitted before it by the apex court-appointed Justice (retd) A M Sapre expert committee be made available to the parties to enable them to assist it in further deliberations in the matter.
When Solicitor General Tushar Mehta, appearing for Sebi, requested the top court to consider extending the deadline till September end, the bench said, "We are not granting an indefinite extension of time. If there is some genuine difficulty, you let us know." The bench, also comprising Justices PS Narasimha and JB Pardiwala, was hearing the pleas filed on the Adani-Hindenburg row. It was also considering the Sebi's application seeking extension of time by six months to complete the probe into allegations of stock price manipulation by the Adani group.
"Sebi is granted an extension of time till August 14, 2023 to submit its report," the bench said, adding, "Sebi shall place on record an updated status report with regard to the course of investigation."
We are not granting an indefinite extension of time. If there is some genuine difficulty, you let us know
- Supreme Court
