Hindenburg report row: We are fully cooperating with Sebi: Adani Group

Mumbai: The capital markets regulator Sebi has urged an additional six months to finish looking into any violations of securities laws or inadequate regulatory disclosures raised by short-seller Hindenburg Research on the part of billionaire Gautam Adani's company Adani Group.

Supreme Court on March 2 set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group of companies. The committee will consist of six members, headed by former apex court judge Justice AM Sapre. The top court had then asked Sebi to file a status report within two months, which comes to an end on May 02. Adani Group has reacted on Sebi's request to Supreme Court for extending probe deadline for six months.

Talking to Biz Buzz, a spokesperson of Adani Group said, "The Sebi is conducting an investigation into allegations made by a foreign short-seller on 25 January 2023 and also into market activity before and after that date. We understand that the Sebi has approached the Supreme Court for more time to conclude its investigation."

“We have welcomed the investigation, which represents a fair opportunity for everyone to be heard and for all issues to be addressed. We are fully compliant with all laws, rules and regulations and are confident that truth will prevail. We are fully cooperating with the Sebi and will continue to provide all our support and cooperation,” the spokesperson said.

“It is pertinent to note that in the Sebi application filed before the Supreme Court, there are no conclusions of any alleged wrong-doing. The Sebi application only cites the allegations made in the short-sellers report, which are still under investigation. While we continue to remain focused on our business and growth, we would request the media to avoid needless speculation at this time and wait for Sebi and the Expert Committee appointed by the Supreme Court to complete their work and submit their findings.”