Adani: Supreme Court in Sebi: present the state of Adani’s investigation within three months, not six

NEW DELHI: Supreme Court on Wednesday asked Sebi to file by Aug. 14 state of investigation into Hindenburg’s stock price manipulation allegations against Adani group companies, but refused to convert the legal proceedings into a roving inquiry, including inquiries into the alleged role of LIC, which had invested a substantial sum in Adani companies. It had taken Sebi six months to complete the investigation.
A bench by CJI D Y ChandrachudJustices PS Narasimha and JB Pardiwala said: “We are currently dealing with the fallout from the Hindenburg report. The purpose of this proceeding is not…to conduct a roving investigation. Hindenburg, that the SG said the Sebi will submit an affidavit.”

Catch 5

If SC wants, we can register all Adani probes: SG
The Supreme Court on Wednesday asked Sebi to file the state of the investigation into Hindenburg’s share price manipulation allegations against Adani group companies by Aug. 14.
When one of the PIL signatories said that the LIC had also invested large sums in Adani group companies and that the role of the public insurance company should be investigated, the CJI-led panel said, “Just because some PIL signatories ask, should we order a counter LIC? We asked Sebi, as the legal regulator, to evaluate us regarding the position of the investigation. Let us first try to understand the stage of the investigation after he presents us with a report.”

Lawyer Prashant Bhushan it reflected the demands made on social media by the congressional leader Jairam Ramesh links the 2016 Sebi investigation to the issue of global depositary receipts and says that the FPIs – Cresta Fund Ltd, Albula Fund Ltd and APMS Fund Ltd, whose accounts have been frozen – were mentioned by Hindenburg as investors in the companies of the Adani group.
“How did this get out of Sebi’s control,” he asked and demanded that Sebi be asked to file the details of all three investigations of SEBI – 2016 on the GDR issue; 2020 in violations of minimum public participation rules and the 2023 Hindenburg report – before the SC. There is a widespread perception that the Adani group has been protected from incurring infringement actions for the past seven to eight years, she said.

Catch 6

S G Tushar Mehta he said: “I want to clarify things. The 2016 investigation is completely different. But if the court wants, we can put into the record all the investigations that have been done against the Adani group.”
He said the social media discussion of MoS Finance’s statement in Parliament is under discussion in court. “The minister was referring to the Sebi investigation into MPS violations that began in October 2020,” the SG said and read a new affidavit, details of which were published in TOI on May 16.

Submit Adani-Hindenburg probe report by Aug. 14, SC tells SEBI


Submit Adani-Hindenburg probe report by Aug. 14, SC tells SEBI


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