SC to SEBI: Finish Adani probe by August 14

Supreme Court


Rama Krishna Sangem 

The Supreme Court granted on May 17, Wednesday three monthsextension till August 14 to the Securities and Exchange Board of India (SEBI) to complete its probe into allegations made by US short seller Hindenburg Research against the Adani Group. This is against the regulator’s request for six months time.

The apex court had asked for a report by May 2 and the market regulator later sought a six-month extension.

A bench comprising Chief Justice of India D Y Chandrachud, Justice P S Narasimha and Justice JB Pardiwala said it cannot grant “indefinite extension”. “We granted two months and now extended it till August which makes it five months. If you have any genuine issue, tell us then,” Chandrachud told Solicitor General Tushar Mehta.


Expert committee submitted its report

The bench asked an expert committee to continue assisting the court and directed that it share a status report with parties in the case and their counsels. The bench directed SEBI to submit a status report regarding the probe it has carried out so far.

The court noted that the expert committee has submitted its report within the two months timeline. The proceedings shall be listed after recess on July 11, it said.

SEBI told the Supreme Court on Monday that allegations that it has been investigating the Adani Group since 2016 are “factually baseless”. During arguments on Wednesday, Mehta said that the 2016 issue is something “totally different, distinct and separate”.

SEBI on Monday had cautioned that “any incorrect or premature conclusion of the case arrived at without full facts material on record would not serve the ends of justice and hence would be legally untenable.”

SEBI is a government appointed to regulate the stock exchanges and securities in India. It came into being through an act in 1988 and started working since 1992. With around 800 staff and technical and financial experts, SEBI has branches all over the country. Now it is to take the help of foreign agencies to probe Hindenburg charges against Adani.

Rama Krishna Sangem

Ramakrishna chief editor of excel India online magazine and website

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Kharge for Sidda, but DKS for Kharge

Wed May 17 , 2023
Rama Krishna Sangem Karnataka politics have turned curious as Congress is unable to chose a CM candidate even four days of assembly election results are […]

You May Like

Chief Editor

Rama Krishna Sangem

Excel India national news magazine is a media startup founded and piloted by Rama Krishna Sangem, a Hyderabad based senior journalist with over three decade experience in the field of media, mostly in print journalism. His rich experience in reporting for both Telugu and English newspapers and heading a TV news channel and some online outfits will be of immense use to this venture. Excel India English news magazine seeks to fill the gap of analytical understanding to our readers who today are confronted with myriad media platforms. Our online version not only offers regular updates and commentary on happenings around us, but also gives larger stories not limited by space constraints of a print magazine. Excel India is ably run by a team of senior journalists committed to values and quality standards in the profession. We urge you all to support and guide us in this endeavour. Reach us at