Adani-Hindenburg row: SC asks SEBI on status of investigation

Gautam Adani

The Supreme Court on Tuesday asked the Securities and Exchange Board of India (SEBI) about the status of its ongoing investigation into the allegations of stock price manipulation by the Adani group and said the probe has to be concluded expeditiously by the extended time it has granted till August 14.
Solicitor General Tushar Mehta, appearing for the SEBI, told a bench headed by Chief Justice D Y Chandrachud that the apex court had granted time till August 14 for the investigation and that the work is going on with possible “legitimate speed”. Mehta told the bench, also comprising Justices P S Narasimha and Manoj Misra, that the SEBI had on Monday filed its “constructive response” on the suggestions made by the top court-appointed expert committee in its report filed in court. “We received the report of the expert committee. So far as the references made to SEBI are concerned, there is some guidance or some suggestions given. We filed our response yesterday. It is a very constructive response. Since it was filed a little late, it is not before your lordships,” he said.
The bench asked, “What is the status of the investigation by SEBI?” Mehta said the time for completing the probe was extended by the apex court, and the work is going on. “Your investigation has to be concluded because we extended time till August 14,” the bench said during the hearing.