Hindenburg row: SEBI's plea for more probe time opposed

Tribune News Service

New Delhi, May 3

Days after Securities and Exchange Board of India (SEBI) sought six more months to probe into the allegations of stock price manipulation by the Adani Group, one of the PIL petitioners has moved the Supreme Court opposing the market regulator’s plea saying it has already got sufficient time to inspect, examine, collect and seize relevant documents.

In his plea, petitioner advocate Vishal Tiwari opposed the SEBI’s plea, contending it would cause inordinate delay.

“The application filed by the respondent (SEBI) may prolong the matter and cause inordinate delay. The...delay may allow the various corporate entities which are under the umbrella of investigation to manipulate the important data and figures and may cause tampering of evidence present in different shapes and modes,” Tiwari said in his response to the SEBI’s plea.

Even before the court ordered a probe, SEBI had stated it had already begun the investigation and was enquiring into the situation emerging after the Hindenburg report, Tiwari pointed out.

“When SEBI was already in action prior to the order passed by this court of investigation, then it should have got the records and data which are required in the present investigation of several corporate entities and of Adani group,” Tiwari said, adding SEBI has not stated whom it appointed to investigate the matter.

Almost two months after the top court directed SEBI to probe into the allegations of stock price manipulation by the Adani Group and any possible lapses in regulatory disclosures, the Indian market regulator sought a six-month extension to complete the probe.

Adani Group’s stocks had taken a terrible hit on the bourses after Hindenburg Research made a litany of allegations, including those of fraudulent transactions and share-price manipulation, against the business conglomerate.

Auditor of Adani firms quits

• An Ahmedabad-based chartered accountancy firm auditing Adani Group firms has resigned due to “pre-occupation in other assignments”
• The appointment of M/s Shah Dhandharia & Co. was questioned by Hindenburg Research in its January 24 report

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#gautam adani #Hindenburg Report #supreme court