New Delhi, May 15 (). Markets regulator SEBI has told the Supreme Court that the allegation that it is probing the Adani Group since 2016 is factually baseless. SEBI also cautioned that any wrong or premature conclusion of the case without complete material material on record would serve the ends of justice and would be legally untenable.
The allegation that the Securities and Exchange Board of India is probing Adani since 2016 is factually baseless, the Securities and Exchange Board of India (SEBI) said in an affidavit submitted in the apex court.
It further said, the application for extension of time by SEBI is meant to ensure justice keeping in mind the interest of the investors and the securities market, as without complete facts on record any wrong or premature conclusion of the matter would be taken. would not serve the ends of justice, and would therefore be legally unsustainable.
SEBI said, in the context of examining the minimum public shareholding (MPS) norms, SEBI has already approached eleven foreign regulators under Multilateral Memorandum of Understanding (MMOU) with the International Organization of Securities Commissions (IOSCO).
On May 12, the Supreme Court indicated that it may grant SEBI three more months to complete its probe into the controversy surrounding the Hindenburg Research report on Adani group companies.
Chief Justice of India (CJI) D.Y. Chandrachud and Justice P.S. Narasimha and JB Pardiwala said that SEBI cannot take indefinitely long period to complete its investigation and we are not going to give them six months, we give them three months.
On 29 April, SEBI moved the Supreme Court seeking a six-month extension to complete the probe into the Hindenburg allegations of stock manipulation by the Adani group.
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