Adani-Hindenburg row: Supreme Court to hear SEBI petition tomorrow

New Delhi, May 10

More than two months after it directed markets regulator SEBI to probe into the allegations of stock price manipulation by the Adani Group and any possible lapses in regulatory disclosures, the Supreme Court will on May 12 take up the SEBI’s plea seeking a six-month extension to complete the probe.

According to the list of cases for Friday uploaded by the top court, the matter would come up for hearing before a Bench of CJI DY Chandrachud and Justices PS Narasimha and JB Pardiwala.

In its March 2 order, the Bench had asked the SEBI to expeditiously conclude the investigation within two months and file a status report.

However, in an application filed before the expiry of the two-month period, SEBI had last month submitted that for ascertaining possible violations related to “misrepresentation of financials, circumvention of regulations and/or fraudulent nature of transactions”, it would take six more months to complete the exercise.

SEBI had urged the top court to extend the time to conclude the probe by six months or as “it may deem fit and necessary in the facts and circumstances of the present case.”