Adani Hindenburg Row: Fresh Report Submitted By SEBI To Be Considered On September 15 By SC

The Supreme Court is all set to hear the plea in connection with the Adani-Hindenburg matter on September 15 filed by the Securities Exchange Board of India (SEBI).

A bench headed by Chief Just of India (CJI) D.Y. Chandrachud is likely to take up the plea in Adani Hindenburg report.

Reportedly, 24 matters in compliance with the orders had been examined on August 25 based on which SEBI would take appropriate action in the case.

Executive Director SEBI, V.S. Sundaresan said 22 reports and 1 interim report are approved by the Competent Authority in accordance with SEBI's extant practice and procedures.

Earlier on August 14, the SEBI requested for an extension of 15 days to close the investigation process. According to the market regulator 17 out of the said 24 investigations are final and complete and approved by the Competent Authority in accordance with SEBI's extant practice and procedures.

The SEBI had earlier shared its views before the SC on various recommendations made by the Court-appointed Expert Committee in connection with the Adani-Hindenburg case. The SEBI had even opposed to prescribing timelines for initiation of investigation and proceedings as that would have compromised the quality of investigation".

The SC directed the SEBI to look into the matter after US-based short-seller Hindenburg imposed allegations on Gautam Adani. The SC further asked SEBI to submit its findings to a six-member panel formed in March.

The controversial Hindenburg Research's report, claimed that the Adani Group of companies has gambled its share prices; could not show transactions with related parties and violated other provisions of securities laws. The report led Gautam Adani to shed out around $ 100 billion from his empire and bring him down on the global rich list.