New Delhi. The date was 24th January…the year was 2023…when the American company Hindenburg had made public a report regarding the Adani Group…after this report was made public, there was a stir from the economic to the political world…the opposition camp said that not only Adani , but also put the Modi government at the Center in the dock. There was a lot of uproar in the Parliament also regarding this issue. The opposition demanded an investigation from the central government. After this the matter reached the court. At the same time, a 6-member committee was formed to properly investigate this matter. Along with this, SEBI was also entrusted with the responsibility of investigation. At the same time, it has been more than eight months in the matter, but let us tell you that till now neither SEBI nor the committee has given any update regarding the investigation. Recently, an advocate named Vishal Tiwari had filed a petition in the Supreme Court and expressed his displeasure over the delay in the investigation, after which the court had directed various parties to conduct the investigation on time.
On the other hand, today (24 November) again a hearing was held in the Supreme Court regarding this matter. Where all the parties presented their arguments and meanwhile SEBI assured that they will soon complete the investigation and present their report before the court. The court expressed displeasure over the late submission of the report. Let us tell you that earlier the hearing of this case was to be held on October 20, but due to some reason it could not take place. After this, the date of hearing was extended to 30 October, but the hearing could not be held on this day also. It is noteworthy that earlier the Supreme Court had given time to SEBI to submit its report till August 14, but SEBI had not submitted its report even till this date. Let us know further what has happened in the SEBI investigation so far?
— CNBC-TV18 (@CNBCTV18News) November 24, 2023
What happened in SEBI’s investigation?
Let us tell you that while the Supreme Court had constituted a 6-member committee on March 2 to investigate the Hindenburg controversy, on the other hand, SEBI had also given two months time to complete its investigation, but it took eight months. Have been done, but the investigation has not been completed yet, after which it is natural to raise questions on the functioning of SEBI. However, today SEBI has assured the Supreme Court that if it is given 6 more months, it will complete the investigation and file a report. Let us tell you that in the earlier hearing held on August 14, SEBI had asked for 14 more days’ time, but even then the investigation could not be completed. Earlier on August 25 also, SEBI had filed a status report in the Supreme Court regarding this matter.
#CourtCorner , In the Adani-Hindenburg case, SEBI submits before SC that it is not seeking an extension of time. The market regulator says it has begun process to arrive at the decision post investigation#AdaniHindenburgCase pic.twitter.com/kqW09iLfRy
— CNBC-TV18 (@CNBCTV18Live) November 24, 2023
The committee had released the report on May 19
At the same time, SEBI may have failed to make its report public till now, but let us tell you that the committee constituted by the Supreme Court had made its report public on May 19, 2023 itself, in which it was told that SEBI had been negligent. Due to this reason the shares of Adani Group were manipulated. Along with this, the committee had also expressed apprehension in its report that SEBI suspects that the investors investing in Adani Group may also have links with foreign fund promoters. Let us tell you that till now 6 petitions have been filed in the court in this matter. However, now what will be the stand of the court in this whole matter in the coming days. Everyone’s eyes will be on this.