SC directs SEBI to finish probe of pending cases in Adani-Hindenburg row in 3 months
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New Delhi: In two ongoing cases concerning accusations against the Adani group, the Supreme Court on Wednesday ordered the SEBI to wrap up its investigation within three months.
Chief Justice D Y Chandrachud led a bench that noted that 22 out of 24 cases involving claims against the Adani group have been finished by SEBI, but it held that it could not control the agency's power of investigation.
The apex court also said that the facts of the case do not warrant the transfer of the probe into the matter to a Special Investigation Team (SIT) or other probe agency.
The top court delivered its verdict on a batch of petitions on the Adani-Hindenburg row over allegations of stock price manipulation by the Indian corporate giant.
While pronouncing the verdict, the CJI said the power of the top court to enter the regulatory domain of the Securities and Exchange Board of India (SEBI) was limited.
The judgment on the PILs, filed by lawyers Vishal Tiwari, M L Sharma, Congress leader Jaya Thakur, and Anamika Jaiswal, was reserved on November 24 last year.
The Adani Group stocks got bludgeoned on the bourses after Hindenburg Research made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against the business conglomerate.
The Adani Group dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
With PTI inputs