THE SECURITIES AND Exchange Board of India (Sebi) on Monday justified its request for a six-month extension to its probe into the Adani Group before the Supreme Court. The markets regulator said that any incorrect or premature conclusion of the case would not serve the ends of justice.
The regulator also said that it had not probed any Adani Group companies since 2016 as alleged by some of the petitioners wanting a probe into the claims made by Hindenburg Research against the Adani Group. The 2016 investigation was related to the issuance of global depository receipts by 51 Indian listed companies, and did not include any listed Adani Group company, Sebi said.
The SC has deferred hearing the plea.
However, hours after Sebi's statement, the finance ministry said that it stands by its reply in the Lok Sabha on July 19, 2021 that said that the Sebi and Department of Revenue Intelligence were investigating Adani Group companies since 2016. In a tweet today (Monday), the ministry said: "The government stands by its reply in Lok Sabha on July 19, 2021 to Q. No. 72, which was based on due diligence and inputs from all concerned agencies."
This story is from the May 16, 2023 edition of Financial Express Mumbai.
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This story is from the May 16, 2023 edition of Financial Express Mumbai.
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