New Delhi
In a fresh status report filed before the Supreme Court, the Securities Exchange Board of India (SEBI) said on Friday that it will take appropriate action based on the outcome of the investigations into the Adani-Hindenburg matter.
The market regulator said that as on August 25, it has examined 24 matters in compliance with the orders of the top court.
Out of the said 24 investigations, 22 are final in nature and two are interim in nature. As on date, the said 22 final investigation reports and one interim investigation report have been approved by the competent authority in accordance with SEBI’s extant practice and procedures, said the status report filed by SEBI Executive Director, V.S. Sundaresan. On August 14, the SEBI had sought an extension of 15 days to conclude the investigation process and file a status report in the matter.
Earlier, SEBI had filed its views before the Supreme Court on the various recommendations made by the court-appointed expert committee in connection with the Adani-Hindenburg case.
The apex court had on March 2 formed an expert committee headed by Justice A.M. Sapre, former judge of the Supreme Court, with an objective to review and strengthen the existing financial regulatory mechanisms. The controversial Hindenburg Research’s report, inter alia, alleged that the Adani Group of companies manipulated its share prices; failed to disclose transactions with related parties and other relevant information concerning related parties in contravention of the regulations framed by SEBI; and violated other provisions of securities laws.
The report about billionaire Gautam Adani had led to a stock rout, erasing over $100 billion from his empire and pushing him down on the global rich list.
