 "Adani-Hindenburg row: SC to hear Sebi's plea seeking extension on May 12")
A special bench of the Supreme Court on Friday at 3 pm will hear market regulator Securities and Exchange Board of India's (Sebi) plea seeking a 6-month extension to complete its probe in the Adani- Hindenburg matter.
Recently, Sebi moved an application in the court and sought six more months to ascertain possible violations related to misrepresentation of financials, circumvention of regulations and/or fraudulent nature of transactions.
The decision to hear the plea comes at a time when one of the petitioners in the Public Interest Litigation (PIL) moved the apex court opposing the market regulator's plea seeking a six-month extension to complete the probe into allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure, saying that Sebi has already got sufficient time to inspect, examine, collect and seize relevant documents.
Earlier on March 2, the apex court had directed Sebi to probe the matter within two months and also set up a panel to look into the protection of Indian investors Hindenburg report cleared off more than $140 billion of Adani Group's market value.
The apex court directed the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework and for making recommendations to strengthen the process.
The court said it was appropriate to constitute such a panel of experts in order to protect Indian investors against the volatility.
Adani Group's stocks had taken a terrible hit on the bourses after Hindenburg Research made a litany of allegations, including those of fraudulent transactions and share-price manipulation, against the business conglomerate. The group dismissed the charges as lies and asserted it complies with all laws and disclosure requirements.
(With inputs from agencies)