Adani Case | Not Probing Adani Group Since 2016 As Claimed, SEBI Tells SC

File Pic New Delhi: The Securities and Exchange Board of India (SEBI) on Monday told the Supreme Court that it was not probing the Adani Group since 2016 and termed such claims as “factually baseless”. Gave. Seeking six months to complete the probe, the market regulator, in its earlier affidavit, had mentioned about issuance of ‘Global Depository Receipts’ (GDRs) by 51 Indian firms, stating that none of the listed Adani group companies was among them. Wasn’t SEBI is probing allegations of manipulation of share prices by a group led by Gautam Adani. On May 12, advocate Prashant Bhushan, opposing the plea for extension of time, had said that SEBI is conducting an investigation in the matter since 2016. Chief Justice D.Y. A bench headed by Chandrachud is hearing public interest litigations and a petition by SEBI. The court adjourned till Tuesday the hearing on SEBI’s plea on the issue of extension of time. The hearing on the market regulator’s petition and PILs on Monday could not be held today due to paucity of time and pre-scheduled hearing of some matters before a special bench at 3 pm. The regulator’s latest affidavit said the application filed by SEBI for extension of time is meant to ensure justice “keeping in mind the interest of the investors and securities market” as any wrongdoing or timing of the case without complete factual material The findings before it would not serve the ends of justice and would therefore be legally unsustainable. It said that the ‘investigation’ mentioned in its earlier counter affidavit “has no relation to the issues relating to and/or arising out of the Hindenburg Report … “. The affidavit said, “The matter referred to in para 5 pertains to issuance of Global Depository Receipts by 51 Indian listed companies, in respect of which investigation was carried out. However, none of the listed Adani Group companies were part of the above 51 companies. Appropriate action was taken in the matter after the completion of the investigation.” It termed as “factually baseless” the allegation that Sebi is probing the Adani group since 2016. Sebi said, “Therefore, I submit that the demand for reliance on investigation relating to GDR is completely misplaced.”

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