SEBI has referred to complexities of transaction mentioned in the Hindenburg report to justify its plea for extension of time to conclude the probe.
The hearing on the market regulator’s plea and PILs could not take place on Monday due to paucity of time and scheduling conflicts.
A bench comprising Chief Justice D Y Chandrachud and justices P S Narasimha and J B Pardiwala on May 12 had said it would consider granting three more months to SEBI for concluding its probe into the allegations of stock price manipulation and lapses in regulatory disclosure.
The regulator has also filed a rejoinder affidavit giving additional reasons for seeking more time to probe the issue.
‘The application for extension of time filed by SEBI is meant to ensure carriage of justice keeping in mind the interest of investors and the securities market since any incorrect or premature conclusion of the case arrived at without full facts material on record would not serve the ends of justice and hence would be legally untenable,’ it said.
‘In respect of the investigation/examination relating to 12 transactions referred to in the Hindenburg Report, prima facie it is noted that these transactions are highly complex and have many sub-transactions across numerous jurisdictions and a rigorous investigation of these transactions would require collation of data/information from various sources including bank statements from multiple domestic as well as international banks, financial statements of onshore and offshore entities involved in the transactions and contracts and agreements, if any, entered between the entities along with other supporting documents,’ it added.
‘Thereafter, analysis would have to be conducted on the documents received from various sources before conclusive findings can be arrived at,’ it concluded.
The apex court had on March 2 asked SEBI to probe the allegations against the Adani group and also set up a panel to look at providing protection to Indian investors within two months .
The Hindenburg report’s allegations had wiped out more than USD 140 billion of the Indian conglomerate’s market value, in its wake, as Adani Group stocks took a beating on the bourses.
The Adani Group dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
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