Adani-Hindenburg row: SC to hear matter on May 12, may consider SEBI plea for more time

The Supreme Court will hear on May 12 the pleas on the Adani-Hindenburg row and is likely to consider market regulator SEBI’s application seeking a six-month extension to complete its probe into the allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure.

The apex court had on March 2 asked the Securities and Exchange Board of India (SEBI) to probe within two months these allegations and had also set up a panel to look at providing protection to Indian investors after a damning report by US short seller Hindenburg wiped out more than $140 billion of the Indian conglomerate’s market value.

As per the cause list uploaded on the apex court website, a bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala is scheduled to hear the pleas.

The hearing assumes significance in the wake of media reports that the six-member committee, headed by former apex court judge Justice A M Sapre, constituted for assessing the existing regulatory framework and making recommendations to strengthen the process, has submitted its report to the top court in a sealed cover.

Recently, the Securities and Exchange Board of India moved the apex court seeking a six-month extension to complete its probe into allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure.

In an application moved before the court, SEBI has submitted it needs six more months for ascertaining possible violations related to “misrepresentation of financials, circumvention of regulations and/or fraudulent nature of transactions”.