The Supreme Court will hear on Friday the petitions filed regarding the Adani-Hindenburg dispute. The top court had on March 2 directed market regulator Sebi to conduct an inquiry within two months into the allegations of manipulation of Adani Group's share prices.
The top court had also set up a panel to protect Indian investors after a damning report by US short-seller Hindenburg wiped off over USD 140 billion of the Indian conglomerate's market value. A bench of CJI Justice DY Chandrachud, Justice PS Narasimha, and Justice JB Pardiwala will hear these petitions.
SEBI had asked for six months
Earlier, market regulator SEBI had sought six more months from the Supreme Court to complete the probe into allegations of stock price manipulation and any lapses in regulatory disclosures. The apex court had on March 2 asked Sebi to probe the matter within two months and set up a committee to look into the protection of Indian investors. In an application filed before the court, Sebi had said that it would take six more months to complete the exercise to detect possible violations related to financial misrepresentation, flouting of regulations, and fraudulent transactions.
It was also stated in the petition
The petition said that the time to complete the investigation be extended by six months or such other period as the court may deem fit and necessary in the facts and circumstances of the present case. The top court had directed the setting up of a six-member committee headed by former judge Justice AM Sapre to assess the existing regulatory framework and make recommendations to strengthen the process.
The Supreme Court said this on February 10
The Justice Sapre panel, appointed by the court, is to be assisted by the Center and other statutory agencies, including the SEBI chairman. The top court had on February 10 said that there was a need to protect the interest of Indian investors from market volatility in the backdrop of a fall in Adani Group shares. The court had asked the Center to consider setting up a panel of experts headed by a former judge to strengthen the regulatory mechanism.
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