SEBI adamant on extending the time of the ongoing investigation against Adani, giving another affidavit to the CJI, enumerated the reasons for this
SEBI said in its affidavit that Adani Group is very spread. He has to make contact with his country as well as in other countries to investigate. Correct investigation report is not only in the interest of the investors but it is also very important for SEBI.
SEBI (Securities and Exchange Board of India) probing against Adani Group has filed another affidavit in the court of CJI DY Chandrachud enumerating the reasons due to which the time of investigation needs to be extended by at least six more months. SEBI has been probing the group ever since the US firm Hindenburg report came out. The Supreme Court had given SEBI two months to investigate. When the term was completed on May 2, SEBI appealed to the CJI to give an extension of six months. But he gave additional time of three months.
SEBI said in its affidavit that Adani Group is very spread. He has to make contact with his country as well as in other countries to investigate. Correct investigation report is not only in the interest of the investors, but it is also very important for SEBI to complete the investigation and tell the whole truth to the Supreme Court. SEBI says that the time of three months will be less. Therefore, he should get an extension of at least six months.
Expert committee was formed on March 2 after the report of Hindenburg
A panel was constituted by the Supreme Court on 2 March 2023 after the Hindenburg report came out. He had entrusted the command of this panel to his ex-Justice MM Sapre. The team included former SEBI chairman OP Bhatt, retired Supreme Court Justice JP Deodhar, KV Kamat, Nandan Nilekeni along with Somasekaran Sudarshan. The team was given two months to investigate. The report is to be submitted in a sealed cover.
SEBI was also approved by CJI Chandrachud to conduct an independent investigation.
A bench headed by CJI DY Chandrachud had also said during that time that SEBI should also investigate independently along with the panel. SEBI was also given two months’ time. At the end of the term, there was a hearing again in the Supreme Court on May 2, when Solicitor General Tushar Mehta, appearing for SEBI, demanded an extension of six months. But the CJI rejected his demand outright. After listening to his persistent pleas, the CJI granted an extension of three months to the CJI. However, Mehta still kept applying in the Supreme Court to extend the time of investigation.
SEBI had asked for an extension of six months, CJI gave only three months
After listening to their persistent pleas, the CJI had fixed today as the day. The bench said that it would be able to say something on the issue of giving extension to SEBI only after seeing the report of the expert committee headed by Justice Sapre. SEBI in its affidavit rejected the point of advocate Prashant Bhushan of the other party which said that SEBI is investigating against Adani Group since 2016. SEBI says that this thing is completely wrong. It had not already started any investigation against the Adani Group. She is conducting her investigation only on the orders of the Supreme Court.