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HomeCURRENT AFFAIRSBUSINESSSEBI rebuts Adani group investigation claims as 'factually baseless'

SEBI rebuts Adani group investigation claims as ‘factually baseless’

Adani Hindenburg Row:  The market regulator SEBI today informed the Supreme Court that the claims surrounding its 2016 investigation of the Adani Group were “factually baseless.” In the case, it also forbade drawing “premature and incorrect conclusions.” In an affidavit, SEBI, the Securities and Exchange Board of India, claimed that it had looked into the issuance of Global Depository Receipts by 51 firms, but that none of the Adani Group’s listed companies was one of them.

SEBI denies claims of investigating Adani Group since 2016 in response to petition

SEBI was replying to a petition that claimed the regulator had been looking into the Adani group since 2016 and had resisted extending its investigation by another six months. “The ‘investigation’ referred to in paragraph 5 of the reply affidavit has no relation and/or connection to the issues referred to and/or arising out of the Hindenburg Report,” SEBI said the Supreme Court. The issue in question relates to the inquiry that was done on the issuance of GDRs by 51 Indian listed businesses. However, none of the aforementioned 51 entities included any listed Adani Group companies, according to SEBI. “Adequate enforcement actions were taken in this matter in accordance with the conclusion of the inquiry. As a result, the claim that SEBI has been looking into Adani since 2016 is unfounded.

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Supreme Court Allows SEBI Three-Month Extension to Investigate Adani Group Irregularities

On March 2, the Supreme Court ordered SEBI to look into any irregularities that occurred before and after the Hindenburg report on the Adani Group within two months. In response to petitions, the Supreme Court also constituted a group of subject-matter specialists to review India’s regulatory framework for investor protection. Earlier this week, the panel gave the registrar of the Supreme Court a copy of its report. Three days before SEBI’s deadline, on April 29, the regulator requested an additional six months. The issue includes cross-border countries, according to SEBI’s attorney, and will require time to process. The Supreme Court hinted on Friday that it would accept a three-month extension.

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