Key Points
New Delhi: The markets regulator has not investigated publicly traded Adani group companies since 2016 for suspected misuse of global depository receipts (GDRs) to route black money or any other violation, the Securities and Exchange Board of India (Sebi) told the Supreme Court on Monday. . Sebi reiterated its request for an additional six months to conclude its investigation into the Adani-Hindenburg incident to ensure ensure carriage of justice" while refuting the claim that certain Adani group companies have been under scrutiny for potential law breaches since 2016..
However, Sebis statement on Monday contradicts remarks made by junior finance minister Pankaj Chaudhary in July 2021, when he stated in parliament that Sebi was investigating certain Adani group companies for non-compliance with regulations..
Meanwhile, filing an additional affidavit on Monday, Sebi rejected the submissions made last week by advocate Prashant Bhushan on behalf of one of the public interest litigation (PIL) petitioners that no case for a six-month timeframe was made out when the regulator has already been looking into similar complaints against the conglomerate since 2016..
Sebi, during the proceedings on Friday, told the bench that it is yet to form a final opinion regarding the suspicious" nature of transactions and alleged breach of laws by the Adani group, as pointed out by a critical report by US short-seller Hindenburg Research in January that wiped out more than $140 billion in the market value of the conglomerate..
On that day, advocate Bhushan, appearing for PIL petitioner Anamika Jaiswal, opposed Sebis request, claiming that the regulator has been looking into similar complaints against the Adani group since 2016..
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