Key Points
The Securities and Exchange Board of India (SEBI) told the Supreme Court on May 15 that any incorrect or premature conclusion of its investigation into the Adani group's possible lapses of regulatory disclosures will be legally untenable and not serve justice...
However, the Supreme Court said on Friday it was inclined to give a three-month extension...
The probe comes after U.S.-based short-seller Hindenburg Research had, in January, raised several governance concerns around billionaire Gautam Adani's group, and alleged improper use of tax havens and stock manipulation by the ports-to-energy conglomerate..
The SEBI, in a court filing on Monday, said the group's transactions highlighted by Hindenburg for violating Indian laws are highly complex and have many sub-transactions across numerous jurisdictions...
The regulator said it has already approached 11 overseas regulators for information to examine if the Adani group had violated any norms regarding its publicly available shares...
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