Key Points
The probe pertained to the issuance of Global Depository Receipts (GDRs) by 51 Indian firms and no listed company of the Adani Group was among them, it said...
The fresh rejoinder affidavit was filed by the market regulator before a bench headed by Chief Justice D Y Chandrachud which adjourned to Tuesday the hearing on PILs and a separate plea of the SEBI seeking extension of six months to complete a probe into allegations of stock price manipulation by the Adani Group...
The fresh affidavit said that the application for extension of time filed by SEBI is meant to ensure "carriage of justice keeping in mind the interest of investors and the securities market" since any incorrect or premature conclusion of the case arrived at without full facts material on record would not serve the ends of justice and hence would be legally untenable...
The apex court had on March 2 asked SEBI to probe within two months the allegations against the Adani group and also set up a panel to look at providing protection to Indian investors after a damning report by US short-seller Hindenburg wiped out more than USD 140 billion of the Indian conglomerate's market value...
The panel was asked to suggest measures to "(i) strengthen the statutory and/or regulatory framework; and (ii) secure compliance with the existing framework for the protection of investors", the court said.. Till now, four PILs have been filed in the top court on the issue, including by lawyers M L Sharma and Vishal Tiwari and Congress leader Jaya Thakur...
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