No conclusion of wrongdoing in SEBI application to SC: Adani Group

Capital markets regulator SEBI has not concluded any wrongdoing in its application to the country’s top court, seeking six more months to complete a probe into allegations against Adani Group, the conglomerate run by billionaire Gautam Adani said.

The Supreme Court had on March 2 asked Securities and Exchange Board of India (SEBI) to conclude within two months its probe into allegations levelled by US short-seller Hindenburg Research against Adani Group.

SEBI was to file a status report on May 2 but on Saturday it made an application seeking extension. Hindenburg in January accused Adani Group of accounting fraud and using a web of companies in tax havens to inflate revenue and stock prices, even as debt piled up.