India’s market regulator told the Supreme Court on Monday 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.
The Securities and Exchange Board of India (Sebi), on April 29, had sought six months to complete its probe, rather than the two months it given was on March 2. However, the Supreme Court said on Friday it was inclined to give a three-month extension.
The probe comes after US-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 group has denied all the allegations.
