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, Sebi’s 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. The finance ministry, however, said the government stands by its written response in Lok Sabha, which was based on due diligence and inputs from all concerned agencies.
A bench, headed by Chief Justice Dhananjaya Y. Chandrachud, could not take up Sebi’s plea on Monday due to lack of time and adjourned the regulator’s plea for July 10, thus automatically granting an additional two months to Sebi.
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.
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