SEBI could get 3-month extension for Adani-Hindenburg probe, Supreme Court to hear on Monday

The Supreme Court said on Friday it may consider granting three more months to SEBI for concluding its probe into the allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure, and listed a batch of PILs and plea by the market regulator on May 15.

A bench of Chief Justices DY Chandrachud and Justices PS Narasimha and JB Pardiwala said the court registry has received the report of the apex court-appointed Justice (retd) AM Sapre committee on the issue and would like to hear the matter on Monday after perusing the findings of the panel.

“We will go through the report in the meantime. We will take up the matter on May 15,” the bench said.

During the hearing, the bench told Solicitor General Tushar Mehta, appearing for SEBI, that it may grant the market regulator three months instead of six it has sought to wrap up the probe into allegations of stock manipulation.

Cautioning a lawyer, appearing for petitioner Jaya Thakur, it said this court has said nothing about any regulatory failure on the part of SEBI.

“Be careful when you make allegations. This may affect the sentiments in the stock market. It’s all your allegations and the panel has been formed to look into it,” the bench said.