India’s Supreme Court said on Friday that it will examine a special panel’s report on the Adani group’s possible lapses in regulatory disclosures and pass orders, on Monday, on the market regulator’s plea for more time to conclude its own probe.
The Securities and Exchange Board of India (SEBI), in a petition filed on April 29, had sought six months to complete its probe, following a court order on March 2 that gave the regulator two months to submit its report.
However, the apex court said during a hearing on Friday that it is inclined to give the regulator three months to complete its probe, as granting six more months would be inappropriate.
The apex court had also formed a special panel to examine the regulatory framework and allegations levelled against billionaire Gautam Adani’s conglomerate.
The special panel submitted its report to the Supreme Court earlier this week in a sealed envelope, the contents of which were not disclosed or discussed in Friday’s hearing.
In January, U.S.-based short-seller Hindenburg Research had raised several governance concerns around the Adani Group, and alleged improper use of tax havens and stock manipulation by the ports-to-energy conglomerate. The group has denied all the allegations.
(Reporting by Jayshree P Upadhyay; Editing by Savio D’Souza)
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