Allegations Of Adani Investigations Since 2016 'Factually Baseless', Says SEBI
SEBI says any premature conclusion without having all the facts on record would not serve the ends of justice.
The Securities and Exchange Board of India has filed an affidavit before the Supreme Court stating that its investigation into issuance of Global Depository Receipts of 51 companies is complete and no listed company of Adani group was a part of aforesaid companies.
This comes in the backdrop of an allegation that was levelled against the market regulator last week alleging that an investigation into the Adani Group companies has been going on since 2016.
SEBI has countered saying that the allegation is "factually baseless".
Further, in the investigation of minimum public shareholding norms, SEBI has already approached 11 overseas regulators under the Multilateral Memorandum of Understanding with International Organization of Securities Commissions, the regulator's affidavit said. "Various requests for information were made to these Regulators. The first request to overseas Regulators was made as early as on October 6, 2020."
The independent committee set up by the Supreme Court in the Adani-Hindenburg matter has been informed of the progress in this investigation.
Regarding the 12 allegations referred to in the Hindenburg Report, the market regulator has said that the transactions are highly complex in nature and have many sub transactions across numerous jurisdictions and a rigorous investigation of these transactions would require collation of data from various sources including bank statements from multiple domestic as well as international banks.
“Extension of time filed by SEBI is meant to ensure carriage of justice keeping in mind the interest of investors,” it said.
SEBI said that any premature conclusion without having all the facts on record would not serve the ends of justice.
The Adani-Hindenburg PILs are listed before the apex court today, and the bench of Justices CJI DY Chandrachud, Justices PS Narasimha and JB Pardiwala will consider the regulator's ask for extension of deadline for its investigation.
