The court had given it two months for the probe on March 2.
The regulator also rejected a claim by a petitioner that it had been investigating the Adani Group since 2016. None of the Adani listed companies were part of the 51 investigated in relation to the issuance of global depository receipts (GDRs) at that time, it told the court on Monday in an affidavit.
The affidavit submitted that regarding minimum public shareholding norms, Sebi approached eleven overseas regulators seeking information, and the first such request was made on October 6, 2020. Sebi provided more reasons for seeking additional time in a rejoinder affidavit on Monday. It said the 12 transactions referred to in the Hindenburg Report are highly complex and involve sub-transactions across numerous jurisdictions. The apex court could not, however, take up Sebi’s plea on Monday due to lack of time. The matter is likely to be heard next on July 10 after the court vacation.
In March, Sebi Got 2 months to probe charges
At the first hearing of Sebi’s plea for more time on May 12, chief justice DY Chandrachud had indicated that the court was only inclined to give it another three months.A “rigorous investigation of these transactions would require collation of data/information from various sources including bank statements from multiple domestic as well as international banks, financial statements of onshore and offshore entities involved in the transactions and contracts and agreements, if any, entered between the entities along with other supporting documents,” the regulator said in the rejoinder affidavit filed through Sebi assistant manager Satyansh Maurya.
Once the information is collected, it will need to be examined.
“Thereafter, analysis would have to be conducted on the documents received from various sources before conclusive findings can be arrived at,” Sebi said in the affidavit. “It would be just, expedient and in the interest of justice” that the six-month extension is granted.
The Hindenburg report had alleged fraud and stock manipulation. The Adani Group has rejected the report and denied any wrongdoing. The apex court on March 2 gave Sebi two months to probe allegations against the Adani Group in response to four PIL suits. Ahead of the May 2 deadline, Sebi had on April 29 petitioned the apex court for a six-month extension to complete the probe. The top court had also set up a separate six-member committee to investigate whether there was any regulatory failure. ET reported on May 10 that this panel headed by former Supreme Court judge Abhay Manohar Sapre had submitted its report to the court two days earlier.
