No conclusion of wrongdoing in SEBI application to SC, says Adani Group

Adani Group Chairman Gautam Adani. File pic/PTI

Capital markets regulator SEBI has not concluded any wrongdoing in its application to the Supreme Court, seeking six more months to complete a probe into allegations against Adani Group, the conglomerate run by billionaire Gautam Adani said.

The SC on March 2 asked Securities and Exchange Board of India (SEBI) to conclude within two months its probe into allegations levelled by US short-seller Hindenburg Research against Adani Group. SEBI was to file a status report on May 2 but it made an application for extension on Saturday.

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Hindenburg in January accused Adani Group of accounting fraud and using firms in tax havens to inflate revenue and stock prices, even as debt piled up. "The SEBI application only cites the allegations made in the short-seller's report, which are still under investigation," Adani Group said.

The delay in the SEBI probe met with scepticism in some quarters. Priyanka Chaturvedi of Shiv Sena UBT tweeted, "The public deserves to know the truth, hopefully CJI (chief justice of India) will truly end the sealed cover based judgements for the sake of transparency."

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