Adani-Hindenburg probe: SC gives SEBI only 3 more months to finish probe

A bench headed by Chief Justice D Y Chandrachud also directed the SEBI to file an updated status report on the investigation

The Supreme Court on Wednesday granted the Securities and Exchange Board of India (SEBI) time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group, led by Gautam Adani. A bench headed by Chief Justice D Y Chandrachud also directed the SEBI to file an updated status report on the investigation.

The bench, also comprising Justices P S Narasimha and J B Pardiwala, directed a copy of the report of the SC-appointed Justice A M Sapre committee, which was submitted to it recently, be made available to the parties to enable them to assist the top court in the matter. It has listed the matter for further hearing on July 11.

The remit of the Sapre panel was to provide an overall assessment of the situation, including the relevant causal factors which have led to volatility in the securities market in the recent past. The market regulator had sought an extension of six months to complete the probe.

Also Read: Adani-Hindenburg: SC asks SEBI to file updated status report on probe into allegations of stock price manipulation

On Manipur unrest

The bench earlier in the day asked the Manipur government to file a fresh status report on measures taken for security and relief and rehabilitation of the violence-hit people. “Law and order is a state subject. As the Supreme Court of India we will ensure that the political executive does not turn a blind eye to the situation,” it added.

The SC took into account security apprehensions of Kuki and other tribal communities in the state and ordered that the chief secretary and his security adviser assess and take steps to ensure “peace and tranquillity” in the villages referred to by tribals. It said that tribals can move the division bench of the Manipur High Court with their grievances on the quota issue.

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