Supreme Court To Hear Adani-Hindenburg Case Today, May Consider SEBI Plea For Extension Of Time For Probe

As per the cause list uploaded on the Supreme Court website, a bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala is scheduled to hear the pleas today.

As per the cause list uploaded on the top court website, a bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala is scheduled to hear the pleas.

New Delhi: The Supreme Court will hear today the petitions on the Adani-Hindenburg issue in which it had asked market regulator SEBI on March 2 to probe within two months the allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure. According to a report by news agency PTI, the apex court is also likely to consider Securities and Exchange Board of India (SEBI) application seeking a six-month extension to complete its investigation on the matter.

As per the cause list uploaded on the top court website, a bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala is scheduled to hear the pleas today.

Notably, SEBI had recently filed an application in the apex court saying it needs six more months for ascertaining possible violations related to "misrepresentation of financials, circumvention of regulations and/or fraudulent nature of transactions".

"Pass an order extending the time to conclude the investigation as directed by this Court by the common order dated March 2 by a period of 6 months or such other period as this court may deem fit and necessary in the facts and circumstances of the present case," the SEBI petition said.

The Supreme Court hearing assumes significance in the wake of media reports that the six-member panel, headed by former top court judge Justice A M Sapre, constituted for assessing the existing regulatory framework and making recommendations to strengthen the process, has submitted its report to the Supreme Court in a sealed cover.

Earlier on February 10, the Supreme Court had said the interest of Indian investors needs to be protected against market volatility in the backdrop of the rout of the Adani Group stocks and asked the Centre to consider setting up a committee of domain experts, headed by a former judge, to look at strengthening the regulatory mechanism. The Centre had agreed to the apex court's proposal.

Till now, four PILs have been filed in the top court on the issue including by lawyers M L Sharma and Vishal Tiwari and Congress leader Jaya Thakur.