New Delhi: The Supreme Court will hear the petitions on May 12. Adani-Hindenburg dispute In which it had asked the market regulator SEBI on March 2 to investigate the allegations of rigging in the prices of shares within two months. Adani Defaults in group and regulatory disclosures.
The apex court had also set up a panel to provide protection to Indian investors after a damning report by US short sellers Hindenburg Wiped out over $140 billion of the Indian conglomerate’s market value.
As per the cause list uploaded on the apex court website, a bench comprising Chief Justice DY Chandrachud and Justices PS Narasimha and JB Pardiwala is scheduled to hear the petitions.
The hearing assumes significance in the wake of media reports that a six-member committee headed by former apex court judge Justice AM Sapre, constituted to assess the existing regulatory framework and make recommendations to strengthen the process, has submitted its report to the top court . in a sealed cover.
Recently, markets regulator SEBI moved the apex court seeking six-month extension to complete the probe into allegations of manipulation of stock prices by the Adani group and lapses in regulatory disclosures.
In an application filed before the court, the Securities and Exchange Board of India (SEBI) has submitted that it has been given six more months to detect possible violations relating to “financial misrepresentation, fraud of regulations and/or fraudulent nature of transactions”. Needed
“Pass an order extending the time to conclude the investigation for a period of 6 months as directed by this Court by the general order dated March 2 or such other period as this Court may deem fit and necessary in the facts and circumstances of the present case. SEBI stated in the petition.
One of the PIL petitioners, Advocate Vishal TiwariLtd has opposed SEBI’s plea saying that the market regulator has already got sufficient time for inspection, examination, collection and seizure of relevant documents.
The apex court had defended the formation of the committee, saying it was appropriate to have a panel of experts to protect Indian investors from the kind of volatility that has been witnessed in the recent past.
The Justice Sapre panel appointed by the court is to be assisted by the Center and other statutory agencies including the SEBI chairman.
The apex court had on February 10 said that the interest of Indian investors needed to be protected against market volatility in the backdrop of the fall in Adani Group’s shares and asked the Center to set up a panel of domain experts headed by a former judge. asked to consider. To consider strengthening the regulatory mechanism. The Center had agreed to the apex court’s proposal.
So far, four PILs have been filed in the apex court on the issue, including by lawyers ML Sharma and Vishal Tiwari and Congress leaders. Jay Thakur,
Shares of the Adani Group came under pressure on the stock market after Hindenburg Research made several allegations against the business group, including fraudulent transactions and share-price manipulation.
The Adani Group has dismissed the allegations as false, adding that it complies with all laws and disclosure requirements.
The apex court had also set up a panel to provide protection to Indian investors after a damning report by US short sellers Hindenburg Wiped out over $140 billion of the Indian conglomerate’s market value.
As per the cause list uploaded on the apex court website, a bench comprising Chief Justice DY Chandrachud and Justices PS Narasimha and JB Pardiwala is scheduled to hear the petitions.
The hearing assumes significance in the wake of media reports that a six-member committee headed by former apex court judge Justice AM Sapre, constituted to assess the existing regulatory framework and make recommendations to strengthen the process, has submitted its report to the top court . in a sealed cover.
Recently, markets regulator SEBI moved the apex court seeking six-month extension to complete the probe into allegations of manipulation of stock prices by the Adani group and lapses in regulatory disclosures.
In an application filed before the court, the Securities and Exchange Board of India (SEBI) has submitted that it has been given six more months to detect possible violations relating to “financial misrepresentation, fraud of regulations and/or fraudulent nature of transactions”. Needed
“Pass an order extending the time to conclude the investigation for a period of 6 months as directed by this Court by the general order dated March 2 or such other period as this Court may deem fit and necessary in the facts and circumstances of the present case. SEBI stated in the petition.
One of the PIL petitioners, Advocate Vishal TiwariLtd has opposed SEBI’s plea saying that the market regulator has already got sufficient time for inspection, examination, collection and seizure of relevant documents.
The apex court had defended the formation of the committee, saying it was appropriate to have a panel of experts to protect Indian investors from the kind of volatility that has been witnessed in the recent past.
The Justice Sapre panel appointed by the court is to be assisted by the Center and other statutory agencies including the SEBI chairman.
The apex court had on February 10 said that the interest of Indian investors needed to be protected against market volatility in the backdrop of the fall in Adani Group’s shares and asked the Center to set up a panel of domain experts headed by a former judge. asked to consider. To consider strengthening the regulatory mechanism. The Center had agreed to the apex court’s proposal.
So far, four PILs have been filed in the apex court on the issue, including by lawyers ML Sharma and Vishal Tiwari and Congress leaders. Jay Thakur,
Shares of the Adani Group came under pressure on the stock market after Hindenburg Research made several allegations against the business group, including fraudulent transactions and share-price manipulation.
The Adani Group has dismissed the allegations as false, adding that it complies with all laws and disclosure requirements.