Supreme Court Examines PILs on Adani’s Stock Manipulation Claims, SEBI Investigation Updates
The Supreme Court registry will look into the matter of PILs being listed for hearing in relation to claims of the Adani company involved in manipulation of stock prices, the apex court said on Monday. Attorney Prashant Bhushan, acting on behalf of one of the PIL petitioners, informed a bench consisting of Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra that the pleas were scheduled to be listed on August 28. However, the matter has been repeatedly deferred, and Bhushan expressed his concerns regarding the delay.
Responding to Bhushan’s concerns, Chief Justice Chandrachud assured him that he will check with the registry regarding the listing of the PILs. This indicates that the Supreme Court is taking the claims of Adani’s stock manipulation seriously and is committed to addressing them.
In July, the Securities and Exchange Board of India (SEBI) was questioned by the top court regarding the progress of its ongoing probe into the allegations against the Adani group. The court ordered SEBI to conclude its investigation as soon as possible, setting a deadline of August 14. SEBI filed a status report on the Adani-Hindenburg probe, stating that it was awaiting information from tax havens.
According to the report, SEBI has reached conclusions in up to 22 of the 24 cases it examined. The report provided a detailed analysis of the actions taken during the investigation, such as reviewing related party transactions, but did not disclose the findings.
The finalised investigative findings include allegations of stock price manipulation, alleged failure to declare transactions with connected parties, and potential insider trading violations within the Adani group. This suggests that there may be serious irregularities within the company, warranting further investigation and appropriate action.
It is worth noting that an interim report released in May by an expert committee appointed by the Supreme Court found no evident pattern of manipulation in the businesses owned by Gautam Adani. However, the report highlighted regulatory constraints that hindered SEBI’s ability to investigate effectively, and its probe into money flows from offshore entities yielded no significant findings.
The Adani Group’s stocks faced significant volatility in the market after Hindenburg Research made a series of allegations, including fraudulent transactions and share price manipulation. In response, the Adani Group vehemently denied the charges and affirmed its compliance with all laws and disclosure requirements.
As the Supreme Court examines the PILs and SEBI progresses with its investigation, it is crucial for the courts and regulatory authorities to ensure a fair and thorough examination of the allegations against the Adani group. The findings and actions taken in this case will have implications not only for the company but also for the integrity of the financial markets in India.
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