WEB DESK
The Supreme Court of India (SC) on Friday said that it may grant a three-month extension to probe into the allegations of stock price manipulation by the Adani Group and lapses in regulations.
The Supreme Court on Friday said that it has received report from the committee of experts headed by its former judge, Justice Abhay Manohar Sapre that was tasked to investigate whether there has been regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group or other companies and to suggest measures to strengthen the statutory and regulatory framework.
Stating that they have received the report from the committee of experts appointed by it, a bench comprising Chief Justice D Y Chandrachud, Justice Pamidighantam Sri Narasimha and Justice J B Pardiwala said that Securities and Exchange Board of India (SEBI) will get another three months to complete its probe into Adani related volatility in the securities market and not six months sought by it.
The Securities and Exchange Board of India (Sebi) had asked the court for a six-month extension.
A bench of chief justices DY Chandrachud and Justices PS Narasimha and JB Pardiwala said the court registry had received the report of the apex court-appointed AM Sapre committee on the issue and would like to hear the matter on Monday after perusing the findings of the panel.
“We will go through the report in the meantime. We will take up the matter on May 15,” the bench said.
On March 2, the SC had asked Sebi to probe the crash of Adani group stocks following the Hindenburg report. It also asked the regulatory body to suggest ways to strengthen the regulatory framework to protect the interest of the investors.
The apex court also set up a six-member expert committee to determine if there was any regulatory failure to deal with the issue. The committee was asked to submit the report in a sealed cover in two months. The chairman of Sebi was also ordered to provide all the relevant information to the committee.
In April, Sebi moved the SC and sought a six-month extension to complete its probe.