regular-article-logo Friday, 29 September 2023

PIL opposes Adani group probe extension

Top court had on March 2 asked Sebi to probe matter within two months and also set up panel to look into protection of Indian investors

Our Bureau New Delhi Published 04.05.23, 04:52 AM
Gautam Adani

Gautam Adani

One of the PIL petitioners has moved the Supreme Court opposing Sebi's plea seeking a six-month extension to complete the probe into allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure, saying the market regulator has already got sufficient time to inspect, examine, collect and seize relevant documents.

The Securities and Exchange Board of India (Sebi) recently moved an application in the top court seeking six more months for ascertaining possible violations related to misrepresentation of financials, circumvention of regulations and/or fraudulent nature of transactions, and completing the exercise.


The top court had on March 2 asked Sebi to probe the matter within two months and also set up a panel to look into the protection of Indian investors after a damning report by a US short seller wiped out more than $140 billion of the conglomerate's market value.

PIL petitioner and lawyer Vishal Tiwari Tuesday filed an application before a bench headed by Chief Justice D.Y. Chandrachud opposing the Sebi's plea, saying it will prolong the probe and cause inordinate delay.

“That the application filed by the respondent (Sebi) may prolong the matter and cause inordinate delay. The ...delay may allow the various corporate entities which are under the umbrella of investigation to manipulate the important data and figures and may cause tampering of evidence present in different shapes and modes,” Tiwari said in his reply.

Edible oil major Adani Wilmar on Wednesday reported a 60 per cent decline in consolidated net profit at Rs 93.61 crore in the fourth quarter against Rs 234.29 crore a year ago. Total income. Total income fell to Rs 13,945.02 crore from Rs 14,979.83 crore.

Icahn attack

Carl Icahn, the well-known corporate raider, saw his net worth crashing by $10 billion after Hindenburg Research accused him of a ``ponzi-like’’ structure at his company using money taken in from new investors to pay out dividends to old investors.

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