New Delhi: The Supreme Court on Tuesday adjourned till Tuesday the hearing on a plea by the Securities and Exchange Board of India (SEBI) seeking six months’ notice to complete the probe into allegations of manipulation of share prices by the Adani Group. A month’s time has been sought.
The hearing on the market regulator’s petition and PILs on Monday could not be held today due to a paucity of time and a pre-scheduled hearing of some matters before a special bench at 3 pm. Chief Justice D.Y. Chandrachud, Justice P.S. Narasimha and Justice J.B. Pardiwala’s bench had on May 12 said that it would consider granting Sebi three more months to complete the probe into the allegations of manipulation of stock prices and lapses in regulatory disclosures.
Meanwhile, SEBI filed a rejoinder affidavit stating additional reasons for seeking more time to examine the issue. She said, “The application filed by SEBI for extension of time is meant to ensure justice keeping in mind the interest of the investors and the securities market, as any wrong or premature conclusion of the matter without complete factual material would defeat the ends of justice.” will not satisfy and therefore be legally unsustainable.” The market regulator has cited complexities of the transactions referred to in the Hindenburg Report to justify its plea for an extension of time to complete the probe.
