New Delhi: Market watchdog Securities and Exchange Board of India (SEBI) on Monday filed a 41-page affidavit in the Supreme Court in connection with the Adani-Hindenburg case and sought ‘appropriate orders’ from the apex court.
The recommendations of the expert committee and the petitioners have been placed on record by SEBI. The apex court is scheduled to hear the matter on Tuesday.
In a report published on Monday, the expert committee said that violations of securities laws should be addressed immediately to limit the negative impact on the securities market. Earlier, the Supreme Court had asked SEBI to complete the probe in the Adani-Hindenburg matter by August 14, 2023 and submit its report for the same.
For now, the panel recommended a robust settlement policy, the Bar and Bench said, however, the panel reportedly said, “Have a consistent policy on settlement of proceedings, whereby financial injury commensurate with the alleged breach is awarded to the party.” There is no need to spend resources where compromise is possible.
Earlier, SEBI had requested the Apex Court for a period of 15 months to conduct the Adani-Hindenburg probe and later agreed to do so in a period of 6 months following the Supreme Court order.
SEBI had filed a petition requesting the apex court to extend the time period of the investigation. “Pass an order extending the time for completion of the investigation directed by this Court for a further period of 6 months or such other period as this Court may deem fit and necessary as per the general order dated March 2,” the plea said. ” Facts and circumstances of the present case.