No Conclusion Of Wrongdoing In SEBI Application To SC: Adani Group

New Delhi: Seeking six more months to complete the probe into allegations against Adani Group, the conglomerate run by billionaire Gautam Adani, capital markets regulator Sebi has concluded no wrongdoing in its application to the country’s top court.

The Supreme Court had on March 2 asked the Securities and Exchange Board of India (Sebi) to complete within two months its probe into the allegations made by US short-seller Hindenburg Research against the Adani group. ,Also Read: PM Narendra Modi As Rockstar, AI-Generated Images Of Other Global Leaders Wow Netizens,

SEBI was supposed to file the status report on May 2, but on Saturday it applied for an extension. Hindenburg in January accused the Adani Group of accounting fraud and using a web of companies in tax havens to inflate revenue and stock prices, even as the debt piled up. ,Also read: Uday Kotak calls US dollar ‘biggest financial terrorist’, later clarifies,

The group has repeatedly denied all allegations. Sebi, in its application filed on Saturday, said it needs six months to “arrive at conclusive finding” in cases where “prima facie violations have been found” and “to re-verify the analysis and arrive at conclusive finding”. for” where “prima facie violation” is not found.

Investigation/examination relating to 12 suspicious transactions reveals that these are “complex and consists of multiple sub-transactions and a rigorous examination of these transactions requires detailed analysis including verification of submissions made by the companies as well as various Reconciliation of data/information from sources would be required,” SEBI said in the application.

“It is pertinent to note that there is no finding of any alleged wrongdoing in the application of SEBI filed before the Hon’ble Supreme Court,” Adani Group said in a statement.

“SEBI’s application only cites the allegations made in the short seller’s report, which are still under investigation.” The delay in the SEBI probe was viewed with suspicion in some circles.