Capital markets regulator, Securities and Exchange Board of India (SEBI)may ask the country’s top court to give it more time to finish its investigation into short-seller Hindenburg Research’s allegations against billionaire Gautam Adani’s enitty, as per Business Standard reported, citing people it did not name.
The Sebi was to file a status report to the Supreme Court May 2, the report read.
New York-based Hindenburg in January accused the Indian company Adani Group of using a web of companies in tax havens to inflate revenue and stock prices, even as debt piled up. The group has repeatedly denied allegations.
The supreme court earlier set up a 6-member expert committee “to investigate if there was a 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 submit a report in a sealed cover in two months. The Apex asked the Sebi Chairperson to ensure requisite information is provided to the committee.