Express News Service
NEW DELHI: Seeking justification of extension of six months time to complete the probe into the Adani Hindenburg saga, the Securities and Exchange Board of India (SEBI) on Monday told the Supreme Court that the same is being sought for ensuring the carriage of justice while keeping in mind the investor’s interest.
Underscoring the complexity of transactions referred, the SEBI said, “In respect of the investigation/examination relating to 12 transactions referred to in the Hindenburg report, prima facie it is noted that these transactions are highly complex and have many sub-transactions across numerous jurisdictions and a rigorous investigation of these transactions would require collation of data/information from various sources including bank statements from multiple domestic as well as international banks, financial statements of onshore and offshore entities involved in the transactions and contracts and agreements, if any, entered between the entities.”
Denying the allegation levelled by the petitioners that SEBI has been investigating Adani since 2016, the affidavit says the probe actually pertained to the issuance of Global Depository Receipts by 51 Indian listed companies, which did not include any listed company of Adani Group.
SEBI had told SC it with regards to investigation into Minimum Public Shareholding norms had already approached eleven overseas Regulators under the Multilateral Memorandum of Understanding with International Organisation of Securities Commission as early as October 2020.
Reacting to the submission by the SEBI, Congress leader Jairam Ramesh said that development amounts to misleading Parliament. “Minister of State for Finance, Pankaj Chaudhary, told the Lok Sabha on 19th July 2021 that SEBI was investigating the Adani Group. Now SEBI tells the Supreme Court that they have not been investigating any of the serious allegations against Adani! Which is worse— , or being fast asleep as lakhs of investors are duped by alleged money-laundering and round-tripping using offshore shell companies?” The affidavit has been submitted in the application filed by SEBI seeking extension of time to complete the probe.
NEW DELHI: Seeking justification of extension of six months time to complete the probe into the
Adani Hindenburg saga, the Securities and Exchange Board of India (SEBI) on Monday told the Supreme Court that the same is being sought for ensuring the carriage of justice while keeping in mind the investor’s interest.
Underscoring the complexity of transactions referred, the SEBI said, “In respect of the investigation/examination relating to 12 transactions referred to in the Hindenburg report, prima facie it is noted that these transactions are highly complex and have many sub-transactions across numerous jurisdictions and a rigorous investigation of these transactions would require collation of data/information from various sources including bank statements from multiple domestic as well as international banks, financial statements of onshore and offshore entities involved in the transactions and contracts and agreements, if any, entered between the entities.”
Denying the allegation levelled by the petitioners that SEBI has been investigating Adani since 2016, the affidavit says the probe actually pertained to the issuance of Global Depository Receipts by 51 Indian listed companies, which did not include any listed company of Adani Group. googletag.cmd.push(function() {googletag.display(‘div-gpt-ad-8052921-2’); });
SEBI had told SC it with regards to investigation into Minimum Public Shareholding norms had already approached eleven overseas Regulators under the Multilateral Memorandum of Understanding with International Organisation of Securities Commission as early as October 2020.
Reacting to the submission by the SEBI, Congress leader Jairam Ramesh said that development amounts to misleading Parliament. “Minister of State for Finance, Pankaj Chaudhary, told the Lok Sabha on 19th July 2021 that SEBI was investigating the Adani Group. Now SEBI tells the Supreme Court that they have not been investigating any of the serious allegations against Adani! Which is worse— , or being fast asleep as lakhs of investors are duped by alleged money-laundering and round-tripping using offshore shell companies?” The affidavit has been submitted in the application filed by SEBI seeking extension of time to complete the probe.
