No allegation of wrongdoing in SEBI report, claims Adani Group after regulator seeks extension
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After market regulator Securities and Exchange Board of India (SEBI) moved the Supreme Court seeking a six-month extension to complete the Adani Group probe, the company has released a statement. The conglomerate said SEBI has not concluded any wrongdoing in its application to the country's top court.
"It is pertinent to note that in the SEBI application filed before the Hon'ble Supreme Court, there are no conclusions of any alleged wrongdoing," Adani Group said in a statement.
"The SEBI application only cites the allegations made in the short-seller's report, which are still under investigation," it added.
The Gautan Adani-owned company said it welcomed the investigation which provided a fair opportunity to address all the issues.
"We are fully compliant with all laws, rules and regulations and are confident that truth will prevail. We are fully cooperating with SEBI and will continue to provide all our support and cooperation."
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ALSO READ | Adani-Hindenburg: Market regulator SEBI seeks six-month extension to complete probe
Notably, SEBI on Saturday requested an extension to complete the probe. It listed as many as eight possible violations that required more time to complete the probe.
"Given the complexity of the matter, SEBI in the normal course would take at least 15 months for completion of the investigation of these transactions, but is making all reasonable endeavours to conclude the same within six months," SEBI said in the plea.
On March 2, the apex court directed SEBI to complete its probe and submit a status report in two months. The regulator, however, informed it had submitted a detailed report and prima facie findings to the Expert Committee constituted by the court.
WATCH |Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further
SC forms the committee
In March, the bench led by the Chief Justice of India orderedSEBI to investigate whether the conglomerate failed to disclose transactions with related parties to the regulator and if itmanipulated thestock prices.
The conglomerate has been under the scanner ever since US short-seller Hindenburg Research raised questions about the group's debt levels and use of tax havens.
In the brutal fallout of Hindenburg's report, investors dumped Adani shares while the company was forced to abandon a $2.5 billion share sale.
The group, meanwhile, has denied the allegations and has rubbished subsequent exposé reports claiming it had tapered down its growth projections and that it had not repaid loans against promoter's shares.
(With inputs from agencies)
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