Thread by @LiveLawIndia

[Adani-Hindenburg matter]

#SupremeCourt to hear today application filed by SEBI seeking an extension of time to complete it's probe into allegations made by Hindenburg against Adani group about stock price manipulation.

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Adv Prashant Bhushan: This is the Adani matter. There was a report submitted by the committee...

CJI DY Chandrachud: Yes, the committee has submitted. It is in sealed cover.

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Bhushan: Adani has been investigated by SEBI even before 2016. SEBI has to put on record as to what has happened to these investigation. This is clearly an attempt to shield Adani...

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Bhushan: In recent years, despite many complaints being made, they're doing absolutely nothing. If Adani company shares increase abnormaly - ten thousand percent in a short span of one year, alarm bells have to be rung.

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Bhushan: What has happened to these investigations?

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Counsel: SEBI is well equipped to solve this issue. There is even a provision under PMLA which allows them to collect all information. Investigation has been going on for long.

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Counsel: Upon imaginative grounds, they cannot ask for extensions like this.

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Bhushan: Please see the parliament Q/A from one and a half years ago - it shows that they were investigating then also...

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Bhushan: This shows that these three companies were being investigated. These companies only invested in Adani also. How is it that SEBI missed out that these three investment firms had been investing in Adani company?

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SG Mehta: 2016 is completely different. Now he wants that all investigation should be placed on record. I don't think that's the remit but I have no difficulty.

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SG Mehta: In 2016, SEBI passed an order pertaining to 51 listed companies of India. No company of this group was a part of those 51 companies.

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SG Mehta: My learned friend wants an enquiry on everything that happened to this company since 2016 or even 2008. That's not the remit of this petition. This petition concerns the Hindenburg report.

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CJI DY Chandrachud: The expert committee has submitted a report bearing in mind the timeline of two months stipulated in the order of this court.

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CJI DY Chandrachud: The proceedings shall be listed by the summer recess on 11 July 2023. The expert committee is requested to continue to assist the court.

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CJI DY Chandrachud: The committee may hold further deliberations in meantime. It is requested to take up any aspects as formulated by court when the proceedings are next listed.

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CJI DY Chandrachud: Copies of the report of the expert committee shall be made available to parties and their counsels to enable them to assist the court.

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CJI DY Chandrachud: The registry shall take steps accordingly. SEBI is granted time till 14th August 2023 to submit their report.

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SG Mehta: The extension of time was already compressed. You may reconsider the deadline.

CJI DY Chandrachud: Mr Solicitor, tell us what you've done. We granted 2 months and now extended it till august which makes it 5 months.

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CJI DY Chandrachud: If there is any genuine issue you come to us. In alternative, you can tell us on affidavit...

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Bhushan: What affidavit? They'll ask a 22 year old sign an affidavit.

SG Mehta: That's childish, he's an officer.

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CJI DY Chandrachud: We have given you time till Sept 30. But on 14 August, tell us which stage you're on. Give us an updated report.

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