One of the PIL petitioners has moved the Supreme Court opposing SEBI's plea seeking a six-month extension to complete the probe into allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure, saying the market regulator has already got sufficient time to inspect, examine, collect and seize relevant documents.
The Securities and Exchange Board of India (SEBI) recently moved an application in the top court seeking six more months for ascertaining possible violations related to misrepresentation of financials, circumvention of regulations and/or fraudulent nature of transactions, and completing the exercise.
The top court had on March 2 asked SEBI to probe the matter within two months and also set up a panel to look into the protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate's market value.
PIL petitioner and lawyer Vishal Tiwari Tuesday filed an application before a bench headed by Chief Justice D Y Chandrachud opposing the SEBI's plea, saying it will prolong the probe and cause inordinate delay.
“That the Application filed by the respondent (SEBI) may prolong the matter and cause inordinate delay.
“The ...Delay may allow the various corporate entities which are under the umbrella of investigation to manipulate the important data and figures and may cause tampering of evidence present in different shapes and modes,” Tiwari said in his reply.
He said SEBI, even before the court ordered a probe, stated it had already begun the investigation and was enquiring into the situation emerging after the Hindenburg report.
“When SEBI is already in action prior to the order passed by this court of investigation then it should have got the records and data which are required in the present investigation of several corporate entities and of Adani group,” Tiwari's reply said.
It also added that SEBI has not stated in its plea as to who it has appointed to investigate the issue.