The Supreme Court ordered Sebi to wrap up an investigation into claims made by Hindenburg that businesses in the Adani group companies had been manipulating stock prices, which had caused shares to crash.
Solicitor General Tushar Mehta was informed by a bench consisting of Chief Justice D Y Chandrachud, Justices P S Narasimha and Manoj Misra, that the court expects Sebi to finish the investigation and deliver a report "positively by August 14". Mehta claimed that the investigation is being carried out "full speed" and quickly.
“The SC-appointed expert committee says Sebi investigations cannot go anywhere because of the situation they have created by amending the rules. They have amended the rules to remove the definition of opaque structure. They have amended the rules relating to related party transactions and beneficial owners. This is to prevent exposing frauds of this nature,” Bhushan alleged.
The CJI said, “Apropos this submission, we would like to go into the background on which these amendments were carried out. Have you dealt with that? Bhushan is arguing that, today Sebi may be prevented from going into the layers of transactions because of the amendments which Sebi has made to the definition of beneficial owners. What are the circumstances that necessitated amendment of those definitions? That is something which we would definitely like to go into. ”