Adani-Hindenburg Case: Supreme Court Told SEBI – Will Not Get 6 Months For Investigation

May 12, 2023 daknewsnetwork 338 Views 0 Comments Adani Group companies, Adani-Hindenburg Case, Chief Justice DY Chandrachud, for, Investigation, SEBI, Supreme Court, told

Adani-Hindenburg Case: Supreme Court told SEBI – will not get 6 months for investigation, next hearing on May 15.

The Supreme Court on Friday said it may grant Sebi an extension of three months to probe allegations of share price manipulation by the Adani Group.

SEBI had sought six months’ time from the Supreme Court. Chief Justice DY Chandrachud said that the time of six months is not right. The next hearing in this matter will be on May 15.

Take three months, not six months: SC.

The SC told SEBI, “We will extend the time of investigation, but not for 6 months, but only for 3 months. The court listed the matter for May 15 for consideration of SEBI’s plea seeking an extension of time.

Justice Sapre Committee submitted its report.

The Supreme Court had also formed a six-member committee in this matter and sought a report within two months. On May 8, the committee submitted its report in a sealed cover.

The Chief Justice said the report of Justice Sapre’s committee has arrived. We will see this report during the weekend.

Adani-Hindenburg Case: What is the whole matter?

Hindenburg released a report on 24 January 2023 against the Adani Group. In this report, it was claimed that Adani Group companies are 80 percent overvalued.

Along with this, it was alleged that the group increases the prices of shares by manipulation. After the report of Hindenburg Research, there was a huge fall in the prices of shares of Adani Group.

Shares of Tata Motors become rocketed, and the price reached the highest level of the year, today the company can release the results of Q4.

Tata Motors stock set a new high on Friday, the last trading day of the week. Tata Motors shares hit a 52-week high in a year ahead of the release of fiscal 2023 third-quarter results.

The company is expected to report positive financial results for the three months ending in March. Shares of Tata Motors opened at Rs 513.9 per share on the NSE today and are up more than 1% so far.

Revenue was up 3% in the fourth quarter.

Tata Motors recorded record output growth of 3% in the final and fourth quarters of fiscal 2023, driven mainly by the passenger car market.

Sales of JLR (Jaguar Land Rover) increased 24% over the same period.