The Supreme Court extended the time for the Securities and Exchange Board of India (SEBI) till August 14, 2023, to complete its probe into allegations made by Hindenburg Research against Adani group companies about stock price manipulations.

A bench comprising Chief Justice of India DY Chandrachud, Justice PS Narasimha and Justice JB Pardiwala passed the order in an application filed by the SEBI seeking a further time of 6 months to complete the probe. 

The Court constitute an expert committee and directed them to continue assisting the Court and to submit copies of the report. The committe was headed by former SC judge Justice AM Sapre.

The bench further directed the SEBI to submit a status report regarding the investigation carried out so far. 

During the hearing today, Advocate Prashant Bhushan, appearing for the petitioner seeking a probe into the Hindenburg report, questioned the SEBI's claim that it has not been investigating Adani group companies since 2016.

Solicitor General Tushar Mehta submitted that the investigation which was done in 2016 by SEBI was on a different issue having no nexus with the allegations in the Hindenburg report.

"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. 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", SG said. He undertook that an affidavit will be filed explaining this position.

"We are on the Hindenburg report and remit of the proceeding is not have a roving enquiry against the company. It is stated that 2016 investigation related to Global depository receipts and 2020 is relating to Minimum Public Shareholding norms...", CJI Chandrachud told Bhushan.