A petition has been submitted to the Supreme Court, urging the initiation of contempt proceedings against the Securities and Exchange Board of India (SEBI). The petition alleges that SEBI has breached the given timeline for concluding its investigation and presenting a report regarding the accusations of stock price manipulation involving the Adani group.

Vishal Tiwari, the petitioner in a Public Interest Litigation (PIL), has filed an application stating that despite the court's deadline, the Securities and Exchange Board of India (SEBI) has not adhered to the court's direction. SEBI has failed to submit the final report or conclusion as directed by the court.

According to the order dated May 17, 2023, the Supreme Court instructed SEBI to present its report by August 14, 2023. On August 25, 2023, SEBI submitted a status report detailing its investigation progress. The report indicated that among the 24 investigations conducted, 22 have reached a conclusive stage while two remain in interim phases.

The application also made reference to the recent report by the Organised Crime and Corruption Reporting Project (OCCRP) concerning the Adani Group. The report highlights alleged investments made by the group through "opaque" Mauritius funds.

In his application, Tiwari emphasized the necessity for a robust mechanism to monitor companies' behaviors and practices. This mechanism should ensure companies' compliance with the essential rules and regulations established by the regulatory authority.

"That till now after the recommendations and suggestions given by the expert committee in its report the Union Government has not taken any strong step in compliance of that and has not apprised the court with any secured framework for the protection of investors in future," it said.

On July 11, the Supreme Court inquired with SEBI regarding the progress of its ongoing investigation concerning the accusations of stock price manipulation involving the Adani group. The court had previously extended the deadline for the SEBI probe until August 14, emphasizing the need for a swift and expeditious conclusion to the inquiry.

The stocks belonging to the Adani Group faced severe declines on the stock exchanges following a series of allegations made by Hindenburg Research. These allegations encompassed a range of accusations, including claims of fraudulent transactions and manipulation of share prices within the business conglomerate.