Give report on Adani-Hindenburg probe by August 14, SC tells Sebi

The Supreme Court granted on Wednesday three months' extension till August 14 to the Securities and Exchange Board of India (Sebi) to complete its probe into allegations made by US short seller Hindenburg Research against the Adani Group.

The top court had asked for a report by May 2 and the market regulator later sought a six-month extension.

A bench comprising Chief Justice of India D Y Chandrachud, Justice P S Narasimha and Justice J B Pardiwala said it cannot grant "indefinite extension". "We granted two months and now extended it till August which makes it five months. If you have any genuine issue, tell us then," Chandrachud told Solicitor General Tushar Mehta.

The bench asked an expert committee to continue assisting the court and directed that it share a status report with parties in the case and their counsels. The bench directed Sebi to submit a status report regarding the probe it has carried out so far.

The court noted that the expert committee has submitted its report within the two months timeline. The proceedings shall be listed after recess on July 11, it said.

Sebi told the Supreme Court on Monday that allegations that it has been investigating the Adani Group since 2016 are "factually baseless". During arguments on Wednesday, Mehta said that the 2016 issue is something "totally different, distinct and separate".

Sebi on Monday had cautioned that "any incorrect or premature conclusion of the case arrived at without full facts material on record would not serve the ends of justice and hence would be legally untenable."