The Supreme Court on Tuesday adjourned to August 14, hearing on the Adani-Hindenburg issue to August 14.
The Apex Court directed the Securities Exchange Board of India (SEBI) to complete its probe into the episode by August 14.
Solicitor General Tushar Mehta argued that they have
recieved the report of the expert committee. So far as reference made to SEBI, some guidelines were given. The Solicitor General said that they have filed a constructive response, but since it was filed late, the same was not before the Bench.
He requested the Apex Court to take it a little after along with the IA.
The Supreme Court inquired about the status of investigation.
SG Mehta said it was in the report. He said since the committee has given a report, they have given a response.
Advocate Prashant Bhushan argued that the response was filed yesterday and given to the whole media so that media covered it but filed late enough so that court doesn’t have it.
Bhushan: The expert committee has stated that there is no chance of SEBI proceeding anywhere with the investigation given what they have done. They have done things fatal to investigation.
CJI: SEBI has filed a response to the report to the expert committee. It would be appropriate that the response is being circulated with papers which hasn’t been done as it was filed yesterday.
CJI DY Chandrachud: Mr Prashant Bhushan has also submitted a reply to the report of the expert committee. SEBI affidavit is to be served to all counsels and we will take it after the constitution bench.
Bhushan: The committee says that the SEBI investigation cannot go anywhere because they amended definition of opaque structure, related party transactions – in order to prevent this kind of fraud being exposed.
CJI: Apropos this submission, Mr SG you may go into the background of amendment- why was the amendment passed
Adv ML Sharma: The entire scenario has to be found out that who sold the black share in the market? The adani share – all 80% shares were sold in the market…this is a serious issue. Shareholders are not selling but foreign companies are selling in their names.
CJI DY Chandrachud: Okay we’ll close it now.