Meghnad saha, College in Ranipur, India

New Delhi [India], May 9 : The Supreme Court will hear on May 12 the Securities and Exchange Board of India (SEBI) plea seeking to extend the time to conclude the investigation in the Hindenburg report by a period of 6 months.The bench led by Chief Justice of India Dr Dhananjaya Yeshwant Chadrachud and also comprising Justices P S Narsimha and J B Pardiwala will hear the matter on May 12. SEBI application seeking an extension of time has been opposed by the petitioner, Vishal Tiwari.In an application moved before the Supreme Court, SEBI submitted that keeping in view the forgoing circumstances, it would take further time to arrive at verified findings and conclude the investigation.SEBI, in the application also submitted that for ascertaining possible violations related to misrepresentation of financials, circumvention of Regulations and/or fraudulent nature of transactions in respect of 12 suspicious transactions mentioned herein above, given the complexity of the matter, SEBI in the normal course would take at least 15 months for completion of the investigation of these transactions, but is making all reasonable endeavours to conclude the same within six months."Applicant/SEBI, in the forgoing circumstances, most respectfully submits that in order to enable SEBI to conduct a proper investigation and arrive at verified findings, it would be just, expedient and in the interest of justice that this Court may be pleased to extend the time to conclude the investigations as directed in the common order dated 02.03.2023, by at least 6 months," SEBI said.The Supreme Court on March 2, 2023, directed SEBI to investigate on aspects of whether there has been a violation of Rule 19A of the Securities Contracts (Regulation) Rules, 1957; whether there has been a failure to disclose transactions with related parties and other relevant information which concerns related parties to SEBI, in accordance with law; and whether there was any mpulation of stock prices in contravention of existing laws. The top court had then asked SEBI to file a status report.The application was filed by SEBI pursuant to March 2nd SC order. SEBI apprised the top court that it has shared information as sought by the committee formed by the top court. SEBI submitted that the detailed investigation process would also include depositions as may be required from various entities such as Key Managerial Personnel (KMPs), statutory auditors and other relevant persons.On March 2, the Supreme Court constituted a six-member committee headed by former Justice Abhay Manohar Sapre to assess the extant regulatory framework to protect investors against volatility and for making recommendations to strengthen it.The Expert Committee is headed by Justice Abhay Manohar Sapre, a former judge of the Supreme Court of India along with other five members which include retired judge Justice J P Devadhar, OP Bhatt, KV Kamath, Nandan Nilek and Somashekhar Sundaresan.SEBI has not expressly referred to an investigation into the alleged violation of the Securities Contracts (Regulation) Rules 1957 which provide for the maintenance of minimum public shareholding in a public limited company, and similarly, there may be various other allegations that SEBI must include in its investigation, the court had noted.The court had said that as a part of its ongoing investigation, SEBI shall also investigate the other aspects of the issues raised in the present batch of petitions which include whether there has been a violation of Rule 19A of the Securities Contracts (Regulation) Rules 1957.The court was hearing various petitions related to Hindenburg Research Report. The petitions concerned with the loss of investor wealth in the securities market over the last few weeks because of a steep decline in the share price of the Ad Group of compes. The decline in the share price was precipitated by a report published by Hindenburg Research on 24 January 2023.One of the petitions filed by advocate Vishal Tiwari sought to Constitute a Committee under the Monitoring of the retired Supreme Court Judge to enquire and Investigate the Hindenburg Research Report.Petitioner and lawyer Advocate Vishal Tiwari had demanded that the entire thing should be probed and a high-powered committee be constituted to look into it.Appearing for another petitioner lawyer Prashant Bhushan had said he wants to give suggestions on the names of some retired judges as members of the committee. But Supreme Court had refused to accept one of the petitioner lawyer Prashant Bhushan's suggestion of names of some retired judges as members of the Committee.Another petitioner, advocate ML Sharma, has sought a probe against the US-based firm, whose report has led to shares of Ad group plunging on the bourses. One of the petitions was filed by Congress leader Jaya Thakur. Petitioner Jaya Thakur's lawyer, advocate Varun Thakur had demanded a fair probe.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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