The Supreme Court said on Friday it may consider granting three more months to Sebi for concluding its probe into the allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure, and listed a batch of PILs and plea by the market regulator on May 15.
The court indicated it would give an extension of three months for which it may pass the necessary orders on Monday (May 15).
A bench of Chief Justices D.Y. Chandrachud and Justices P.S. Narasimha and J.B. Pardiwala said the court registry has received the report of the apex court-appointed Justice (retd) A.M. Sapre committee on the issue and would like to hear the matter on Monday after perusing the findings of the panel.
“We will go through the report in the meantime. We will take up the matter on May 15,” the bench said.
The Supreme Court had earlier told the Securities and Exchange Board of India to complete the probe in two months by May 2. But when the matter came up before the bench, solicitor general Tushar Mehta requested for six more months to enable Sebi to complete the probe.
“Mr Mehta, six months' time is unfair. We will give you three more months to complete the probe. Let there be some alacrity, We will place the matter in mid-August. You come back to us after three months,” the CJI told Mehta while orally declining the plea to give Sebi six more months.
