Gautam Adani.
Credit: Reuters Photo
New Delhi: Following is the chronology of events in the matter in which the Supreme Court on Wednesday refused to transfer the probe into allegations of stock price manipulation by the Adani Group to a special investigation team and directed Sebi to complete its investigation into two pending cases within three months:
* Jan 2023: A report published by Hindenburg Research alleges that Adani Group of companies manipulated its share prices.
* Feb 2023: PIL filed in SC, seeks direction to set up a committee under the monitoring of a retired SC judge to investigate allegations.
* Mar 2, 2023: SC asks Sebi to probe within two months allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures.
SC also sets up a panel to look into the protection of Indian investors after a damning report by a US short seller wiped out more than $140 billion of the conglomerate's market value.
* May 2023: Court-appointed expert committee submits report.
* May 17, 2023: SC grants Sebi time till August 14, 2023, to submit a report regarding its probe into the allegations of stock price manipulation by the Adani group.
* Nov 24, 2023: SC reserves its verdict on a batch of pleas concerning the Adani-Hindenburg row on allegations of stock price manipulation.
* Jan 3, 2024: SC refused to transfer the probe into the allegations of stock price manipulation by the Indian corporate giant to a special investigation team and directed market regulator Sebi to complete its probe into two pending cases within three months.