India's market regulator told the Supreme Court on Monday that any incorrect or premature conclusion of its investigation into the Adani Group's possible lapses of regulatory disclosures will be legally untenable and not serve justice.
The Securities and Exchange Board of India (Sebi), on April 29, had sought six months to complete its probe, rather than the two months it given was on March 2. However, the Supreme Court said on Friday it was inclined to give a three-month extension.
The probe comes after US-based short-seller Hindenburg Research had, in January, raised several governance concerns around billionaire Gautam Adani's group, and alleged improper use of tax havens and stock manipulation by the ports-to-energy conglomerate. The group has denied all the allegations.
The Sebi, in a court filing on Monday, said the group's transactions highlighted by Hindenburg for violating Indian laws are highly complex and have many sub-transactions across numerous jurisdictions.
The regulator said it has already approached 11 overseas regulators for information to examine if the Adani Group had violated any norms regarding its publicly available shares.
The first such request, the Sebi said, was made as early as October 6, 2020.
"(An) analysis would have to be conducted on the documents received from various sources before conclusive findings can be arrived at," the regulator said.