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A report by the Supreme Court’s six-member expert committee headed by former Supreme Court judge, Justice AM Sapre, had said the SEBI had “drawn a blank” and was in a “chicken-and-egg situation” in its investigation into the “ownership” of 13 overseas entities, including 12 Foreign Portfolio Investors (FPIs), associated with the group. The SEBI differed with the findings of the Justice Sapre committee. It countered that the “challenge” to its inquiry into the Hindenburg-Adani allegations case lay in the fact that the requirement to disclose the “last natural person” or the ultimate owner of Foreign Portfolio Investors remained non-existent.
‘Substantial progress’
On Monday, the SEBI, however, said it had “substantially progressed” in its investigations. The market regulator, in an eight-page application, informed the apex court it had already probed 24 “matters”. “Out of the 24 investigations/examinations, 17 are final and complete and approved by the competent authority in accordance with SEBI’s extant practice and procedures,” the application said.
In one case, the probe was completed and an interim report approved by the competent authority, however, more information was sought from foreign jurisdictions. “Upon receipt of such information, the SEBI will evaluate it to determine further course of action,” the application said.
Of the remaining six of the 24 investigations, reports on four are under process of approval by the competent authority. It is expected to be approved by August 29.
Of the last two investigations, the investigation was at an “advanced stage” in one and an interim report was under preparation in the other. More information has been sought from agencies and regulators in foreign jurisdictions. “It would be just, expedient and in the interest of justice that the Supreme Court may be pleased to grant to SEBI an extension of time by 15 days to conclude the process and file status report before this court,” the application requested.
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