May 15 (Reuters) – India’s market regulator informed the Supreme Court on Monday that any incorrect or untimely conclusion of its investigation into the Adani group’s potential lapses of regulatory disclosures shall be “legally untenable” and never “serve the ends of justice”.

The Securities and Exchange Board of India (SEBI), in a submitting, mentioned it has approached 11 abroad regulators for info relating as to if the Adani group has violated any norms relating to its publicly accessible shares.

The first such request, the SEBI mentioned, was made as early as Oct. 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 mentioned.

India’s Supreme Court is listening to an attraction from SEBI to provide it an extra six months to finish its probe into the Adani group.

The probe comes after U.S.-based short-seller Hindenburg Research in January raised a number of governance issues round billionaire Gautam Adani’s group, and alleged improper use of tax havens and inventory manipulation by the ports-to-energy conglomerate. The group has denied all of the allegations.

On Friday, SEBI sought six months to finish its probe, slightly than the 2 months it given was on March 2.

However, the Supreme Court, in oral arguments, mentioned that it was inclined to provide a three-month extension. Oral arguments don’t essentially match the ultimate courtroom order, which can probably be given on Monday.

Ahead of that order, SEBI, in its submitting, reiterated that the Adani group’s transactions highlighted by Hindenburg for violating Indian legal guidelines are extremely complicated and included many sub-transactions throughout quite a few jurisdictions.

Reporting by Arpan Chaturvedi and Jayshree P Upadhyay; Editing by Savio D’Souza

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