In an order passed by the Supreme Court of India on May 15, 2023, SEBI's application was adjourned until July 10 by the Supreme Court seeking six months more time to complete its probe into allegations against the Adani group of companies regarding stock price manipulations. On March 2, the top Court gave two months' time to SEBI for conducting a probe into allegations made by US-based short seller firm Hindenburg Research against Adani group companies. The time allowed as per the order ended on the day of the last hearing, May 2, 2023. On May 2, the bench including Chief Justice of India DY Chandrachud, Justice JB Pardiwala, and Justice PS Narasimha said that the Court cannot give more than three months to complete the investigation.
On May 12, 2023, the bench stated that it will hear the case on May 15 after considering the report of the expert committee. The Supreme Court was not able to address the matter because SEBI filed a rejoinder affidavit before the bench seeking more time for conducting the probe into the Adani-Hindenburg issue. It also mentioned the reasons for the same. SEBI claimed that the transactions are complex due to which there is a need for more time to examine them. Moreover, the petitioners alleged that SEBI had been investigating Adani since 2016 but this allegation was denied by the securities board.
US-based Hindenburg published a report on January 24 accusing the Adani group of stock price manipulations and malpractices which was refuted by the Adani group by publishing a reply of 413 pages. Later, a committee was constituted by the Supreme Court on March 2, 2023. The members of the committee include former Supreme Court judge Justice AM Sapre, retired Justice JP Devadhar, Mr. Nandan Nilakeni, Mr. OP Bhat, Mr. KV Kamath, and Mr. Somasekharan Sundaresan. The committee was directed to perform a probe and submit the report in a sealed cover within two months. Later, an application was filed by SEBI before the top Court seeking an extension of six months to complete the probe. On May 15, the Supreme Court ordered, “List the petitions on 10 July 2023.”