India’s market regulator on Monday sought 15 more days to complete a probe into conglomerate Adani’s dealings with some offshore entities, while shares in the group’s firms slid after the surprise exit of a key business unit’s auditor.
The regulator, in a filing to the Supreme Court, said it made substantial progress in the investigations but due to pending probes on certain transactions, it would be in the ‘interest of justice’ to get more time to file the final report. Following this, the Supreme Court asked SEBI to look into the allegations made and submit its findings to a six-member panel formed in March, which included a retired judge and veteran bankers.
Adani Ports said Deloitte, which does not audit any of the other six listed Adani group companies, had all the necessary information and its reason to quit was “not convincing.”SEBI, in its filing, did not detail the transactions under investigation or the nature of any possible violations.