On July 13, SEBI had issued a show-cause notice to Adani Enterprises Limited (AEL) and its promoter Gautam Adani over alleged insider trading and disclosure regulations violations in the company’s share purchase in Hindustan Zinc Limited (HZL).
SEBI had sought a response from AEL and Adani on the show-cause notice by August 4, 2020. However, due to the COVID-19 pandemic, SEBI requested an extension from the SC to complete its investigation.
The SC granted SEBI an extension till August 14, 2020, to complete its investigation into the matter.