Gautam Adani-led Adani Group has said that there are no conclusions of any alleged wrongdoing in the market regulator's application filed before the Supreme Court.

The Securities and Exchange Board of India (SEBI) on Saturday filed a plea in the apex court, seeking six more months to complete its probe into Hindenburg Research's allegations against the Adani group.

On March 2, market watchdog SEBI was told by the top court to expeditiously conclude its probe in the Adani-Hindenburg matter within two months.

SEBI is conducting an investigation into allegations made by a U.S.-based short seller in January this year.

"We understand that SEBI has approached the Hon'ble Supreme Court for more time to conclude its investigation. We have welcomed the investigation, which represents a fair opportunity for everyone to be heard and for all issues to be addressed," the Adani group says in a statement.

"We are fully compliant with all laws, rules and regulations and are confident that truth will prevail. We are fully cooperating with SEBI and will continue to provide all our support and cooperation," the ports-to-power conglomerate says.

"It is pertinent to note that in the SEBI application filed before the Hon'ble Supreme Court, there are no conclusions of any alleged wrong-doing. The SEBI application only cites the allegations made in the short-sellers report, which are still under investigation," it adds.

On March 2, the Supreme Court constituted a panel headed by retired judge, Justice AM Sapre, to examine the alleged violation of market laws by Adani Group and other listed companies.

The apex court's expert committee includes former SBI chairman OP Bhatt, Justice JP Devdatt, veteran banker KV Kamath, Infosys co-founder Nandan Nilekani and advocate Somasekhar Sundaresan.

The panel will provide an overall assessment of the situation including the relevant causal factors which have led to the volatility in the securities market in the recent past. The committee will investigate whether there has been a regulatory failure in dealing with the alleged violation of laws pertaining to the securities market. The expert panel will also suggest measures to strengthen investor awareness and the statutory and regulatory framework. The committee was told to submit its report to the Supreme Court in a sealed cover within two months.

U.S. short-seller Hindenburg Research had accused the Gautam Adani-led conglomerate of "pulling the largest con in corporate history". The conglomerate, however, called the allegations "malicious", "baseless" and a "calculated attack on India".

In February, SEBI said it has put in place "a set of well defined, publicly available surveillance measures” to address excessive volatility in “specific stocks". "In all specific entity related matters, if any information comes to SEBI’s notice, then, as per extant policies, the same is examined and after due examination, appropriate action is taken," the capital markets regulator said.

Adani Group's flagship firm Adani Enterprises called off its fully subscribed follow-on public offer (FPO) earlier this year after the 106-page Hindenburg report triggered a selloff in Adani stocks.

Follow us on Facebook, X, YouTube, Instagram and WhatsApp to never miss an update from Fortune India. To buy a copy, visit Amazon.