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Adani-Hindenburg Case: Kotak Bank created, oversaw fund used to bet against Adani, claims US short-seller | Mint
Livemint
·
1y ago
Medial
Hindenburg Research claims that Kotak Mahindra Bank and brokerage firms associated with Uday Kotak were involved in creating and managing the offshore fund structure used by its investor partner to bet against Adani group stocks. The short-seller criticized the Securities & Exchange Board of India (SEBI) for failing to mention Kotak's name in its show-cause notice. Hindenburg suspects that SEBI may be protecting influential Indian businessmen, suggesting a lack of scrutiny. SEBI's notice, sent to Hindenburg on June 27, is seen as an attempt to intimidate the short-seller.
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SEBI sends letter to Hindenburg about Adani short bet
VCCircle
·
1y ago
Medial
US-based short-seller Hindenburg Research has received a letter from India's securities regulator, SEBI, outlining potential violations in relation to its short bet against Adani Group last year. Hindenburg disclosed that it made $4.1m in gross revenue through gains related to its Adani shorts from an undisclosed investor relationship. The short-seller also accused Indian firm Kotak Bank of overseeing an offshore fund structure used by its investor partner to bet against Adani. Hindenburg described SEBI's notice as attempted intimidation, accusing the regulator of neglecting its responsibility to protect investors. Adani and Kotak Bank have not yet responded to the allegations.
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Hindenburg showed Adani’s report to client two months before publishing: SEBI
Livemint
·
1y ago
Medial
US-based short seller Hindenburg Research is accused of sharing an early copy of its report on Adani Group with New York hedge fund manager Mark Kingdon, allowing him to profit from the subsequent market value drop. The Indian regulator, the Securities and Exchanges Board of India (SEBI), has issued a show cause notice to Hindenburg, alleging collusion, insider information use, and misleading tactics to induce panic selling. The notice also implicates a broker connected to Kotak Mahindra Bank. SEBI has given Hindenburg 21 days to respond to the allegations.
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Adani Group denies ’baseless’ claims of ‘involvement’ in Swiss Bank accounts, refutes Hindenburg’s allegations | Mint
Livemint
·
10m ago
Medial
The Adani Group has strongly denied allegations made by US-based short seller Hindenburg Research that Swiss authorities had frozen funds in the group's Swiss bank accounts. The conglomerate released a statement categorically rejecting the claims and stating that it had no involvement in any Swiss court proceedings. The Adani Group emphasized the transparency of its overseas holding structure, asserting that it complied with all relevant laws. They suggested the allegations were part of a coordinated effort to damage their reputation and market value.
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Adani AGM 2024: Hindenburg accusations were ‘baseless’, designed to defame us
Livemint
·
1y ago
Medial
In a recent annual general meeting, Gautam Adani of Adani Enterprises dismissed the Hindenburg report's allegations as baseless. While he did not name the short seller responsible, Adani stated that the attack on the company's financial standing was a calculated strike aimed at defaming them. The Hindenburg report had accused Adani of using tax havens, raising concerns about debt, and engaging in stock manipulation. The Adani group has strongly refuted these allegations, referring to them as unsubstantiated speculations.
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Mauritius-based FPIs named in Hindenburg report challenge new SEBI norms | Mint
Livemint
·
10m ago
Medial
LTS Investment Funds and Lotus Global Investment, two Mauritius-based foreign portfolio investors (FPIs), have filed a petition with the Securities Appellate Tribunal (SAT) seeking relief from complying with the new foreign investor norms set by the Securities and Exchange Board of India (SEBI). The FPIs argue that the regulations unfairly disadvantage their investors. The case is set to be heard next week, and the FPIs have requested an exemption and more time for compliance. The funds were both mentioned in a report by short seller Hindenburg Research on the Adani Group.
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Adani tells investors sale of overseas bond worth $409 million due next week
Livemint
·
1y ago
Medial
Adani Group is planning to sell a new overseas bond worth $409 million, with the sale expected to occur next week. The Indian conglomerate has been facing scrutiny following allegations of malfeasance by short-seller Hindenburg Research. The group's capital-raising activities have raised concerns, but company officials have denied the claims. Adani Green Energy Ltd. and affiliated firms will issue the 18-year tenor debt to redeem $500 million of notes maturing in December. Adani Group has not commented on the matter.
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All Adani group stocks tumble; Adani Energy slumps 17%
YourStory
·
11m ago
Medial
In early trading on Monday, all ten Adani group stocks experienced a slump, with Adani Energy dropping by 17%, following allegations made by US short-seller Hindenburg Research. Hindenburg claimed that SEBI chairperson Madhabi Puri Buch and her husband had undisclosed investments in offshore funds used by Vinod Adani to manipulate stock prices. This resulted in a decline in stocks for Adani Energy Solutions, Adani Total Gas, NDTV, Adani Power, and other related companies. Buch and her husband denounced the allegations, referring to them as an attack on SEBI's credibility.
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Sensex, Nifty decline in early trade; Adani group stocks slump
YourStory
·
11m ago
Medial
Equity markets in India, including the Sensex and Nifty, declined at the start of the week due to investor caution surrounding a report by US short-seller Hindenburg Research. The report alleged undisclosed offshore investments by the SEBI chairperson and her husband, in connection with the Adani scandal. Adani group stocks, including Adani Enterprises and Adani Power, experienced significant declines. Despite a recent market rebound, concerns remain about potential disruptions from the Hindenburg report. The US markets ended higher on Friday, and Asian markets showed mixed results.
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Hindenburg alleges SEBI head Madhabi Buch had stakes in obscure offshore funds used in Adani scandal
YourStory
·
11m ago
Medial
Hindenburg Research has accused Madhabi Buch, chairperson of India's securities regulator SEBI, and her husband of having stakes in offshore funds used in the Adani money siphoning scandal. The short-seller alleged that SEBI had shown little interest in Adani's alleged undisclosed web of offshore entities. Hindenburg cited whistleblower documents claiming that Buch and her husband had stakes in offshore funds controlled by Vinod Adani, which were used to round-trip funds and inflate stock prices. SEBI has not yet provided comment on the allegations.
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Sensex, Nifty pare early losses to end mildly lower on Monday
VCCircle
·
11m ago
Medial
Indian stocks closed slightly lower on Monday, as gains in bank stocks offset the impact of Hindenburg Research's recent report. The US-based short seller accused the head of the Securities and Exchange Board of India of previously holding investments in offshore funds used by the Adani Group. The two Adani stocks on the Nifty 50 index fell, with a combined $10bn loss in market capitalisation. The NSE Nifty 50 index closed down 0.08% and the S&P BSE Sensex fell 0.07%. Small- and mid-cap stocks outperformed the benchmarks, with several sectors logging gains.
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