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Adani-Hindenburg case: Review petition filed in SC against January 3 verdict
Livemint
·
1y ago
Medial
A review petition has been filed in the Supreme Court challenging its January 3 verdict on the Adani Group stock price manipulation case. The petition argues that there were errors in the judgment and presents new material that warrants a review. The petition also claims that the Securities and Exchange Board of India (SEBI) did not disclose any findings or action taken in its investigation into the allegations. The Supreme Court had previously declined to order a Central Bureau of Investigation (CBI) or special investigation team (SIT) probe, citing SEBI's ongoing comprehensive investigation.
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Adani-Hindenburg saga: Review petition challenges Supreme Court’s ruling
Livemint
·
1y ago
Medial
A petitioner has filed a review petition in the Supreme Court seeking further investigation into the allegations against the Adani group. The petition claims that there are errors in the court's previous judgment and presents new evidence of violations by Adani Group companies. It challenges the court's observation about no regulatory failure and accuses the Securities and Exchange Board of India (Sebi) of not identifying the beneficial owners of overseas entities. The Supreme Court had dismissed previous petitions demanding a separate investigation into the Hindenburg Research allegations.
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Vedanta gains on plans to move SC on Sterlite copper plant reopening
Money Control
·
1y ago
Medial
Vedanta plans to file a review petition in the Supreme Court regarding the closure of its Thoothukudi copper smelter plant. The company's shares rose by 0.46% following the news. Vedanta had previously filed a special leave petition against the Madras HC's decision to close the plant, but the Supreme Court dismissed the plea on February 29. The court cited Vedanta's non-compliance with legal obligations as the reason for the decision. The stock price of Vedanta has risen more than 18% in the past six months.
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Mauritius-based FPIs named in Hindenburg report challenge new SEBI norms | Mint
Livemint
·
11m 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 stocks recover after losing $19 bn amid Hindenburg's fresh allegations
VCCircle
·
12m ago
Medial
Adani Group's stocks suffered a $19 billion loss in market value following allegations made by Hindenburg Research. The short-selling firm accused the head of India's market regulator of having links to offshore funds used by Adani. Adani's stocks partially recovered later in the day. This is not the first time Hindenburg has targeted Adani Group with allegations of improper use of tax havens. Despite the losses, Adani's stocks have generally regained value since Hindenburg's initial report in January 2023. Adani has denied all the allegations made against it.
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Adani Hindenburg Case Verdict: SC directs SEBI to complete probe in 3 months
Livemint
·
1y ago
Medial
The Supreme Court has ruled that there is no basis for transferring the investigation into the Adani Group fraud allegations from SEBI to a Special Investigation Team. SEBI has completed the investigation in 20 out of 22 matters and has been directed to conclude the remaining two cases within three months. The court rejected the reliance on the OCCRP report and stated that newspaper reports and third-party organizations cannot be considered conclusive evidence. The court also ordered the Centre and SEBI to investigate if the Hindenburg report violates any laws and to take appropriate legal action. Adani Group stocks surged after the verdict.
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Gautam Adani's wealth rises by $5.6 billion amid market rally
Livemint
·
1y ago
Medial
Billionaire Gautam Adani's net worth surged by $5.6 billion following a market rally prompted by the Supreme Court hearing on the Hindenburg report-related matter. The court reserved its verdict on allegations of corporate fraud against the Adani Group, noting that it won't solely rely on media reports. Adani is now ranked 20th on the Bloomberg Billionaires Index with a fortune of $65.8 billion. Additionally, Adani Group stocks gained about $9.8 billion in market value, driven by market optimism after the ruling party's victory in state elections.
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NCLT tells Ashneer Grover to establish maintainability of plea against BharatPe
Economic Times
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has requested former BharatPe managing director Ashneer Grover to establish the maintainability of his petition against actions taken by the fintech company. The tribunal heard arguments on the stake Grover holds in the company and asked for precedents regarding convertible preference shares. The case will be heard again on January 11. Grover filed the case in January, seeking relief and revocation of his wife's termination from BharatPe. The tribunal asked Grover to produce judgments showing whether preference shares should be treated as equity shares.
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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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Adani puts Hindenburg behind with a $3-billion fundraising plan
Livemint
·
1y ago
Medial
The Adani Group is in talks with several global private equity firms and Indian banks to raise $2.5-3 billion in the next four months. Firms such as Centerbridge Partners, Pacific Capital Group, and International Holding Co. have expressed interest in investing in Adani New Industries, Adani Airport Holdings, and Adani Green Energy. The funds will be used to fast-track projects in the airport and renewable energy sectors, including the Navi Mumbai International Airport and the group's green hydrogen and solar panel manufacturing businesses. The Supreme Court ruling on the Hindenburg Research case has renewed interest in the Adani group's projects.
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Hostile investors likely to skip Byju’s $200-mn rights issue
Livemint
·
1y ago
Medial
Investors in Think and Learn Pvt. Ltd, the parent company of Byju’s, are likely to skip participating in the $200-million rights issue, as they have filed a petition against it, citing oppression and mismanagement. The National Company Law Tribunal has deferred its verdict on the case until next week, allowing Byju's to proceed with the rights issue, which is set to conclude on Wednesday night. Byju's has already secured commitments for the rights issue, but the investors are hoping for a court instruction that the company's founders must seek approval from the existing investor base to expand the share capital.
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