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Adani Hindenburg Case Verdict: SC directs SEBI to complete probe in 3 months

Livemint

Livemint · 1y ago

Adani Hindenburg Case Verdict: SC directs SEBI to complete probe in 3 months

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.

Related News

Adani-Hindenburg case: Review petition filed in SC against January 3 verdict

Livemint

Livemint · 1y ago

Adani-Hindenburg case: Review petition filed in SC against January 3 verdict

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.

Adani puts Hindenburg behind with a $3-billion fundraising plan

Livemint

Livemint · 1y ago

Adani puts Hindenburg behind with a $3-billion fundraising plan

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.

Hindenburg responds to SEBI on Adani show cause notice: 22 key points of defence | Mint

Livemint

Livemint · 1y ago

Hindenburg responds to SEBI on Adani show cause notice: 22 key points of defence | Mint

Hindenburg Research has responded to the show cause notice from the Securities and Exchange Board of India (SEBI) regarding its allegations against the Adani Group. Hindenburg shared the full notice, calling it a "bizarre" attempt to intimidate those who expose corruption and fraud in India. The notice accused Hindenburg of misrepresentation, but the firm defended its research and argued that SEBI has neglected its responsibility to address widespread fraud in the country. Hindenburg also clarified that it had only one investor relationship in its Adani thesis and made around $4.1 million in gross revenue from Adani shorts.

Madhabi Puri Buch recused herself from conflict of interest matters: SEBI issues statement

Money Control

Money Control · 1y ago

Madhabi Puri Buch recused herself from conflict of interest matters: SEBI issues statement

India's market regulator, SEBI, has stated that it has thoroughly investigated the allegations made against the Adani Group by Hindenburg Research. The regulator confirmed that its investigations into the 26 allegations are on the verge of completion. SEBI also highlighted that the claims made by Hindenburg Research, including its allegation that SEBI did not take any action against Adani, are unfounded. The regulator urged investors to exercise due diligence before reacting to such reports. SEBI emphasized the importance of transparency and consultation in the development and amendment of regulations.

Hindenburg alleges SEBI head Madhabi Buch had stakes in obscure offshore funds used in Adani scandal

YourStory

YourStory · 1y ago

Hindenburg alleges SEBI head Madhabi Buch had stakes in obscure offshore funds used in Adani scandal

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.

SEBI sends letter to Hindenburg about Adani short bet

VCCircle

VCCircle · 1y ago

SEBI sends letter to Hindenburg about Adani short bet

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.

All Adani group stocks tumble; Adani Energy slumps 17%

YourStory

YourStory · 1y ago

All Adani group stocks tumble; Adani Energy slumps 17%

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.

Hindenburg-Adani Case: ‘Malicious, mischievous and manipulative’: Adani Group on US short seller’s latest allegations | Mint

Livemint

Livemint · 1y ago

Hindenburg-Adani Case: ‘Malicious, mischievous and manipulative’: Adani Group on US short seller’s latest allegations | Mint

Adani Group has dismissed allegations made by Hindenburg Research as "malicious" and "manipulative." In a statement, the conglomerate stated that its overseas holding structure is transparent and that the claims made by Hindenburg are recycled and discredited. Adani Group emphasized its commitment to transparency and compliance with legal and regulatory requirements. The allegations by Hindenburg Research relate to whistleblower documents regarding investments in offshore funds by SEBI Chairperson Madhabi Puri Buch and her husband, which they have vehemently denied.

Sensex, Nifty decline in early trade; Adani group stocks slump

YourStory

YourStory · 1y ago

Sensex, Nifty decline in early trade; Adani group stocks slump

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.

Adani-Hindenburg Case: Kotak Bank created, oversaw fund used to bet against Adani, claims US short-seller | Mint

Livemint

Livemint · 1y ago

Adani-Hindenburg Case: Kotak Bank created, oversaw fund used to bet against Adani, claims US short-seller | Mint

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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