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SEBI Clears Adani Group of Hindenburg Allegations

StartupTalky

StartupTalky · 24d ago

SEBI Clears Adani Group of Hindenburg Allegations

The Securities and Exchange Board of India (SEBI) has rejected allegations from Hindenburg Research against the Adani Group companies, clearing them of any wrongdoing. Hindenburg accused the Adani Group of improper fund transfers between its businesses, but SEBI found no infringement, noting the transactions occurred before related-party rules were revised. Gautam Adani welcomed SEBI's conclusions, affirming the integrity of his group and seeking apologies for investor losses caused by the report.

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Related News

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.

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 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.

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.

Time to 'accelerate': Adani outlines priorities after SEBI closure on Hindenburg allegations

Economic Times

Economic Times · 20d ago

Time to 'accelerate': Adani outlines priorities after SEBI closure on Hindenburg allegations

After receiving a clean chit from SEBI regarding Hindenburg allegations, Gautam Adani plans to focus on innovation, transparency, and long-term impact within his group. The SEBI investigation dismissed claims of accounting irregularities and related party transactions, boosting investor confidence. Despite past market challenges, Adani Group continued its operations robustly across various sectors. Moving forward, Adani aims to accelerate growth and sustain a legacy through integrity, innovation, and resilience amidst continued regulatory scrutiny.

'Time to accelerate innovation...': Adani lays out strategy following SEBI’s Hindenburg verdict

Economic Times

Economic Times · 20d ago

'Time to accelerate innovation...': Adani lays out strategy following SEBI’s Hindenburg verdict

Gautam Adani announced a renewed focus on innovation and transparency after SEBI dismissed allegations from the Hindenburg report, which had triggered significant market turmoil for the Adani Group. Adani credited his employees' resilience for maintaining operational momentum during the crisis, emphasizing the group's commitment to long-term value creation and infrastructure development.

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.

360 One claims ’zero investment’ in Adani Group stocks, says no investor involvement in fund operations

Livemint

Livemint · 1y ago

360 One claims ’zero investment’ in Adani Group stocks, says no investor involvement in fund operations

On August 11, 2022, 360 One (formerly IIFL Wealth) responded to allegations made by Hindenburg Research regarding their involvement with IPE Plus Fund 1 and the Adani Group. They clarified that the fund did not make any investments in Adani Group shares during its existence from 2013 to 2019. They also emphasized that the fund operated within regulatory compliance and maintained high standards of corporate governance. The allegations against Madhabi Puri Buch, the chief of the Securities and Exchange Board of India (SEBI), and her husband Dhaval Buch were part of a broader report by Hindenburg, referencing whistleblower documents.

Hindenburg showed Adani’s report to client two months before publishing: SEBI

Livemint

Livemint · 1y ago

Hindenburg showed Adani’s report to client two months before publishing: SEBI

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.

Adani-Hindenburg saga: Review petition challenges Supreme Court’s ruling

Livemint

Livemint · 1y ago

Adani-Hindenburg saga: Review petition challenges Supreme Court’s ruling

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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