“The applicant (SS Infra) has proved before us that the outstanding operational debt is more than rupees one crore, which is due to the applicant by the respondent and that the respondent (Sadbhav Engineering) has defaulted in payment,” said the division bench of judicial member Shammi Khan and technical member Sameer Kakar, in its order of April 22.
On 1 February, Adani Enterprises Ltd’s board scrapped its ₹20,000-crore FPO in the best interests of investors following the massive selloff in all group company stocks after a report by short seller based in the US alleged accounting fraud and stock manipulations by Adani companies
Jugeshinder Singh, Adani Group chief financial officer, said in an interview that Adani New Industries Ltd., Adani Airport Holdings Ltd., Adani Road Transport Ltd., AdaniConnex Pvt Ltd. and the groups metals and mining units would become independent units.
The proposed fundraising via FPO comes when concerns have been raised about Adani s elevated debt levels and large promoter shareholding. As of September 30, 2022, Adani s net external debt is around ₹33,517 crore.