Gautam Adani, billionaire and chairman of the Adani Group, stated that the trials and tribulations of the past year have strengthened the conglomerate. Adani highlighted the group s accomplishments, which include raising Rs 40,000 crore of equity, repaying Rs 17,500 crore of margin-linked financing, and reducing debt. The Adani group achieved its highest-ever quarterly profit and launched key projects like the Dharavi redevelopment and the world s largest renewable energy generation site in Gujarat. Adani dismissed the Hindenburg Research report as a compilation of old and dead allegations, stating that it eroded market value and caused small investors to lose their savings.
Adani Hindenburg Case: The Securities and Exchange Board of India (SEBI) has been investigating the group after Hindenburg Research s report in January last year set off an over $150 billion selloff in the conglomerate s stocks despite the company s denials of wrongdoing. The stocks have since recovered partially.
India s Adani Group has won relief from the Supreme Court after judges ruled that the company does not need to face additional investigation after Hindenburg Research s report in January last year of improper business dealings set off an over $150 billion selloff in the conglomerate s stocks. The Securities and Exchange Board of India (SEBI) has been investigating the group after Hindenburg s allegations.
SEBI informed the court that it had diligently examined and investigated 24 matters as directed by the Supreme Court. Among these, 17 investigations had been finalized and approved by the Competent Authority in accordance with SEBI`s established procedures.