Adani Hindenburg case: The Supreme Court has ordered SEBI to complete its investigation into Hindenburg Research s allegations, stating that the group s contribution to India s growth story will continue. The court ruled that SEBI s investigative authority could not be regulated, as the agency had completed its investigation in 22 out of 24 instances. Here s how Adani responded
In 2023, Indian business magnate Gautam Adani faced a tumultuous year marked by allegations of corporate misdoings, accusations of favoritism by the government, Supreme Court involvement, and investor losses. Despite the controversies, Adani has not faced any charges, and an analysis revealed a significant drop in the market value of his 10 listed companies from Rs 19.6 lakh crore at the end of 2022 to Rs 13.6 lakh crore as of December 22.
A petitioner has filed an application in the Supreme Court claiming that three members of the panel investigating irregularities in the Adani-Hindenburg saga have potential conflicts of interest. The experts named in the petition are OP Bhatt, KV Kamath, and Somashekhar Sundaresan. The petitioner requests the formation of a new committee with experts of impeccable integrity and no conflict of interest.
An investigation of India s Adani group by the market regulator has uncovered violations of rules on disclosures by listed entities and limits on the holdings of offshore funds. News agency has been told that the violations have been characterisedas being of a "technical" nature that would attract no more than a monetary penalty once the investigation is complete, however.
Adani Group vs Hindenburg Research update: In May this year, the Supreme Court gave the capital markets regulator a deadline of August 14 to submit an updated status report on the matter