Adani-Hindenburg case: Sebi provides an update to the Supreme Court.


Adani-Hindenburg case: 22 of the 24 investigations have been completed, with two remaining intermediate. It is currently seeking comments from external bodies about two ongoing investigations.

Sebi provides an update on the Adani-Hindenburg case probe.
Sebi provides an update on the Adani-Hindenburg case probe.

 

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In an affidavit submitted to the Supreme Court, the Securities and Exchange Board of India (Sebi) offered an update on its investigations into the Adani-Hindenburg affair.
22 of the 24 investigations have been completed, with the remaining two being intermediate. It is currently expecting comments from external bodies in connection with two ongoing investigations.
The initial phase of the examination focused on 13 international corporations linked to Adani’s businesses. In addition, questions about Foreign Portfolio Investors (FPIs) have been made to five countries.
According to one of the preliminary reports, 13 offshore entities are classified as public shareholders of Adani Group Companies. Sebi stated that based on the findings of its inquiry, it will take appropriate action.
Given that several of these firms are located in tax havens, identifying the economic interests of shareholders among the 12 Foreign Portfolio Investors (FPIs), according to Sebi, creates a hurdle.
On August 14, the market regulator requested a 15-day extension from the Supreme Court to complete its investigation and submit a progress report on the Hindenburg report involving the Adani company.
It should be emphasised that the Supreme Court has given Sebi until August 14 to complete the investigation and submit its report, with the next hearing slated for August 29.
Sebi’s investigation focuses on assessing whether the Adani Group engaged in share price manipulation by exploiting weaknesses in the minimum public shareholding (MPS) laws, as well as if it failed to report transactions involving connected parties.
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