More than a month after Gautam Adani and his conglomerate Adani group scored a big win when the Supreme Court ruled in its favour, it seems that the Adani-Hindenburg saga is far from getting over.
A review petition has been filed in opposition to the Supreme Court's ruling endorsing the SEBI investigation into the Adani-Hindenburg controversy.?According to the petitioner, the ruling contains "apparent errors" and ignores the regulatory shortcomings of SEBI.
The petitioner, Anamika Jaiswal, has maintained that "sufficient reasons which require review of the impugned order passed by the Supreme Court on January 3." The Supreme Court has made some remarks that appear to be encouraging, but SEBI is still investigating whether the group broke any securities laws. The SC requested in January that SEBI complete the investigation within three months, as per ET report.
“It is pertinent to note that SEBI in its status report has only updated the status of the 24 investigations as complete or incomplete and failed to disclose any findings or details on action taken. Unless the findings of the SEBI investigations are publicly reported it cannot be concluded that there has been no regulatory failure,” the petitioner has claimed
Additionally, the petitioner asserts that fresh data and proof show that Adani Group companies have been blatantly breaking several regulations.
“The modus operandi for the same involved funds being invested by Chang Chung Ling and Nasser Ali Shaban Ahli on behalf of Vinod Adani, a member of the Adani promoter group, into stocks of Adani Group Companies through Global Opportunities Fund, Emerging India Focus Funds and Emerging Market Resurgence Fund. Of these, Emerging India Focus Fund and Emerging Market Resurgence Fund also find mention among the 13 suspected companies as mentioned in the expert committee report,” the petitioner has said.
Also Read:?
In its status report, India's market regulator?SEBI stated that two of the 24 investigations were interim and 22 of the 24 were final. Of the 22 completed reports, two dealt with stock price manipulation, thirteen with failure to disclose Related Party Transactions (RTPs), five with insider trading violations, and one each with acquisitions and takeovers and foreign portfolio investors (FPI) regulations broken.
In its report that came out on 24th January 2023, US based short seller Hindenburg research had?mentioned that it has?taken a short position in Adani Group Companies?through U.S.-traded bonds and non-Indian-traded derivative instruments. It has accused the Adani Group of accounting frauds, stock manipulations, and money laundering. It had alleged?Gautam Adani of pulling the largest con in corporate history.
For the latest and more interesting financial news, keep reading Indiatimes Worth.?Click here