Hindenburg case: What did SEBI say in the Supreme Court in the investigation regarding Adani Group?
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Sebi said that appropriate action will be taken based on the findings of the probe. Earlier this year, the group’s listed companies lost over $100 billion in market value after US-based Hindenburg Research raised several governance concerns.
Market regulator SEBI has finalized its report on the allegations made by American short seller firm Hindenburg on Indian billionaire Gautam Adani’s Adani Group. In a filing to the Supreme Court, India’s market regulator informed that it has completed an investigation into whether billionaire Gautam Adani’s group violated securities laws and has taken action in certain cases to pass orders. recommended. Sebi said it has examined 24 transactions involving listed companies of the Adani group, out of which 22 final reports are ready and 2 interim reports are ready.
Sebi said that appropriate action will be taken based on the findings of the probe. Earlier this year, the group’s listed companies lost over $100 billion in market value after US-based Hindenburg Research raised several governance concerns. The group has denied wrongdoing. Subsequently, the Supreme Court asked SEBI to look into the allegations and submit its findings to a six-member panel constituted in March, comprising a retired judge and veteran banker.
The court-appointed panel had said in May that the regulator has not yet come to any conclusion in its probe and that its ongoing investigation into the matter is a “journey without destination”, but gave the regulator more time to complete its probe .
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