SEBI has completed probe on Adani Group related to Hindenburg Research allegations
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New Delhi: US-based short selling firm Hindenburg Research released a report on Adani Group on 24 January. In this, many serious allegations were leveled against this group led by Gautam Adani. Although Adani Group has denied these allegations. But there was a lot of uproar over it. The Supreme Court had asked market regulator SEBI to investigate these allegations. SEBI has completed its investigation and it is believed that it is preparing to submit the investigation report to the Supreme Court this week. Sources say that SEBI has completed its investigation and this will be the final report.
Hindenburg Research had accused the Adani Group of manipulating share prices and not disclosing related party transactions. It is alleged that the Adani Group took advantage of the loopholes in the Minimum Public Shareholding (MPS) rules. However, according to sources, there is every possibility that there will be nothing much to worry about for the Adani Group in the SEBI report in this regard. However, there may be some findings regarding related party transactions. SEBI did not respond to ET’s queries on this.
Hindenburg Research had accused the Adani Group of manipulating share prices and not disclosing related party transactions. It is alleged that the Adani Group took advantage of the loopholes in the Minimum Public Shareholding (MPS) rules. However, according to sources, there is every possibility that there will be nothing much to worry about for the Adani Group in the SEBI report in this regard. However, there may be some findings regarding related party transactions. SEBI did not respond to ET’s queries on this.
auditor sidelined
The Supreme Court had given SEBI time till August 14 to complete and submit its report. The next hearing of the matter is to be held on August 29. After the Hindenburg report, there was a huge fall in the shares of Adani Group. On Saturday, Adani Ports and SEZ auditor Deloitte Heskins & Sells resigned. He had differences with the management regarding some transactions. It issued a qualified opinion on Adani Ports’ 2023 results. This refers to an audit report that is not clean.
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