Six entities under probe for suspicious dealings in Adani shares: Court committee

New Delhi. The Supreme Court-appointed expert committee has said that six entities, including four foreign portfolio investors (FPIs), are under probe for suspicious deals in Adani Group shares. In its 178-page report, the committee has said that before the Hindenburg Research report on January 24, ‘short positions’ were created in the shares of Adani Group and substantial profits were recorded in these deals when the price fell. . The committee has noted that these share deals were profitable after the Hindenburg report alleged rigging and money laundering in the Adani group’s share prices.

Markets regulator Securities and Exchange Board of India (SEBI) was already probing the allegations against the Adani group. The expert committee was appointed by the apex court after serious allegations were made in the Hindenburg Report. The committee was headed by retired Supreme Court Justice AM Sapre while OP Bhatt, KV Kamath, Nandan Nilekani and Somasekhar Sundaresan were its members. Adani Group’s shares had fallen heavily after Hindenburg’s allegations came to the fore.

However, the Adani group had dismissed these allegations as baseless. The report said that nothing adverse was found in respect of Adani’s shares in the cash segment, but there were suspicious deals on the part of six entities. Of these, four are FPIs, one corporate entity and one individual. None of the six were named in the report. A detailed investigation is being done in this regard. The committee noted that the factual findings in this regard are still at a very preliminary stage and at this stage it is not commenting on the quality of the evidence. These cases are being investigated.

Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.