A consultancy set up by Madhabi Buch before she became the Securities and Exchange Board of India (SEBI) chairperson is registered at the same address as its statutory auditor, reports said, raising fresh doubts about the past practices of the chief of India's market regulator.

A consultancy set up by Madhabi Buch before she became the Securities and Exchange Board of India (SEBI) chairperson is registered at the same address as its statutory auditor, reports said, raising fresh doubts about the past practices of the chief of India's market regulator. The firm came under scrutiny after the recent report by US-based short seller Hindenburg highlighted it as part of possible conflicts of interest on the part of Buch. The shared address issue was reported by Scroll website earlier this week citing the consulting firm's regulatory filings. The Scroll report, published on August 13, said the firm was identified as Agora Advisory Private Limited. The Hindenburg report had alleged that Buch previously held investments in offshore funds also used by the Adani Group. The report said that Buch and her husband held stakes in an offshore fund where a substantial amount of money was invested by associates of Vinod Adani, brother of Adani Group Chairman Gautam Adani. Both the Buchs and the Adani group denied the allegations. A look at the consulting firm Citing documents with the Registrar of Companies, the Scroll report on Tuesday said that Agora Advisory Private Limited was incorporated on May 7, 2013, with Madhabi Buch as one of its two directors. Buch at that point was based in Singapore. She also registered another firm Agora Partners Pte Ltd, in Singapore. Agora Advisory Private Limited is located at 201, RNJ Corporate, Next to Samrat Hotel, Jawahar Road, Ghatkopar (East), Mumbai. This address was cited in the firm's latest balance sheets for the year 2023-24. Also read | Money-Wise: How can Indian market investors be saved from sudden crises like Hindenburg-Adani case? Scroll reported that these balance sheets were audited by a chartered accountancy firm called Shah and Savla LLP. But here's the catch: Shah and Savla LLP's address is the same as that of Agora Advisory Private Limited. The report pointed out that two other firms operated by Buch - Aarnaira Impact Solutions Private Limited and Aarnaira Development Foundation - also have the same address. She had stepped down from these firms before joining SEBI in 2017. Her husband Dhaval has been a director in these firms since 2019. Experts told the publication that a firm and its auditor sharing the same address was a “shady” and a “lazy” practice usually restricted to medium, small and micro enterprises in the informal sector. An expert, who chose to remain anonymous, said this was usually a sign of bad corporate governance. Also watch | World Business Watch: Hindenburg vs SEBI chief- What are experts' opinions hinting at? × Another expert highlighted that an auditor sharing its address with the auditee firm might not necessarily be a red flag, but could lead to questions about other links. Is Agora Advisory dormant or active? Apart from the controversy over Buch's firm and its auditor sharing the same address, Scroll reported citing documents that Madhabi Buch continued to hold a 99 per cent stake in Agora Advisory Private Limited till as late as March this year, despite resigning from the consulting firm in 2017. The firm has said that it is engaged in management consultancy services. Hindenburg had highlighted that the firm reported revenue of Rs 1.98 crore (around $236,063) in 2021-’22, more than four times Buch’s salary as the SEBI chief. (With inputs from agencies)

Hindenburg vs SEBI chief: Madhabi Buch's consulting firm shares address with its auditor, says report

SEBI chairperson Madhabi Puri Buch's connection with the asset management giant Blackstone has&nbsp;come under scrutiny amid Hindenburg Research report's allegations linking her to Adani group. Madhabi, in her capacity as the chairperson of SEBI, promoted Real&nbsp; Estate Investment Trusts as a promising asset class.&nbsp;

Now, it has emerged that&nbsp;Buch's husband Dhaval Buch is currently an adviser to Blackstone Inc., the world's largest alternative asset manager with over $1 trillion assets under management. Blackstone has sponsored two of the four listed Real Estate Investment Trusts.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/hindenburg-vs-sebi-chief-madhabi-buchs-consulting-firm-shares-address-with-its-auditor-says-report-751099">Hindenburg vs SEBI chief: Madhabi Buch's consulting firm shares address with its auditor, says report</a>

Madhabi has refuted the conflict of interest accusations made by the US-based short-seller Hindenburg Research about her ownership of "stakes in obscure offshore funds used in the Adani money siphoning scandal."

She also stated that she had withdrawn from all Blackstone-related matters as SEBI chairperson.&nbsp;

Even though Madhabi has recused herself from all Blackstone-related affairs, the New York-headquartered asset management giant either owns or has a significant stake in major companies including the hospital chain Care Hospitals, the IT services provider Mphasis, Aadhar Housing Finance, Indiabulls Housing Finance (now Sammaan Capital), and ASK Investment Managers, among others, The Morning Context has reported.

Also watch |&nbsp;Hindenburg vs SEBI Chief: What experts are saying

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Madhabi Puri Buch and SEBI have not yet revealed whether she had recused herself from all the cases involving the Blackstone-linked companies.&nbsp;

Earlier in February, under Buch's supervision, SEBI had approved the initial public offering (IPO) of Aadhar Housing Finance, a business that Blackstone controlled.&nbsp;

The Morning Context report added that in August 2021, as a full-time SEBI member, Madhabi Puri Buch resolved an insider trading case against one Atul Goel and his business, E-city Hi-Tech Projects. This is significant because in April 2019, Ashok Goel Trust, in which Atul Goel is an advisory board member, was the 51 per cent stake buyer of Blackstone interest.

(With inputs from agencies)

SEBI chairperson Madhabi Puri Buch's connection with the asset management giant Blackstone has come under scrutiny amid Hindenburg Research report's allegations linking her to Adani group.

SEBI chairperson Madhabi Puri Buch's connection with the asset management giant Blackstone has come under scrutiny amid Hindenburg Research report's allegations linking her to Adani group. Madhabi, in her capacity as the chairperson of SEBI, promoted Real Estate Investment Trusts as a promising asset class. Now, it has emerged that Buch's husband Dhaval Buch is currently an adviser to Blackstone Inc., the world's largest alternative asset manager with over $1 trillion assets under management. Blackstone has sponsored two of the four listed Real Estate Investment Trusts. Also read | Hindenburg vs SEBI chief: Madhabi Buch's consulting firm shares address with its auditor, says report Madhabi has refuted the conflict of interest accusations made by the US-based short-seller Hindenburg Research about her ownership of "stakes in obscure offshore funds used in the Adani money siphoning scandal." She also stated that she had withdrawn from all Blackstone-related matters as SEBI chairperson. Even though Madhabi has recused herself from all Blackstone-related affairs, the New York-headquartered asset management giant either owns or has a significant stake in major companies including the hospital chain Care Hospitals, the IT services provider Mphasis, Aadhar Housing Finance, Indiabulls Housing Finance (now Sammaan Capital), and ASK Investment Managers, among others, The Morning Context has reported. Also watch | Hindenburg vs SEBI Chief: What experts are saying × Madhabi Puri Buch and SEBI have not yet revealed whether she had recused herself from all the cases involving the Blackstone-linked companies. Earlier in February, under Buch's supervision, SEBI had approved the initial public offering (IPO) of Aadhar Housing Finance, a business that Blackstone controlled. The Morning Context report added that in August 2021, as a full-time SEBI member, Madhabi Puri Buch resolved an insider trading case against one Atul Goel and his business, E-city Hi-Tech Projects. This is significant because in April 2019, Ashok Goel Trust, in which Atul Goel is an advisory board member, was the 51 per cent stake buyer of Blackstone interest. (With inputs from agencies)

What is SEBI chief Madhabi Puri Buch's link with asset manager Blackstone all about?

As much as $4.98 billion (Rs 41,814 crore) worth of investments have been made by mutual funds in 10 companies belonging to the Adani Group, a report by US-based short-seller Hindenburg Research has revealed.&nbsp;

Currently, there are 11 Adani Group companies listed in the Indian markets and barring New Delhi Television (NDTV) - the mutual fund managers have parked investors' money in every single company, according to Moneycontrol.

<ul>
	<li>Ambuja Cements</li>
	<li>ACC</li>
	<li>Adani Ports and SEZ</li>
	<li>Adani Enterprises</li>
	<li>Adani Power</li>
	<li>Adani Energy Solutions</li>
	<li>Adani Green Energy</li>
	<li>Adani Total Gas</li>
	<li>Sanghi Industries</li>
	<li>Adani Wilmar</li>
	<li>New Delhi Television (NDTV)</li>
</ul>

As of July 2024, Adani Ports and SEZ had the highest mutual fund exposure at $1.5 billion (Rs 13,024), followed by Ambuja Cements at $1.07 billion (Rs 8999.25 crore).&nbsp;

After the Hindenburg report was released on Saturday (Aug 10), the Indian stock market opened in red on Monday (Aug 12) with all Adani stocks experiencing a significant dip.&nbsp;Adani Ports and SEZ was down 2.33 per cent by the end of the day while Adani Enterprises closed at Rs 3,140 - down 2.46 per cent from the last trading session.&nbsp;

<a href="https://www.wionews.com/videos/sebi-chief-vs-hindenburg-hindenburg-links-sebi-chief-to-adani-report-749185" target="_blank">Watch |&nbsp;SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report</a>

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<h2>What did the report claim?&nbsp;</h2>

The Hindenburg&nbsp;report published on Saturday (Aug 10), citing whistleblower documents claimed that market regulator SEBI chief, Madhabi Puri Buch, had a conflict of interest due to investments made by her in funds&nbsp;linked to the Adani Group's alleged financial misconduct.

The money was invested in a fund, linked to associates of Vinod Adani, brother of Gautam Adani, who is chairman of Adani Group.

"She had a&nbsp;100 per cent interest in an offshore Singaporean consulting firm, called Agora Partners. On March 16, 2022, two weeks after her appointment as SEBI chairperson, she quietly transferred the shares to her husband," the report said.&nbsp;

<a href="https://www.wionews.com/business-economy/wholl-watch-the-watchdog-did-sebi-chief-madhabi-buch-fail-to-disclose-adani-links-recuse-from-probes-749348">Also read |&nbsp;Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes?</a>

The report also highlighted the SEBI chief's role in&nbsp;promoting Real Estate Investment Trusts (REITs) in India - an asset class that significantly benefitted Blackstone, where her husband is a senior adviser.&nbsp;Prior to his adviser role,&nbsp;Dhaval had not worked for a fund, in real estate or capital markets.&nbsp;

This report by Hindenburg comes more than a year after the short-seller alleged improper use of tax havens and stock manipulation by Adani Group, setting off a $150 billion sell-off in the conglomerate's stocks despite its denials of wrongdoing.

(With inputs from agencies)

As much as $4.98 billion (Rs 41,814 crore) worth of investments have been made by mutual funds in 10 companies belonging to the Adani Group, a report by US-based short-seller Hindenburg Research has revealed.

As much as $4.98 billion (Rs 41,814 crore) worth of investments have been made by mutual funds in 10 companies belonging to the Adani Group, a report by US-based short-seller Hindenburg Research has revealed. Currently, there are 11 Adani Group companies listed in the Indian markets and barring New Delhi Television (NDTV) - the mutual fund managers have parked investors' money in every single company, according to Moneycontrol. Ambuja Cements ACC Adani Ports and SEZ Adani Enterprises Adani Power Adani Energy Solutions Adani Green Energy Adani Total Gas Sanghi Industries Adani Wilmar New Delhi Television (NDTV) As of July 2024, Adani Ports and SEZ had the highest mutual fund exposure at $1.5 billion (Rs 13,024), followed by Ambuja Cements at $1.07 billion (Rs 8999.25 crore). After the Hindenburg report was released on Saturday (Aug 10), the Indian stock market opened in red on Monday (Aug 12) with all Adani stocks experiencing a significant dip. Adani Ports and SEZ was down 2.33 per cent by the end of the day while Adani Enterprises closed at Rs 3,140 - down 2.46 per cent from the last trading session. Watch | SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report What did the report claim? The Hindenburg report published on Saturday (Aug 10), citing whistleblower documents claimed that market regulator SEBI chief, Madhabi Puri Buch, had a conflict of interest due to investments made by her in funds linked to the Adani Group's alleged financial misconduct. The money was invested in a fund, linked to associates of Vinod Adani, brother of Gautam Adani, who is chairman of Adani Group. "She had a 100 per cent interest in an offshore Singaporean consulting firm, called Agora Partners. On March 16, 2022, two weeks after her appointment as SEBI chairperson, she quietly transferred the shares to her husband," the report said. Also read | Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes? The report also highlighted the SEBI chief's role in promoting Real Estate Investment Trusts (REITs) in India - an asset class that significantly benefitted Blackstone, where her husband is a senior adviser. Prior to his adviser role, Dhaval had not worked for a fund, in real estate or capital markets. This report by Hindenburg comes more than a year after the short-seller alleged improper use of tax havens and stock manipulation by Adani Group, setting off a $150 billion sell-off in the conglomerate's stocks despite its denials of wrongdoing. (With inputs from agencies)

Hindenburg report reveals $5 billion mutual fund money invested in 10 Adani Group companies

While a face-off between the US short seller and SEBI’s Chief is escalating, India's markets regulator has asked investors to remain calm. However, the spat is becoming more controversial with the back and forth between the two parties.

Late on Saturday, the US-based firm released a report with several claims of fraud, including that Buch and her husband, Dhaval Buch, held stakes in offshore entities linked to the Adani group's alleged financial misconduct.

In the afternoon on Sunday, the SEBI chief and her husband released a joint statement, rebutting each allegation point by point. The couple denied all allegations. Instead, they accused Hindenburg of character assassination weeks after SEBI sent a show-cause notice to the US firm for its report against Adani in January 2023.

The market regulator also issued a statement asking investors to remain calm and that the investigation into the Adani group and Hindenburg is ongoing. Later in the evening on Sunday, Hindenburg countered SEBI chief's rebuttal with a further point-by-point allegation.

What are Hindenburg's allegations?

The US firm claims that Buch and her husband had undisclosed investments in offshore funds linked to the Adani group. The report also accuses Buch of being the 100 per cent shareholder of a Singapore fund when she was a full-time member of the SEBI.

Hindenburg alleges that Buch transferred her stake to her husband only two weeks after she took over as the head of SEBI. The allegations suggest a possible conflict of interest for the SEBI’s probe against the Adani group.

SEBI chief, in a statement, said the investment in the fund referred to in the Hindenburg report was made in 2015 when she and her husband were both private citizens living in Singapore and almost 2 years before she joined SEBI.

Buch said the decision to invest in this fund was driven by Dhaval's childhood friend from school and IIT Delhi - the chief investment officer, Anil Ahuja.

The statement denying any link to the Adani group added:

‘as confirmed by Anil Ahuja, at no point in time did the fund invest in any bond, equity, or derivative of any Adani group company.’

Countering that statement, the US firm said, ‘Madhabi Buch's response includes several admissions...and raises numerous new critical questions.’

Hindenburg also challenged the SEBI chief to ‘commit to a full, transparent and public investigation into these issues?’

Broader implications

These allegations have broader implications for both SEBI and the government. The government, though, has not responded to the ongoing drama yet. To start with, these allegations raise several questions. Will the government initiate a separate probe as the opposition has demanded? Should the SEBI chief hold the position under such a scenario? If proven true, the claims could undermine confidence in SEBI's impartiality and regulatory effectiveness.

While a face-off between the US short seller and SEBI’s Chief is escalating, India's markets regulator has asked investors to remain calm. However, the spat is becoming more controversial with the back and forth between the two parties.

While a face-off between the US short seller and SEBI’s Chief is escalating, India's markets regulator has asked investors to remain calm. However, the spat is becoming more controversial with the back and forth between the two parties. Late on Saturday, the US-based firm released a report with several claims of fraud, including that Buch and her husband, Dhaval Buch, held stakes in offshore entities linked to the Adani group's alleged financial misconduct. In the afternoon on Sunday, the SEBI chief and her husband released a joint statement, rebutting each allegation point by point. The couple denied all allegations. Instead, they accused Hindenburg of character assassination weeks after SEBI sent a show-cause notice to the US firm for its report against Adani in January 2023. The market regulator also issued a statement asking investors to remain calm and that the investigation into the Adani group and Hindenburg is ongoing. Later in the evening on Sunday, Hindenburg countered SEBI chief's rebuttal with a further point-by-point allegation. What are Hindenburg's allegations? The US firm claims that Buch and her husband had undisclosed investments in offshore funds linked to the Adani group. The report also accuses Buch of being the 100 per cent shareholder of a Singapore fund when she was a full-time member of the SEBI. Hindenburg alleges that Buch transferred her stake to her husband only two weeks after she took over as the head of SEBI. The allegations suggest a possible conflict of interest for the SEBI’s probe against the Adani group. SEBI chief, in a statement, said the investment in the fund referred to in the Hindenburg report was made in 2015 when she and her husband were both private citizens living in Singapore and almost 2 years before she joined SEBI. Buch said the decision to invest in this fund was driven by Dhaval's childhood friend from school and IIT Delhi - the chief investment officer, Anil Ahuja. The statement denying any link to the Adani group added: ‘as confirmed by Anil Ahuja, at no point in time did the fund invest in any bond, equity, or derivative of any Adani group company.’ Countering that statement, the US firm said, ‘Madhabi Buch's response includes several admissions...and raises numerous new critical questions.’ Hindenburg also challenged the SEBI chief to ‘commit to a full, transparent and public investigation into these issues?’ Broader implications These allegations have broader implications for both SEBI and the government. The government, though, has not responded to the ongoing drama yet. To start with, these allegations raise several questions. Will the government initiate a separate probe as the opposition has demanded? Should the SEBI chief hold the position under such a scenario? If proven true, the claims could undermine confidence in SEBI's impartiality and regulatory effectiveness.

Hindenburg vs SEBI Chief: US short-seller counters SEBI chief's rebuttal statement

Securities and Exchange Board of India's (SEBI)&nbsp;Madhabi Buch and the Adani Group are making headlines. A report by US-based short-seller&nbsp;Hindenburg Research on Saturday (Aug 10) said that&nbsp;Madhabi and&nbsp;her husband had stakes in offshore entities linked to&nbsp;the Adani Group's alleged financial misconduct.

The Russia-Ukraine war rages on with Russia&nbsp;evacuating more than 76,000 people&nbsp;from areas bordering Ukraine in the Kursk&nbsp;region&nbsp;following Kyiv's incursion into the region earlier this week.&nbsp;On Saturday, Ukrainian President Volodymyr Zelensky for the first time acknowledged that his country's military was fighting in Kursk.

In other news from around the world, Republican presidential candidate Donald Trump claimed that his presidential campaign was hacked.&nbsp;

Click on the headlines to read more:

<a href="https://www.wionews.com/india-news/hindenburg-report-alleges-market-regulator-chief-her-spouse-held-stake-in-adani-groups-offshore-funds-749068">Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore fund</a>

<img alt="main img" src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2024/08/11/448685-copy-of-untitled-2024-08-11t083954565.png?imwidth=400" />

Weeks before Buch's appointment to SEBI, her husband, Dhaval Buch,&nbsp;requested to transfer their investments into his sole control&nbsp;to avoid any scrutiny that may come with the high-profile regulatory job, the report said.&nbsp;

<a href="https://www.wionews.com/world/ukraine-war-russia-evacuates-over-76000-in-kursk-region-zelensky-acknowledges-operation-749079">Ukraine war: Russia evacuates over 76,000 in Kursk region; Zelensky acknowledges operation</a>

<img alt="main img" src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2024/08/11/448694-untitled-design-1.png?imwidth=400" />

Russia on Saturday (Aug 10) evacuated more than 76,000 people&nbsp;from areas bordering Ukraine in Russia's&nbsp;Kursk&nbsp;region&nbsp;following Ukraine's incursion into the region earlier this week. The Russian emergencies ministry&nbsp;released a video clip it said showed evacuees arriving at the city of Oryol, 140 kilometres north of&nbsp;Kursk.

<a href="https://www.wionews.com/world/donald-trumps-presidential-campaign-hacked-iranian-actors-blamed-by-his-team-749057">Donald Trump's presidential campaign hacked, Iranian actors blamed by his team</a>

<img alt="main img" src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2024/07/29/446182-untitled-design.png?imwidth=400" />

Donald Trump on Saturday (Aug 10) claimed that his presidential campaign had been hacked. The Republican presidential candidate suggested Iranian actors were involved in stealing and distributing sensitive internal documents.&nbsp;

<a href="https://www.wionews.com/world/michael-brown-death-anniversary-us-cop-critically-injured-during-protests-749060">Michael Brown death anniversary: US cop critically injured during protests</a>

<img alt="main img" src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2024/08/11/448679-untitled-design.png?imwidth=400" />

A police officer in the US state of&nbsp;Missouri was critically injured outside a police station in Ferguson during protests on the 10th anniversary&nbsp;of the fatal shooting of Michael Brown, the police said on Saturday (Aug 10). The officer was identified as&nbsp;Travis Brown.

WATCH: Catalonia's New President: Salvador Illa sworn-in as new Catalonia president

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&nbsp;

&nbsp;

Securities and Exchange Board of India's (SEBI) Madhabi Buch and the Adani Group are making headlines. A report by US-based short-seller Hindenburg Research on Saturday (Aug 10) said that Madhabi and her husband had stakes in offshore entities linked to the Adani Group's alleged financial misconduct.

Securities and Exchange Board of India's (SEBI) Madhabi Buch and the Adani Group are making headlines. A report by US-based short-seller Hindenburg Research on Saturday (Aug 10) said that Madhabi and her husband had stakes in offshore entities linked to the Adani Group's alleged financial misconduct. The Russia-Ukraine war rages on with Russia evacuating more than 76,000 people from areas bordering Ukraine in the Kursk region following Kyiv's incursion into the region earlier this week. On Saturday, Ukrainian President Volodymyr Zelensky for the first time acknowledged that his country's military was fighting in Kursk. In other news from around the world, Republican presidential candidate Donald Trump claimed that his presidential campaign was hacked. Click on the headlines to read more: Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore fund Weeks before Buch's appointment to SEBI, her husband, Dhaval Buch, requested to transfer their investments into his sole control to avoid any scrutiny that may come with the high-profile regulatory job, the report said. Ukraine war: Russia evacuates over 76,000 in Kursk region; Zelensky acknowledges operation Russia on Saturday (Aug 10) evacuated more than 76,000 people from areas bordering Ukraine in Russia's Kursk region following Ukraine's incursion into the region earlier this week. The Russian emergencies ministry released a video clip it said showed evacuees arriving at the city of Oryol, 140 kilometres north of Kursk. Donald Trump's presidential campaign hacked, Iranian actors blamed by his team Donald Trump on Saturday (Aug 10) claimed that his presidential campaign had been hacked. The Republican presidential candidate suggested Iranian actors were involved in stealing and distributing sensitive internal documents. Michael Brown death anniversary: US cop critically injured during protests A police officer in the US state of Missouri was critically injured outside a police station in Ferguson during protests on the 10th anniversary of the fatal shooting of Michael Brown, the police said on Saturday (Aug 10). The officer was identified as Travis Brown. WATCH: Catalonia's New President: Salvador Illa sworn-in as new Catalonia president ×

Morning brief: Hindenburg's big allegation on SEBI chief; Ukraine war updates, and more

The Adani Group on Sunday (Aug 11) rejected the claims made by short-seller Hindenburg Research in its latest report&nbsp;which claimed that market regulator Securities and Exchange Board of India (SEBI) chief,&nbsp;Madhabi Puri Buch,&nbsp;had connections with the conglomerate.&nbsp;

Adani Group called&nbsp;Hindenburg a 'discredited' short-seller whose allegations were&nbsp;“malicious, mischievous and manipulative”.

"For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," the group said.

"The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law."

As for the alleged relationship with the SEBI chief and if it altered the investigation against the company, Adani Group said: "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing."

The Hindenburg report stated that Madhabi and her husband, Dhaval Buch, held 'clandestine' stakes in obscure offshore funds that were part of a complex financial structure used by the Adani Group. Their money was parked in a fund, linked to associates of Vinod Adani, brother of Gautam Adani, who is chairman of the Adani Group.

<a href="https://www.wionews.com/videos/adani-group-struggles-to-shake-off-hindenburgs-impact-601548" target="_blank">Watch |&nbsp;Adani group struggles to shake off Hindenburg's impact</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/adani-group-struggles-to-shake-off-hindenburgs-impact-601548/embed" width="560"></iframe>

<h2>SEBI chief statement</h2>

Reacting to Hindenburg's allegations, Madhabi and her husband released a joint statement, accusing Hindenburg of 'character assassination'.&nbsp;

"Our life and finances are an open book," said Buch in a joint statement with her husband.&nbsp;

<a href="https://www.wionews.com/india-news/hindenburg-report-alleges-market-regulator-chief-her-spouse-held-stake-in-adani-groups-offshore-funds-749068" target="_blank">Also read |&nbsp;Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds</a>&nbsp;

"It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same," they added.&nbsp;

This report by Hindenburg comes more than a year after the short-seller alleged improper use of tax havens and stock manipulation by Adani Group, setting off a $150 billion sell-off in the conglomerate's stocks despite its denials of wrongdoing.

Notably, SEBI sent a show-cause notice to Hindenburg earlier this year, accusing the short-seller of falsely claiming that it had no direct or indirect exposure to Adani Group shares listed in India.&nbsp;&nbsp;

SEBI said that Hindenburg's January 2023 report on the Adani Group included misleading disclosures.

<h2>SEBI chief to quit?</h2>

According to reliable sources, a big fallout due to the report within the upper hierarchy of SEBI may not be ruled out.

Reports indicate that Adani Group has already begun lobbying for the next SEBI chairperson and the name of Dinesh Khara, the recently retired former State Bank of India chief, is doing the rounds.&nbsp;

As for the confidence in the Indian markets and economy, especially the foreign investors, the opposition has started pressuring the Indian government to act and remove the SEBI chief.

(With inputs from agencies)

The Adani Group on Sunday (Aug 11) rejected the claims made by short-seller Hindenburg Research in its latest report which claimed that market regulator Securities and Exchange Board of India (SEBI) chief, Madhabi Puri Buch, had connections with the conglomerate.

The Adani Group on Sunday (Aug 11) rejected the claims made by short-seller Hindenburg Research in its latest report which claimed that market regulator Securities and Exchange Board of India (SEBI) chief, Madhabi Puri Buch, had connections with the conglomerate. Adani Group called Hindenburg a 'discredited' short-seller whose allegations were “malicious, mischievous and manipulative”. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," the group said. "The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law." As for the alleged relationship with the SEBI chief and if it altered the investigation against the company, Adani Group said: "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing." The Hindenburg report stated that Madhabi and her husband, Dhaval Buch, held 'clandestine' stakes in obscure offshore funds that were part of a complex financial structure used by the Adani Group. Their money was parked in a fund, linked to associates of Vinod Adani, brother of Gautam Adani, who is chairman of the Adani Group. Watch | Adani group struggles to shake off Hindenburg's impact SEBI chief statement Reacting to Hindenburg's allegations, Madhabi and her husband released a joint statement, accusing Hindenburg of 'character assassination'. "Our life and finances are an open book," said Buch in a joint statement with her husband. Also read | Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds "It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same," they added. This report by Hindenburg comes more than a year after the short-seller alleged improper use of tax havens and stock manipulation by Adani Group, setting off a $150 billion sell-off in the conglomerate's stocks despite its denials of wrongdoing. Notably, SEBI sent a show-cause notice to Hindenburg earlier this year, accusing the short-seller of falsely claiming that it had no direct or indirect exposure to Adani Group shares listed in India. SEBI said that Hindenburg's January 2023 report on the Adani Group included misleading disclosures. SEBI chief to quit? According to reliable sources, a big fallout due to the report within the upper hierarchy of SEBI may not be ruled out. Reports indicate that Adani Group has already begun lobbying for the next SEBI chairperson and the name of Dinesh Khara, the recently retired former State Bank of India chief, is doing the rounds. As for the confidence in the Indian markets and economy, especially the foreign investors, the opposition has started pressuring the Indian government to act and remove the SEBI chief. (With inputs from agencies)

'For a discredited short-seller...': Adani Group hits back over Hindenburg report

US-based short seller Hindenburg Research on Saturday (Aug 10) released a report citing whistleblower documents that&nbsp;Madhabi Buch, chairperson of market regulator Securities and Exchange Board of India (SEBI), and her husband, had stakes in offshore entities linked to&nbsp;the Adani Group's alleged financial misconduct.

Weeks before Buch's appointment to SEBI, her husband, Dhaval Buch,&nbsp;requested to transfer their investments into his sole control&nbsp;to avoid any scrutiny that may come with the high-profile regulatory job, the report said.&nbsp;

"She had a&nbsp;100 per cent interest in an offshore Singaporean consulting firm, called Agora Partners. On March 16, 2022, two weeks after her appointment as SEBI chairperson, she quietly transferred the shares to her husband," the report said.&nbsp;

It added that the couple's investments were siphoned through a complex, multi-layered offshore structure - raising suspicions over the purpose and legitimacy of the entire operation. Moreover, the money was parked in a fund, linked to&nbsp;associates of Vinod Adani, brother of Gautam Adani, who is chairman of Adani Group.

The report also highlighted the SEBI chief's role in&nbsp;promoting Real Estate Investment Trusts (REITs) in India - an asset class that significantly benefitted Blackstone, where her husband is a senior adviser.&nbsp;Prior to his adviser role,&nbsp;Dhaval had not worked for a fund, in real estate or capital markets.&nbsp;

The report&nbsp;comes 18 months after Hindenburg released its 'expose' on Adani --&nbsp;questioning the group's debt levels and use of tax havens. At the time, the report sent the conglomerate's fortunes into a tailspin which forced the company to abandon a $2.5 billion share sale.

<a href="https://www.wionews.com/videos/wikipedia-accuses-adani-staff-of-manipulation-while-adani-groups-market-rout-deepens-further-564787" target="_blank">WATCH |&nbsp;Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further</a>

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<h2>Opposition reacts&nbsp;</h2>

The Opposition has latched onto the new report and said it was now evident why the market regulator had not investigated the Adani Group comprehensively.&nbsp;

“SEBI's strange reluctance to investigate the Adani MegaScam has been long noted, not least by the Supreme Court's Expert Committee. That Committee had pointed out in its report that SEBI had in 2018 diluted and, in 2019, entirely deleted the reporting requirements relating to the ultimate beneficial (i.e. actual) ownership of foreign funds,” said senior Congress leader Jairam Ramesh.

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Meanwhile, Trinamool Congress (TMC) MP Mahua Moitra also took a dig over the allegations, saying that “in true Adani style, even the SEBI chairman is an investor in his group”.

“Crony Capitalism at its finest,” she wrote on X.

<a href="https://www.wionews.com/business-economy/indias-market-regulator-slams-hindenburg-with-show-cause-notice-736946">Also read |&nbsp;India's market regulator slams Hindenburg Research with show-cause notice</a>

<h2>Buch reacts</h2>

On Sunday (Aug 11), Buch described the allegations against her as "baseless" and an attempt at "character assassination".&nbsp;

"Our life and finances are an open book," said Buch in a joint statement with her husband.&nbsp;

"It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same," they added.&nbsp;

(With inputs from agencies)

US-based short seller Hindenburg Research on Saturday (Aug 10) released a report citing whistleblower documents that Madhabi Buch, chairperson of market regulator Securities and Exchange Board of India (SEBI), and her husband, had stakes in offshore entities linked to the Adani Group's alleged financial misconduct.

US-based short seller Hindenburg Research on Saturday (Aug 10) released a report citing whistleblower documents that Madhabi Buch, chairperson of market regulator Securities and Exchange Board of India (SEBI), and her husband, had stakes in offshore entities linked to the Adani Group's alleged financial misconduct. Weeks before Buch's appointment to SEBI, her husband, Dhaval Buch, requested to transfer their investments into his sole control to avoid any scrutiny that may come with the high-profile regulatory job, the report said. "She had a 100 per cent interest in an offshore Singaporean consulting firm, called Agora Partners. On March 16, 2022, two weeks after her appointment as SEBI chairperson, she quietly transferred the shares to her husband," the report said. It added that the couple's investments were siphoned through a complex, multi-layered offshore structure - raising suspicions over the purpose and legitimacy of the entire operation. Moreover, the money was parked in a fund, linked to associates of Vinod Adani, brother of Gautam Adani, who is chairman of Adani Group. The report also highlighted the SEBI chief's role in promoting Real Estate Investment Trusts (REITs) in India - an asset class that significantly benefitted Blackstone, where her husband is a senior adviser. Prior to his adviser role, Dhaval had not worked for a fund, in real estate or capital markets. The report comes 18 months after Hindenburg released its 'expose' on Adani -- questioning the group's debt levels and use of tax havens. At the time, the report sent the conglomerate's fortunes into a tailspin which forced the company to abandon a $2.5 billion share sale. WATCH | Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further Opposition reacts The Opposition has latched onto the new report and said it was now evident why the market regulator had not investigated the Adani Group comprehensively. “SEBI's strange reluctance to investigate the Adani MegaScam has been long noted, not least by the Supreme Court's Expert Committee. That Committee had pointed out in its report that SEBI had in 2018 diluted and, in 2019, entirely deleted the reporting requirements relating to the ultimate beneficial (i.e. actual) ownership of foreign funds,” said senior Congress leader Jairam Ramesh. Here is our statement on the latest Hindenberg revelations Quis Custodiet Ipsos Custodies pic.twitter.com/D1wGN2uJop — Jairam Ramesh (@Jairam_Ramesh) August 10, 2024 × Meanwhile, Trinamool Congress (TMC) MP Mahua Moitra also took a dig over the allegations, saying that “in true Adani style, even the SEBI chairman is an investor in his group”. “Crony Capitalism at its finest,” she wrote on X. Also read | India's market regulator slams Hindenburg Research with show-cause notice Buch reacts On Sunday (Aug 11), Buch described the allegations against her as "baseless" and an attempt at "character assassination". "Our life and finances are an open book," said Buch in a joint statement with her husband. "It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same," they added. (With inputs from agencies)

Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds

The Securities and Exchange Board of India (SEBI) has slammed US-based short-seller Hindenburg Research with a show-cause notice over suspected violations of Indian regulations during the showdown with Adani last year.

Hindenburg published a report alleging Adani was 'engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.' This triggered a $150 billion rout in Adani stocks.&nbsp;

Hindenburg responded to SEBI in a <a href="https://hindenburgresearch.com/adani-update-sebi/">blog post</a>. The firm starts by saying, 'We have been aware that Indian securities regulator SEBI has been grappling with how they are going to respond to us, a U.S.-based research firm with no presence or operations in India, after we presented overwhelming evidence in January 2023 of why we believed Indian conglomerate Adani Group was operating “the largest con in corporate history. We had anticipated fierce opposition to our report before we ever published it, regardless of how comprehensive and truthful our body of evidence was.'

The post mentioned how Kotak Mahindra Bank created and oversaw an offshore fund structure that was used by its 'investor partner' to bet against the conglomerate. Interestingly, Hindenburg revealed making $4.1 million in gross revenue through 'gains related to Adani shorts from that investor relationship', and $31,000 from their short position on Adani US bonds. SEBI is yet to respond to the allegations.

The post also mentioned how 'Big-4' auditor Deloitte resigned from its role as statutory auditor for Adani Ports, citing undisclosed related-party transactions flagged in the report.

The Securities and Exchange Board of India (SEBI) has slammed US-based short-seller Hindenburg Research with a show-cause notice over suspected violations of Indian regulations during the showdown with Adani last year.

The Securities and Exchange Board of India (SEBI) has slammed US-based short-seller Hindenburg Research with a show-cause notice over suspected violations of Indian regulations during the showdown with Adani last year. Hindenburg published a report alleging Adani was 'engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.' This triggered a $150 billion rout in Adani stocks. Hindenburg responded to SEBI in a blog post. The firm starts by saying, 'We have been aware that Indian securities regulator SEBI has been grappling with how they are going to respond to us, a U.S.-based research firm with no presence or operations in India, after we presented overwhelming evidence in January 2023 of why we believed Indian conglomerate Adani Group was operating “the largest con in corporate history. We had anticipated fierce opposition to our report before we ever published it, regardless of how comprehensive and truthful our body of evidence was.' The post mentioned how Kotak Mahindra Bank created and oversaw an offshore fund structure that was used by its 'investor partner' to bet against the conglomerate. Interestingly, Hindenburg revealed making $4.1 million in gross revenue through 'gains related to Adani shorts from that investor relationship', and $31,000 from their short position on Adani US bonds. SEBI is yet to respond to the allegations. The post also mentioned how 'Big-4' auditor Deloitte resigned from its role as statutory auditor for Adani Ports, citing undisclosed related-party transactions flagged in the report.

India's market regulator slams Hindenburg Research with show-cause notice

Hindenburg’s report alleging corporate fraud against the Adani Group did not affect the US government’s decision to extend a container terminal project in Sri Lanka to the Indian billionaire, Bloomberg reported, quoting a senior American government official.

He said that the report was not relevant with regards to the International Development Finance Corp (DFC) extending around $553 million for a container terminal project in Colombo in November.

The Colombo terminal project is partly owned by the Adani Group, which has a 51 per cent stake in the west container terminal,&nbsp;whereas the east terminal is run by China Merchants Port Holdings Co Ltd.

The official from the DFC told Bloomberg that the accusations in the report, labelling Adani's actions as "the largest con in corporate history," were found not to be applicable to Adani Ports &amp; Special Economic Zone Ltd., the subsidiary leading the Sri Lankan initiative.

The DFC handed out the project after conducting due diligence on the conglomerate, the official was quoted as saying.

<h2>US agency to continue monitor Indian firm&nbsp;</h2>

The US agency will also continue to monitor the Indian firm to ensure the US government doesn’t unintentionally support financial misconduct or other inappropriate behaviour, the official said, noting that the US must approach infrastructure projects differently than China

The Adani Group has been embroiled in a controversy ever since US-based Hindenburg Research report claimed that it indulged in corporate misgovernance, stock manipulation, among others.

Also read |&nbsp;<a href="https://www.wionews.com/world/around-two-civilians-killed-for-every-hamas-fighter-in-gaza-admits-israeli-military-666395">Around two civilian deaths for every Hamas fighter killed in Gaza, admits Israeli military</a>

The report wiped out around $100 billion from the Adani Group's market value earlier this year.

<h2>Adani Group performing well in stockmarket</h2>

The Adani Group, however, has continued to deny the allegations featured in the report.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/extreme-weather-halts-iphone-production-in-india-foxconn-and-pegatron-grapple-with-disruptions-666357">Extreme weather halts iPhone production in India: Foxconn and Pegatron grapple with disruptions</a>

Though the Indian agencies have launched a probe into the wrongdoings, they have not yet uncovered any of the claims mentioned in the report. Lately, Adani stocks have rallied, and Adani Ports and Special Economic Zone Ltd. has gained 7.4 per cent so far this year.

The $553 million in private-sector loans for the West Container Terminal is expected to expand the capacity of Colombo Port, which is operating at more than 90 per cent capacity utilisation since 2021.

(With inputs from agencies)

Hindenburg’s report alleging corporate fraud against the Adani Group did not affect the US government’s decision to extend a container terminal project in Sri Lanka to the Indian billionaire, Bloomberg reported, quoting a senior American government official.

Hindenburg’s report alleging corporate fraud against the Adani Group did not affect the US government’s decision to extend a container terminal project in Sri Lanka to the Indian billionaire, Bloomberg reported, quoting a senior American government official. He said that the report was not relevant with regards to the International Development Finance Corp (DFC) extending around $553 million for a container terminal project in Colombo in November. The Colombo terminal project is partly owned by the Adani Group, which has a 51 per cent stake in the west container terminal, whereas the east terminal is run by China Merchants Port Holdings Co Ltd. The official from the DFC told Bloomberg that the accusations in the report, labelling Adani's actions as "the largest con in corporate history," were found not to be applicable to Adani Ports & Special Economic Zone Ltd., the subsidiary leading the Sri Lankan initiative. The DFC handed out the project after conducting due diligence on the conglomerate, the official was quoted as saying. US agency to continue monitor Indian firm The US agency will also continue to monitor the Indian firm to ensure the US government doesn’t unintentionally support financial misconduct or other inappropriate behaviour, the official said, noting that the US must approach infrastructure projects differently than China The Adani Group has been embroiled in a controversy ever since US-based Hindenburg Research report claimed that it indulged in corporate misgovernance, stock manipulation, among others. Also read | Around two civilian deaths for every Hamas fighter killed in Gaza, admits Israeli military The report wiped out around $100 billion from the Adani Group's market value earlier this year. Adani Group performing well in stockmarket The Adani Group, however, has continued to deny the allegations featured in the report. Also read | Extreme weather halts iPhone production in India: Foxconn and Pegatron grapple with disruptions Though the Indian agencies have launched a probe into the wrongdoings, they have not yet uncovered any of the claims mentioned in the report. Lately, Adani stocks have rallied, and Adani Ports and Special Economic Zone Ltd. has gained 7.4 per cent so far this year. The $553 million in private-sector loans for the West Container Terminal is expected to expand the capacity of Colombo Port, which is operating at more than 90 per cent capacity utilisation since 2021. (With inputs from agencies)

Hindenburg report did not impact US govt’s decision to finance Adani’s terminal venture in Colombo: Report

India's Adani Group hit back Thursday at a new report investigating alleged manipulation of the conglomerate's share prices, accusing its authors of conspiring to drive down its stocks for profit.&nbsp;

The globe-spanning ports-to-power conglomerate saw around $120 billion wiped from its market value after US short-seller investment firm Hindenburg Research accused it of "brazen" corporate fraud.&nbsp;

On Wednesday, the Organized Crime and Corruption Reporting Project (OCCRP) said it had uncovered financial documents backing Hindenburg's claims that Adani had used offshore tax havens and related party transactions to drive up its share price.&nbsp;

The report said two men who had served as directors in Adani Group companies had spent years trading stock in the conglomerate "through offshore structures that obscured their involvement".

Adani said in a Thursday statement that it "categorically" rejected the OCCRP's findings and accused the investigative journalism network of seeking to profit by "driving down our stock prices".

"We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards," it said.&nbsp;

"In light of these facts, the timing of these news reports is suspicious, mischievous and malicious."

A meteoric rise in Adani Group's share prices -- its main listed unit shot up more than 1,000 percent in five years -- funded the conglomerate's breakneck expansion.

Billionaire founder Gautam Adani, who was until this year the world's third-richest man, lost two-thirds of his net worth in the wake of the Hindenburg allegations.

He is considered a close associate of Hindu-nationalist Prime Minister Narendra Modi, a fellow native of Gujarat state.

Opposition parties and other critics say their relationship helped Adani to unfairly win business and avoid proper oversight.

His empire's rapid expansion into capital-intensive businesses has raised alarms, with Fitch subsidiary and market researcher CreditSights warning last year that Adani Group was "deeply overleveraged".

Shares in the conglomerate's flagship Adani Enterprises fell dramatically after the January allegations by Hindenburg, a short-seller that not only tracks corporate wrongdoing but also makes money by betting on stocks falling.

They remain 35 percent down from the start of the year, falling another 2.4 percent in Thursday morning trade on the Bombay Stock Exchange.

India's securities regulator is expected to soon release the findings of a probe into Adani Group launched in the wake of the Hindenburg allegations.

&nbsp;

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India's Adani Group hit back Thursday at a new report investigating alleged manipulation of the conglomerate's share prices, accusing its authors of conspiring to drive down its stocks for profit.

India's Adani Group hit back Thursday at a new report investigating alleged manipulation of the conglomerate's share prices, accusing its authors of conspiring to drive down its stocks for profit. The globe-spanning ports-to-power conglomerate saw around $120 billion wiped from its market value after US short-seller investment firm Hindenburg Research accused it of "brazen" corporate fraud. On Wednesday, the Organized Crime and Corruption Reporting Project (OCCRP) said it had uncovered financial documents backing Hindenburg's claims that Adani had used offshore tax havens and related party transactions to drive up its share price. The report said two men who had served as directors in Adani Group companies had spent years trading stock in the conglomerate "through offshore structures that obscured their involvement". Adani said in a Thursday statement that it "categorically" rejected the OCCRP's findings and accused the investigative journalism network of seeking to profit by "driving down our stock prices". "We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards," it said. "In light of these facts, the timing of these news reports is suspicious, mischievous and malicious." A meteoric rise in Adani Group's share prices -- its main listed unit shot up more than 1,000 percent in five years -- funded the conglomerate's breakneck expansion. Billionaire founder Gautam Adani, who was until this year the world's third-richest man, lost two-thirds of his net worth in the wake of the Hindenburg allegations. He is considered a close associate of Hindu-nationalist Prime Minister Narendra Modi, a fellow native of Gujarat state. Opposition parties and other critics say their relationship helped Adani to unfairly win business and avoid proper oversight. His empire's rapid expansion into capital-intensive businesses has raised alarms, with Fitch subsidiary and market researcher CreditSights warning last year that Adani Group was "deeply overleveraged". Shares in the conglomerate's flagship Adani Enterprises fell dramatically after the January allegations by Hindenburg, a short-seller that not only tracks corporate wrongdoing but also makes money by betting on stocks falling. They remain 35 percent down from the start of the year, falling another 2.4 percent in Thursday morning trade on the Bombay Stock Exchange. India's securities regulator is expected to soon release the findings of a probe into Adani Group launched in the wake of the Hindenburg allegations. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India's Adani hits back at new 'stock manipulation' report

Shares of the Adani Group dropped on Thursday after a report published by the Organized Crime and Corruption Reporting Project (OCCRP) alleged share price manipulation by individuals associated with the promoters.&nbsp;

The overall market value of the Adani Group stood at around $132 billion on Wednesday, before dropping to nearly $128 billion on Thursday.&nbsp;

Barring the shares of ACC, all stocks of the Adani Group ended in the red, falling up to 4 per cent. Shares of Adani Green fell 4.39 per cent, followed by those of Adani Enterprises - the flagship company of the group. Shares of Adani Energy Solutions and Adani Ports ended over 3 per cent lower.

The Adani Group denied the accusations and referred to them as "mischievous and malicious" in a statement.

In a report published on Thursday, the OCCRP, a global network of investigative journalists, said&nbsp;that two men -- Nasser Ali Shaban Ahli and Chang Chung-Ling --&nbsp;with close ties to the Adani family&nbsp;spent&nbsp;years trading millions of dollars' worth of Adani Group stocks.&nbsp;

Records accessed by the OCCRP also revealed that a business controlled by a senior member of the Adani family sent instructions to the investment funds they used to trade in Adani Group shares.

Referring to the January report by US-based Hindenburg Research,&nbsp;which had accused the Indian conglomerate of corporate fraud and share price manipulation, the Adani Group called the news reports as another concerted bid to "revive the meritless Hindenburg report".&nbsp;

"These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs (foreign portfolio investors)," the Adani Group maintained.

The conglomerate added that the Supreme Court of India’s decision in its favor had brought the case to a conclusion in March 2023.&nbsp; The group claimed that there was “no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices".&nbsp;

“We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious - and we reject these reports in their entirety,” the Adani Group said.

What does the OCCRP report say?&nbsp;

Documents obtained by OCCRP's allege that hundreds of millions of dollars were invested through mysterious investment funds located in Mauritius in publicly-traded Adani Group stocks.

"In at least two cases, representing Adani stock holdings that at one point reached $430 million, the mysterious investors turn out to have widely reported ties to the group’s majority shareholders, the Adani family,"&nbsp;the OCCRP claimed&nbsp;in its report.

The documents revealed that two men --&nbsp;&nbsp;Nasser Ali Shaban Ahli and Chang Chung-Ling&nbsp;-- spent years buying and selling Adani stocks through "opaque" Mauritius funds that concealed their involvement and helped them earn large profits. Additionally, the documents showed&nbsp;that the management firm in charge of their investments paid a Vinod Adani-owned firm for investment advice.

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Shares of the Adani Group dropped on Thursday after a report published by the Organized Crime and Corruption Reporting Project (OCCRP) alleged share price manipulation by individuals associated with the promoters.

Shares of the Adani Group dropped on Thursday after a report published by the Organized Crime and Corruption Reporting Project (OCCRP) alleged share price manipulation by individuals associated with the promoters. The overall market value of the Adani Group stood at around $132 billion on Wednesday, before dropping to nearly $128 billion on Thursday. Barring the shares of ACC, all stocks of the Adani Group ended in the red, falling up to 4 per cent. Shares of Adani Green fell 4.39 per cent, followed by those of Adani Enterprises - the flagship company of the group. Shares of Adani Energy Solutions and Adani Ports ended over 3 per cent lower. The Adani Group denied the accusations and referred to them as "mischievous and malicious" in a statement. In a report published on Thursday, the OCCRP, a global network of investigative journalists, said that two men -- Nasser Ali Shaban Ahli and Chang Chung-Ling -- with close ties to the Adani family spent years trading millions of dollars' worth of Adani Group stocks. Records accessed by the OCCRP also revealed that a business controlled by a senior member of the Adani family sent instructions to the investment funds they used to trade in Adani Group shares. Referring to the January report by US-based Hindenburg Research, which had accused the Indian conglomerate of corporate fraud and share price manipulation, the Adani Group called the news reports as another concerted bid to "revive the meritless Hindenburg report". "These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs (foreign portfolio investors)," the Adani Group maintained. The conglomerate added that the Supreme Court of India’s decision in its favor had brought the case to a conclusion in March 2023. The group claimed that there was “no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices". “We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious - and we reject these reports in their entirety,” the Adani Group said. What does the OCCRP report say? Documents obtained by OCCRP's allege that hundreds of millions of dollars were invested through mysterious investment funds located in Mauritius in publicly-traded Adani Group stocks. "In at least two cases, representing Adani stock holdings that at one point reached $430 million, the mysterious investors turn out to have widely reported ties to the group’s majority shareholders, the Adani family," the OCCRP claimed in its report. The documents revealed that two men -- Nasser Ali Shaban Ahli and Chang Chung-Ling -- spent years buying and selling Adani stocks through "opaque" Mauritius funds that concealed their involvement and helped them earn large profits. Additionally, the documents showed that the management firm in charge of their investments paid a Vinod Adani-owned firm for investment advice. WATCH WION LIVE HERE

Adani share prices fall following reports of alleged share price manipulation 

Guardian claims that new documents by the Organised Crime and Corruption Reporting Project have found evidence against India's Adani Group. The documents allegedly reveal that the Indian conglomerate used offshore shell companies to manipulate stocks. Molly Gambhir tells you more.

Gravitas: Adani Group gripped in another controversy

India’s capital markets regulator has submitted a status report to the Supreme Court detailing its probe into the allegations made against the Adani group, a copy of which was made available to Bloomberg News by one of the petitioners, Vishal Tiwari.

India SEBI submits Adani probe status report in Supreme Court

A Reuters exclusive report citing a social Deloitte has now decided to resign his auditor of India's Adani ports.

Deloitte to resign as Adani auditor: Report

Here we bring you a quick round-up of all the latest news and top headlines from all across the globe: since allegations of stock manipulation and accounting fraud were made, the investments had taken a toll on Adani Group. But now, GQG partners expressed confidence in the group's finances and its role in India's infrastructure development.

Adani's billion-dollar boost; GQG invests in Adani stocks

The Adani Group, one of India's largest conglomerates, finds itself grappling with the aftermath of a bombshell report by short-selling firm Hindenburg Research. The report, released four months ago, leveled grave allegations against the group, accusing it of orchestrating the 'largest con in corporate history.' Since then, Adani's stocks have been on a tumultuous journey, desperately attempting to regain their former glory. With over $100 billion wiped off their market value, investors eagerly await signs of recovery and redemption.

The report has also prompted the conglomerate to reevaluate its grand expansion plans in areas such as aluminum, steel, and road projects, according to sources cited by Bloomberg. Adani vehemently denies the allegations, maintaining its full compliance with disclosure requirements under local laws. However, rebuilding investor trust remains a formidable challenge.

Led by Nathan Anderson, Hindenburg Research has made a name for itself by targeting high-profile companies. Prior to its assault on the Adani Group, Hindenburg had successfully exposed fraudulent practices at companies like electric-vehicle maker Nikola Corp. and Icahn Enterprises. The allegations have prompted Adani to take drastic measures, including prepaying debt, buying back bonds, and holding investor roadshows in a concerted effort to restore confidence. However, the losses incurred over the past months continue to loom large.

Adani: Seeking Redemption

Amidst the adversity, emerging-market investor Rajiv Jain and his firm, GQG Partners LLC, have emerged as a ray of hope for Adani. Jain's company stepped in to support the conglomerate, purchasing shares in four Adani units, which helped stem the downward spiral and instill a sense of optimism in the market. Additionally, a panel appointed by India's top court concluded that there were no indications of regulatory failure or price manipulation in Adani stocks, further boosting investor sentiment.

As the market awaits the findings of an investigation by India's markets regulator into Hindenburg's claims, the Adani Group finds itself at a crucial juncture. India's top court has set a deadline of August 14 for the investigation to conclude. The regulator is also considering proposing additional disclosure requirements for foreign funds holding significant stakes in local stocks or companies, following criticism of oversight in sprawling conglomerates like Adani. The outcome of the probe and subsequent regulatory measures will play a pivotal role in determining the group's path to redemption.

The Adani Group, one of India's largest conglomerates, finds itself grappling with the aftermath of a bombshell report by short-selling firm Hindenburg Research.

The Adani Group, one of India's largest conglomerates, finds itself grappling with the aftermath of a bombshell report by short-selling firm Hindenburg Research. The report, released four months ago, leveled grave allegations against the group, accusing it of orchestrating the 'largest con in corporate history.' Since then, Adani's stocks have been on a tumultuous journey, desperately attempting to regain their former glory. With over $100 billion wiped off their market value, investors eagerly await signs of recovery and redemption. The report has also prompted the conglomerate to reevaluate its grand expansion plans in areas such as aluminum, steel, and road projects, according to sources cited by Bloomberg. Adani vehemently denies the allegations, maintaining its full compliance with disclosure requirements under local laws. However, rebuilding investor trust remains a formidable challenge. Led by Nathan Anderson, Hindenburg Research has made a name for itself by targeting high-profile companies. Prior to its assault on the Adani Group, Hindenburg had successfully exposed fraudulent practices at companies like electric-vehicle maker Nikola Corp. and Icahn Enterprises. The allegations have prompted Adani to take drastic measures, including prepaying debt, buying back bonds, and holding investor roadshows in a concerted effort to restore confidence. However, the losses incurred over the past months continue to loom large. Adani: Seeking Redemption Amidst the adversity, emerging-market investor Rajiv Jain and his firm, GQG Partners LLC, have emerged as a ray of hope for Adani. Jain's company stepped in to support the conglomerate, purchasing shares in four Adani units, which helped stem the downward spiral and instill a sense of optimism in the market. Additionally, a panel appointed by India's top court concluded that there were no indications of regulatory failure or price manipulation in Adani stocks, further boosting investor sentiment. As the market awaits the findings of an investigation by India's markets regulator into Hindenburg's claims, the Adani Group finds itself at a crucial juncture. India's top court has set a deadline of August 14 for the investigation to conclude. The regulator is also considering proposing additional disclosure requirements for foreign funds holding significant stakes in local stocks or companies, following criticism of oversight in sprawling conglomerates like Adani. The outcome of the probe and subsequent regulatory measures will play a pivotal role in determining the group's path to redemption.

Adani Group fights to rebuild trust after Hindenburg report

Ever since Hindenburg's bombshell report rocked the markets, Adani's stocks have been on a rollercoaster ride, desperately trying to recover from the devastating blow. Four months ago, Hindenburg research released a report, accusing the conglomerate of orchestrating the "largest con in corporate history." Since then, Adani's stocks have struggled to regain their former glory, with over $100 billion wiped off their market value.

Adani group struggles to shake off Hindenburg's impact

Balasore train tragedy: Indian billionaire Gautam Adani on Sunday declared his Adani Group will fund the education of those children who lose their parents in India’s tragic Balasore train accident. Gautam Adani tweeted on Sunday, “We have decided that the Adani group will take the responsibility of the school education of the innocent people who have lost their parents in this accident."

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उड़ीसा की रेल दुर्घटना से हम सभी बेहद व्यथित हैं। 
 
हमने फैसला लिया है कि जिन मासूमों ने इस हादसे में अपने अभिभावकों को खोया है उनकी स्कूली शिक्षा की जिम्मेदारी अडाणी समूह उठाएगा। 
 
पीड़ितों एवं उनके परिजनों को संबल और बच्चों को बेहतर कल मिले यह हम सभी की संयुक्त जिम्मेदारी है।
— Gautam Adani (@gautam_adani) <a href="https://twitter.com/gautam_adani/status/1665319913790279680?ref_src=twsrc%5Etfw">June 4, 2023</a></blockquote>
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"It is the joint responsibility of all of us to provide strength to the victims and their families and better tomorrow to the children," he wrote further.

<h2>Balasore train accident latest updates</h2>

The Odisha chief secretary, Pradeep Jena, announced that the death toll in the incident has been revised to 275, taking into account the duplicated counts. Of the 275 victims, 88 bodies have been identified.

The remaining bodies, totalling 170, have been transported to various hospitals in Bhubaneshwar, including AIIMS, Capital Hospital, SUM, KIM, and AMRI Hospital, with plans to send the remaining bodies there as well.

Additionally, a total of 1,175 injured individuals have been referred to different hospitals. As of Sunday morning, 793 injured passengers have been discharged, while the remaining 382 are still receiving treatment, with updates on this figure expected in the future.

<h2>Restoration efforts underway at the accident site</h2>

Meanwhile, the railway ministry reported that restoration work at the accident site is progressing rapidly, with over 1,000 personnel involved in the efforts.

The ministry has deployed more than seven Poclain Machines, two Accident Relief Trains, and 3-4 Railway and Road Cranes to aid in the process. Officials are closely monitoring the restoration process.

<h2>Possible sabotage being probed</h2>

Railway Minister Ashwini Vaishnaw suggested that the possibility of sabotage and tampering with the electronic interlocking system cannot be ruled out. The railways have dismissed the likelihood of driver error or system malfunction and believe that the accident may have been caused by deliberate interference with the electronic interlocking and point machine.

<a href="https://www.wionews.com/business-economy/after-hindenburg-row-adani-group-seeks-3-billion-share-sale-599072">Also read:&nbsp;After Hindenburg row, Adani Group seeks $3 billion share sale</a>

The minister stated that the "root cause" of the accident and the responsible individuals behind it have been identified. He made these remarks while speaking to reporters at the accident site in Balasore district.

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Balasore train tragedy: Indian billionaire Gautam Adani on Sunday declared his Adani Group will fund the education of those children who lose their parents in India’s tragic Balasore train accident.

Balasore train tragedy: Indian billionaire Gautam Adani on Sunday declared his Adani Group will fund the education of those children who lose their parents in India’s tragic Balasore train accident. Gautam Adani tweeted on Sunday, “We have decided that the Adani group will take the responsibility of the school education of the innocent people who have lost their parents in this accident." उड़ीसा की रेल दुर्घटना से हम सभी बेहद व्यथित हैं। हमने फैसला लिया है कि जिन मासूमों ने इस हादसे में अपने अभिभावकों को खोया है उनकी स्कूली शिक्षा की जिम्मेदारी अडाणी समूह उठाएगा। पीड़ितों एवं उनके परिजनों को संबल और बच्चों को बेहतर कल मिले यह हम सभी की संयुक्त जिम्मेदारी है। — Gautam Adani (@gautam_adani) June 4, 2023 × "It is the joint responsibility of all of us to provide strength to the victims and their families and better tomorrow to the children," he wrote further. Balasore train accident latest updates The Odisha chief secretary, Pradeep Jena, announced that the death toll in the incident has been revised to 275, taking into account the duplicated counts. Of the 275 victims, 88 bodies have been identified. The remaining bodies, totalling 170, have been transported to various hospitals in Bhubaneshwar, including AIIMS, Capital Hospital, SUM, KIM, and AMRI Hospital, with plans to send the remaining bodies there as well. Additionally, a total of 1,175 injured individuals have been referred to different hospitals. As of Sunday morning, 793 injured passengers have been discharged, while the remaining 382 are still receiving treatment, with updates on this figure expected in the future. Restoration efforts underway at the accident site Meanwhile, the railway ministry reported that restoration work at the accident site is progressing rapidly, with over 1,000 personnel involved in the efforts. The ministry has deployed more than seven Poclain Machines, two Accident Relief Trains, and 3-4 Railway and Road Cranes to aid in the process. Officials are closely monitoring the restoration process. Possible sabotage being probed Railway Minister Ashwini Vaishnaw suggested that the possibility of sabotage and tampering with the electronic interlocking system cannot be ruled out. The railways have dismissed the likelihood of driver error or system malfunction and believe that the accident may have been caused by deliberate interference with the electronic interlocking and point machine. Also read: After Hindenburg row, Adani Group seeks $3 billion share sale The minister stated that the "root cause" of the accident and the responsible individuals behind it have been identified. He made these remarks while speaking to reporters at the accident site in Balasore district. WATCH WION LIVE HERE ×

Balasore train tragedy: Adani Group to fund education of children who lost their parents in accident

Months after US short seller Hindenburg accused the Gautam Adani-led Adani group of malpractices, the company seeks to raise 3 billion dollars through an equity share sale to institutional investors.

Adani group to raise $3 billion through share sales

GQG Partners LLC, led by veteran investor Rajiv Jain, has increased its stake in billionaire Gautam Adani's conglomerate by approximately 10 per cent and expressed interest in participating in the conglomerate's future fundraising campaigns. Jain considers Adani Group to possess the best infrastructure assets available in India and aims to become one of the largest investors in the company within five years, after the Adani family.&nbsp;

In an interview, Jain stated, "We would certainly want to be partners in any of Adani Group's new offerings." The value of GQG's Adani holdings is estimated to be around $3.5 billion.

<h2>Details about GQG’s initial investments in Adani</h2>

In March, GQG made an initial investment of nearly $2 billion by purchasing shares in four of Adani's companies from a family trust. This investment provided a boost to the tycoon's companies, which had faced allegations of stock-price manipulation and corporate fraud by New York short-seller Hindenburg Research.&nbsp;

The conglomerate's market value had plummeted by over $150 billion at one point. However, Jain remains unfazed by the short seller's allegations, which Adani has consistently denied, considering them to be a common occurrence in India's business landscape.

Jain justifies his contrarian investment by emphasising the value of Adani Group's businesses, including coal mining and airport assets, which align with India's development goals. Prime Minister Narendra Modi has been urging domestic businesses to bolster critical infrastructure and attract manufacturing investments, particularly as a means to divert production from China.&nbsp;

<h2>Adani stocks experiencing a massive surge</h2>

Adani Enterprises Ltd, the flagship firm, witnessed a three-day surge of 46%, with a 19% increase on Tuesday alone. Adani Ports &amp; Special Economic Zone Ltd also recovered all its losses triggered by Hindenburg, gaining 8%.&nbsp;

Watch:&nbsp;Tesla restarts India market talks, executives to visit India to diversify beyond China&nbsp;

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GQG Partners acquired significant shares in Adani Group companies, including Adani Transmission Ltd, Adani Enterprises Ltd, Adani Ports, and Adani Green Energy, amounting to substantial investments.

The rally in Adani Group stocks follows the report by the Supreme Court-appointed panel, which stated that there was no evidence of a regulatory failure by the group and no discernible pattern of manipulation contributing to the sharp rise in stock prices across Gautam Adani's companies. The 173-page report concluded that no single entity or connected group of entities could be held responsible for the observed stock price increases.

<a href="https://www.wionews.com/india-news/adani-groups-port-unit-recovers-all-stock-losses-suffered-after-hindenburg-expose-report-595426">Also Read |&nbsp;Adani Group’s port unit recovers all stock losses suffered after Hindenburg expose: Report</a>

As GQG Partners doubles down on its investment in Adani Group and expresses confidence in its future prospects, the rally in the conglomerate's stocks is expected to continue in the coming days.

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GQG Partners LLC, led by veteran investor Rajiv Jain, has increased its stake in billionaire Gautam Adani's conglomerate by approximately 10 per cent and expressed interest in participating in the conglomerate's future fundraising campaigns.

GQG Partners LLC, led by veteran investor Rajiv Jain, has increased its stake in billionaire Gautam Adani's conglomerate by approximately 10 per cent and expressed interest in participating in the conglomerate's future fundraising campaigns. Jain considers Adani Group to possess the best infrastructure assets available in India and aims to become one of the largest investors in the company within five years, after the Adani family. In an interview, Jain stated, "We would certainly want to be partners in any of Adani Group's new offerings." The value of GQG's Adani holdings is estimated to be around $3.5 billion. Details about GQG’s initial investments in Adani In March, GQG made an initial investment of nearly $2 billion by purchasing shares in four of Adani's companies from a family trust. This investment provided a boost to the tycoon's companies, which had faced allegations of stock-price manipulation and corporate fraud by New York short-seller Hindenburg Research. The conglomerate's market value had plummeted by over $150 billion at one point. However, Jain remains unfazed by the short seller's allegations, which Adani has consistently denied, considering them to be a common occurrence in India's business landscape. Jain justifies his contrarian investment by emphasising the value of Adani Group's businesses, including coal mining and airport assets, which align with India's development goals. Prime Minister Narendra Modi has been urging domestic businesses to bolster critical infrastructure and attract manufacturing investments, particularly as a means to divert production from China. Adani stocks experiencing a massive surge Adani Enterprises Ltd, the flagship firm, witnessed a three-day surge of 46%, with a 19% increase on Tuesday alone. Adani Ports & Special Economic Zone Ltd also recovered all its losses triggered by Hindenburg, gaining 8%. Watch: Tesla restarts India market talks, executives to visit India to diversify beyond China × GQG Partners acquired significant shares in Adani Group companies, including Adani Transmission Ltd, Adani Enterprises Ltd, Adani Ports, and Adani Green Energy, amounting to substantial investments. The rally in Adani Group stocks follows the report by the Supreme Court-appointed panel, which stated that there was no evidence of a regulatory failure by the group and no discernible pattern of manipulation contributing to the sharp rise in stock prices across Gautam Adani's companies. The 173-page report concluded that no single entity or connected group of entities could be held responsible for the observed stock price increases. Also Read | Adani Group’s port unit recovers all stock losses suffered after Hindenburg expose: Report As GQG Partners doubles down on its investment in Adani Group and expresses confidence in its future prospects, the rally in the conglomerate's stocks is expected to continue in the coming days. WATCH WION LIVE HERE ×

Rajiv Jain-led GQG raises stake in Adani Group by 10 per cent in $3.5 billion bet

After market regulator Securities and Exchange Board of India (SEBI) moved the Supreme Court seeking a six-month extension to complete the Adani Group probe, the company has released a statement.

After market regulator Securities and Exchange Board of India (SEBI) moved the Supreme Court seeking a six-month extension to complete the Adani Group probe, the company has released a statement. The conglomerate said SEBI has not concluded any wrongdoing in its application to the country's top court. "It is pertinent to note that in the SEBI application filed before the Hon'ble Supreme Court, there are no conclusions of any alleged wrongdoing," Adani Group said in a statement. "The SEBI application only cites the allegations made in the short-seller's report, which are still under investigation," it added. The Gautan Adani-owned company said it welcomed the investigation which provided a fair opportunity to address all the issues. "We are fully compliant with all laws, rules and regulations and are confident that truth will prevail. We are fully cooperating with SEBI and will continue to provide all our support and cooperation." ALSO READ | Adani-Hindenburg: Market regulator SEBI seeks six-month extension to complete probe Notably, SEBI on Saturday requested an extension to complete the probe. It listed as many as eight possible violations that required more time to complete the probe. "Given the complexity of the matter, SEBI in the normal course would take at least 15 months for completion of the investigation of these transactions, but is making all reasonable endeavours to conclude the same within six months," SEBI said in the plea. On March 2, the apex court directed SEBI to complete its probe and submit a status report in two months. The regulator, however, informed it had submitted a detailed report and prima facie findings to the Expert Committee constituted by the court. WATCH | Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further SC forms the committee In March, the bench led by the Chief Justice of India ordered SEBI to investigate whether the conglomerate failed to disclose transactions with related parties to the regulator and if it manipulated the stock prices. The conglomerate has been under the scanner ever since US short-seller Hindenburg Research raised questions about the group's debt levels and use of tax havens. ALSO READ | Adani-Hindenburg: Supreme Court constitutes expert panel, issues two-month deadline to SEBI In the brutal fallout of Hindenburg's report, investors dumped Adani shares while the company was forced to abandon a $2.5 billion share sale. The group, meanwhile, has denied the allegations and has rubbished subsequent exposé reports claiming it had tapered down its growth projections and that it had not repaid loans against promoter's shares. (With inputs from agencies) WATCH WION LIVE HERE:

No allegation of wrongdoing in SEBI report, claims Adani Group after regulator seeks extension

Market regulator&nbsp;Securities and Exchange Board of India (SEBI) on Saturday moved the Supreme Court seeking a&nbsp;six-month extension to complete its investigation into allegations of stock price manipulation by the Adani Group. On March 2, the apex court directed SEBI to complete its probe and submit a status report in two months.&nbsp;

"Pass an order extending the time to conclude the investigation as directed by this Court by the common order dated March 2 by a period of 6 months or such other period as this court may deem fit and necessary in the facts and circumstances of the present case," read the plea filed by SEBI.&nbsp;

The regulator, however, informed it had submitted a detailed report and prima facie findings to the Expert Committee constituted by the court. It listed as many as eight possible violations that required more time to complete the probe.&nbsp;

"Given the complexity of the matter, SEBI in the normal course would take at least 15 months for completion of the investigation of these transactions, but is making all reasonable endeavours to conclude the same within six months," SEBI added in the plea.&nbsp;

<a href="https://www.wionews.com/india-news/adani-hindenburg-supreme-court-constitutes-expert-panel-issues-two-month-deadline-to-sebi-567516">ALSO READ |&nbsp;Adani-Hindenburg: Supreme Court constitutes expert panel, issues two-month deadline to SEBI</a>

<h2>SC forms the committee&nbsp;</h2>

In March, the bench led by the Chief Justice of India ordered&nbsp;SEBI to investigate whether the conglomerate failed to disclose transactions with related parties to the regulator and if it&nbsp;manipulated the&nbsp;stock prices.

Prior to constituting the committee, the court&nbsp;took a grim view of the rout in shares of the Adani Group and stated that Indian investors need to be protected against market volatility.&nbsp;

<a href="https://www.wionews.com/videos/wikipedia-accuses-adani-staff-of-manipulation-while-adani-groups-market-rout-deepens-further-564787">WATCH |&nbsp;Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further</a>

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It was only after the apex court took a stern view that the central government agreed to the proposal of setting up the committee.&nbsp;The panel has the likes of OP Bhat (former Chairman of SBI), retired Justice JP Devdat, KV Kamath, Nandan Nilakeni and Somasekharan Sundaresan who will now study SEBI's preliminary report.&nbsp;

<a href="https://www.wionews.com/india-news/adani-hindenburg-indian-government-says-yes-to-supreme-court-panel-to-protect-investors-561694">ALSO READ |&nbsp;Adani-Hindenburg: To protect investors, Indian govt. says yes to Supreme Court panel probe</a>

The Gautam Adani-owned conglomerate has been under the scanner ever since US short-seller Hindenburg Research raised questions about the group's debt levels and use of tax havens.

In the brutal fallout of Hindenburg's report, investors dumped Adani shares while the company was forced to abandon a $2.5 billion share sale. The group, meanwhile, has denied the allegations and has rubbished subsequent exposé&nbsp;reports claiming it had tapered down its growth projections and that it had not repaid loans against promoter's shares.&nbsp;

(With inputs from agencies)

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Market regulator Securities and Exchange Board of India (SEBI) on Saturday moved the Supreme Court seeking a six-month extension to complete its investigation into allegations of stock price manipulation by the Adani Group.

Market regulator Securities and Exchange Board of India (SEBI) on Saturday moved the Supreme Court seeking a six-month extension to complete its investigation into allegations of stock price manipulation by the Adani Group. On March 2, the apex court directed SEBI to complete its probe and submit a status report in two months. "Pass an order extending the time to conclude the investigation as directed by this Court by the common order dated March 2 by a period of 6 months or such other period as this court may deem fit and necessary in the facts and circumstances of the present case," read the plea filed by SEBI. The regulator, however, informed it had submitted a detailed report and prima facie findings to the Expert Committee constituted by the court. It listed as many as eight possible violations that required more time to complete the probe. "Given the complexity of the matter, SEBI in the normal course would take at least 15 months for completion of the investigation of these transactions, but is making all reasonable endeavours to conclude the same within six months," SEBI added in the plea. ALSO READ | Adani-Hindenburg: Supreme Court constitutes expert panel, issues two-month deadline to SEBI SC forms the committee In March, the bench led by the Chief Justice of India ordered SEBI to investigate whether the conglomerate failed to disclose transactions with related parties to the regulator and if it manipulated the stock prices. Prior to constituting the committee, the court took a grim view of the rout in shares of the Adani Group and stated that Indian investors need to be protected against market volatility. WATCH | Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further × It was only after the apex court took a stern view that the central government agreed to the proposal of setting up the committee. The panel has the likes of OP Bhat (former Chairman of SBI), retired Justice JP Devdat, KV Kamath, Nandan Nilakeni and Somasekharan Sundaresan who will now study SEBI's preliminary report. ALSO READ | Adani-Hindenburg: To protect investors, Indian govt. says yes to Supreme Court panel probe The Gautam Adani-owned conglomerate has been under the scanner ever since US short-seller Hindenburg Research raised questions about the group's debt levels and use of tax havens. In the brutal fallout of Hindenburg's report, investors dumped Adani shares while the company was forced to abandon a $2.5 billion share sale. The group, meanwhile, has denied the allegations and has rubbished subsequent exposé reports claiming it had tapered down its growth projections and that it had not repaid loans against promoter's shares. (With inputs from agencies) WATCH WION LIVE HERE:

Adani-Hindenburg: Market regulator SEBI seeks six-month extension to complete probe

Still reeling from the impact of Hinderburg's report and its allegations of corporate fraud, the Adani Group is reportedly stepping away from petrochemicals and is unlikely to proceed with the $4 billion greenfield project in Mundra, said a Bloomberg report.

Still reeling from the impact of Hinderburg's report and its allegations of corporate fraud, the Adani Group is reportedly stepping away from petrochemicals and is unlikely to proceed with the $4 billion greenfield project in Mundra, said a Bloomberg report. The coal-to-polyvinyl chloride project was to have a production capacity of 2,000 KTPA (kilo tonne per annum) once completed. However, the report appears to have thrown a spanner into the works. Apart from the said unit, Adani Group is expected to ease its ambitions of diving into aluminium, steel and road projects. Instead, the group will revert to its core projects viz. power generation, ports and green energy. Previously, media reports claimed that the multi-billion dollar company had tapered its revenue growth to 15 per cent to 20 per cent for the next financial year, down from the earlier target of 40 per cent. After the Hindenburg report came out, Adani and its affiliate companies have lost more than $125 billion in market value so far. The Hindenburg report accused the Adani group of stock manipulation and using tax havens whilst having unsustainable debt. The idea behind managing the expectations regarding revenue growth was to rebuild investor confidence, reports added. The development comes a day after Adani Group came out with a statement quashing another report claiming it had not repaid its loans against the promoter's shares. Rubbishing the reports, the conglomerate said the report was 'baseless' and 'deliberately mischievous'. WATCH | Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further Adani Group CFO Jugeshinder Robbie Singh also took to Twitter to slam the report saying it speculated 'outright lies'. "Deliberate misrepresentation (and if i speculate out right lies) of @TheKenWeb ( @SudzzBTS an @nimishshp) they know that relevant exchanges will update end of quarter. The deliberate subterfuge will be clear to all once exchanges update the data post end of quarter," tweeted the company CFO on Monday. ALSO READ | Adani Group rubbishes report on debt repayment concerns after shares turn red In the brutal fallout of Hindenburg's report, investors dumped Adani shares while the company was forced to abandon a $2.5 billion share sale. (With inputs from agencies) WATCH WION LIVE HERE:

Is Adani Group abandoning ambitious growth projects? This report claims so

A day after a media report claimed that Adani Group had not repaid its loans against promoter's shares, the company has come out with a statement. Rubbishing the assertions, Adani Group said the report was 'baseless' and 'deliberately mischievous'.

A day after a media report claimed that Adani Group had not repaid its loans against promoter's shares, the company has come out with a statement. Rubbishing the assertions, Adani Group said the report was 'baseless' and 'deliberately mischievous'. The company said it had completed 'full prepayment' of margin-linked share-backed financing aggregating to $2.15 billion. The conglomerate added all shares pledged for such loans had also been released. “As per the present rules, any share pledge or release is automatically reported by system driven disclosure (SDD) mechanism of the depository participant, and no separate filing is required to be made," it added. The company also released a comparative analysis of its pledge position on December 31, 2022, and March 27, 2023. According to the data, Adani Green Energy had reduced its position to 3.5 per cent from 4.4 per cent last year. WATCH | Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further × Adani Group CFO Jugeshinder Robbie Singh also took to Twitter to slam the report saying it speculated 'outright lies'. "Deliberate misrepresentation (and if i speculate out right lies) of @TheKenWeb ( @SudzzBTS an @nimishshp) they know that relevant exchanges will update end of quarter. The deliberate subterfuge will be clear to all once exchanges update the data post end of quarter," tweeted the company CFO on Monday. Deliberate misrepresentation ( and if i speculate out right lies) of @TheKenWeb (@SudzzBTS and @nimishshp) they know that relevant exchanges will update end of quarter. The deliberate subterfuge will be clear to all once exchanges update the data post end of quarter. https://t.co/glZbSsC83X — Jugeshinder Robbie Singh (@jugeshinder) March 28, 2023 × What did the report say? Notably, an article by a media portal named The Ken, citing regulatory filings claimed that the Adani group had not paid a significant portion of the promoters' shares that was held as collateral. “Regulatory filings examined by The Ken show that banks have not yet released a large portion of its promoters’ shares, as they should have if the loans had indeed been completely repaid," read the report. "As per Indian laws, disclosures on the release of shares need to be filed with stock exchanges by lenders within two working days, and by promoters within seven working days. But neither the Adani Group nor the lenders have made these disclosures to stock exchanges," it added. The release of the report had a cascading effect as Adani shares quickly started tumbling. Five of the 10 Adani portfolio companies hit the lower circuit while the flagship Adani Enterprises lost over seven per cent. ALSO READ | Adani Group will pay off debt for pledged shares, denies report on capex cut The Gautam Adani-owned conglomerate has been under the scanner ever since US short-seller Hindenburg Research raised questions about the group's debt levels and use of tax havens. In the brutal fallout of Hindenburg's report, investors dumped Adani shares while the company was forced to abandon a $2.5 billion share sale. (With inputs from agencies) WATCH WION LIVE HERE:

Adani Group rubbishes report on debt repayment concerns after shares turn red

Due to governance weaknesses at the parent conglomerate and other Adani group companies, two Adani Group subsidiaries are susceptible to "heightened contagion risks," which might undermine their financial flexibility, according to rating agency Fitch. In a report published late on Tuesday, Fitch stated that Adani Transmission Ltd., Adani Ports, and the Special Economic Zone are vulnerable to risks.

Adani's cash generating companies under scrutiny, says Fitch

Weeks after targeting Adani Group, Hindenburg has said that it will be releasing a new report soon and promised it to be a 'big one'. "New report soon—another big one," Hindenburg Research wrote on Twitter. However, it did not provide any further details on it. Earlier in January this year, the New York-based firm, run by Nate Anderson, had come up with a report on billionaire Gautam Adani's group. Following this, the market value of Adani Group and companies saw a decline of more than 150 billion in about five weeks.

After Adani BOMBSHELL, Hindenburg Research TEASES another BIG REPORT

A US-based global equity-investment boutique firm, GQG Partners, has invested $1.87 billion in the embattled Adani Group, which has been facing headwinds in the Indian stock market following the short-seller Hindenburg’s explosive report published on January 24.

GQG, in a series of secondary block trade transactions, has bought shares in Adani portfolio companies—Adani Transmission, Adani Ports, and Adani Green Energy—a regulatory filing showed. The deal was brokered by Jefferies.

GQG is one of the marquee investors in global and emerging markets, and manages more than $92 billion as of January this year.

“I am excited to have initiated positions in the Adani companies. Adani companies own and operate some of the largest and most important infrastructure assets throughout India and around the world,” Rajiv Jain, Chairman and CIO of GQG Partners,&nbsp;said in a statement.

“Gautam Adani is widely regarded as among the best entrepreneurs of his generation. We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India’s economy and energy infrastructure, including their energy transition over the long-run.”

The chief financial officer of the Adani group, Jugeshinder Singh, said the Indian-based conglomerate valued GQG’s role as a strategic investor in its infrastructure and utility portfolio of sustainable energy, logistics, and energy transition.

“This transaction marks the continued confidence of global investors in the governance, management practices and the growth of the Adani portfolio of companies,” Singh said.

GQG was co-founded by Rajiv Jain in 2016. Born in India, Jain moved to the US in 1990 to pursue an MBA at the University of Miami. He began his career at Vontobel Asset Management in 1994 as a portfolio manager, according to his LinkedIn profile.

Jain went on to become Vontobel’s chief investment officer and head of equities. Between 2014 and 2016, he even served as its co-CEO. 
 
&nbsp;

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A US-based global equity-investment boutique firm, GQG Partners, has invested $1.87 billion in the embattled Adani Group, which has been facing headwinds in the Indian stock market following the short-seller Hindenburg’s explosive report published on January 24.

A US-based global equity-investment boutique firm, GQG Partners, has invested $1.87 billion in the embattled Adani Group, which has been facing headwinds in the Indian stock market following the short-seller Hindenburg’s explosive report published on January 24. GQG, in a series of secondary block trade transactions, has bought shares in Adani portfolio companies—Adani Transmission, Adani Ports, and Adani Green Energy—a regulatory filing showed. The deal was brokered by Jefferies. GQG is one of the marquee investors in global and emerging markets, and manages more than $92 billion as of January this year. “I am excited to have initiated positions in the Adani companies. Adani companies own and operate some of the largest and most important infrastructure assets throughout India and around the world,” Rajiv Jain, Chairman and CIO of GQG Partners, said in a statement. “Gautam Adani is widely regarded as among the best entrepreneurs of his generation. We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India’s economy and energy infrastructure, including their energy transition over the long-run.” The chief financial officer of the Adani group, Jugeshinder Singh, said the Indian-based conglomerate valued GQG’s role as a strategic investor in its infrastructure and utility portfolio of sustainable energy, logistics, and energy transition. “This transaction marks the continued confidence of global investors in the governance, management practices and the growth of the Adani portfolio of companies,” Singh said. GQG was co-founded by Rajiv Jain in 2016. Born in India, Jain moved to the US in 1990 to pursue an MBA at the University of Miami. He began his career at Vontobel Asset Management in 1994 as a portfolio manager, according to his LinkedIn profile. Jain went on to become Vontobel’s chief investment officer and head of equities. Between 2014 and 2016, he even served as its co-CEO. WATCH WION LIVE HERE

Adani Group secures $1.87 billion investment from US-based GQG Partners

Adani empire's shares surged on Friday after an Indian-led US boutique investment firm, GQG, buys a $1.87 billion worth stake in the group. That marks the first significant investment in the Indian business empire since Hindenburg's report sparked a stock rout.

The US boutique investment firm's stake purchases boosted billionaire Gautam&nbsp;Adani-led firms shares, which have plunged by over $130 billion in market value US-based and Australia-listed GQG has purchased shares in four&nbsp;Adani&nbsp;companies, including the group's flagship firm&nbsp;Adani&nbsp;Enterprises, through block deals.

Founded in 1987 and headquartered in Fort Lauderdale, Florida, GQG manages $88 billion across equity funds.

According to a regulatory filing, GQG invested 3.4 per cent in&nbsp;Adani&nbsp;Enterprises for around $662 million, 4.1 per cent in&nbsp;Adani&nbsp;Ports for about $640 million, 2.5 per cent in&nbsp;Adani&nbsp;Transmission for about $230 million, and 3.5 per cent in&nbsp;Adani&nbsp;Green Energy for about $340 million.

GQG's chairman and chief investment officer, Rajiv Jain, said "we believe that the long-term growth prospects for these companies are substantial".

ALSO READ | <a href="https://www.wionews.com/india-news/adani-hindenburg-supreme-court-constitutes-expert-panel-issues-two-month-deadline-to-sebi-567516">Adani-Hindenburg: Supreme Court constitutes expert panel, issues two-month deadline to SEBI</a>

According to the CIO, before investing, GQG did a "deep dive" as part of due diligence.

The investment firm had conversations with the group's vendors, bankers and partners, according to the CIO, who also said that infrastructure companies are subject to tight regulation and therefore the risk of fraud is low.

Jain added, "we actually disagree with (Hindenburg's) report," referring to a scathing report by the US research firm on January 24 accusing&nbsp;Adani&nbsp;Group of business and tax fraud.

Since Hindenburg's allegations, the market value of seven listed&nbsp;Adani&nbsp;companies has plunged by about $135 billion. The organisation, headed by billionaire Gautam&nbsp;Adani, has denied those claims, but subsequently cancelled a $2.5 billion share sale.

The group, though, has been trying to reassure investors by using road shows and phone calls. A Reuters report showed the business empire has secured a $3 billion loan from a sovereign wealth fund.

But a separate report from Bloomberg showed the business denied that news. Gautam&nbsp;Adani-led firms have repaid loans to calm investors' nerves. The prepayment of loans plan has helped&nbsp;Adani&nbsp;firms' shares.

The group's stocks extended their gains for the fourth straight day on Friday.

Shares of&nbsp;Adani&nbsp;Enterprises have jumped nearly 80 per cent from their recent lows,&nbsp;Adani&nbsp;Ports stock has surged 70 per cent, and shares of&nbsp;Adani&nbsp;Power have recovered by nearly 50 per cent. Shares in the rest of the group firms have risen between 18 and 28 per cent.

Separately, on the same day as the US boutique investment firm's stake buy in the&nbsp;Adani&nbsp;Group, India's top court asked market regulator SEBI to look into the&nbsp;Adani&nbsp;group for potential business violations and submit a report within two months.

The top court also constituted an expert committee to look into the regulatory mechanism and suggest measures to protect investors from step losses as seen in the&nbsp;Adani&nbsp;Group stock losses.

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Adani empire's shares surged on Friday after an Indian-led US boutique investment firm, GQG, buys a $1.87 billion worth stake in the group. That marks the first significant investment in the Indian business empire since Hindenburg's report sparked a stock rout.

Adani empire's shares surged on Friday after an Indian-led US boutique investment firm, GQG, buys a $1.87 billion worth stake in the group. That marks the first significant investment in the Indian business empire since Hindenburg's report sparked a stock rout. The US boutique investment firm's stake purchases boosted billionaire Gautam Adani-led firms shares, which have plunged by over $130 billion in market value US-based and Australia-listed GQG has purchased shares in four Adani companies, including the group's flagship firm Adani Enterprises, through block deals. Founded in 1987 and headquartered in Fort Lauderdale, Florida, GQG manages $88 billion across equity funds. According to a regulatory filing, GQG invested 3.4 per cent in Adani Enterprises for around $662 million, 4.1 per cent in Adani Ports for about $640 million, 2.5 per cent in Adani Transmission for about $230 million, and 3.5 per cent in Adani Green Energy for about $340 million. GQG's chairman and chief investment officer, Rajiv Jain, said "we believe that the long-term growth prospects for these companies are substantial". ALSO READ | Adani-Hindenburg: Supreme Court constitutes expert panel, issues two-month deadline to SEBI According to the CIO, before investing, GQG did a "deep dive" as part of due diligence. The investment firm had conversations with the group's vendors, bankers and partners, according to the CIO, who also said that infrastructure companies are subject to tight regulation and therefore the risk of fraud is low. Jain added, "we actually disagree with (Hindenburg's) report," referring to a scathing report by the US research firm on January 24 accusing Adani Group of business and tax fraud. Since Hindenburg's allegations, the market value of seven listed Adani companies has plunged by about $135 billion. The organisation, headed by billionaire Gautam Adani, has denied those claims, but subsequently cancelled a $2.5 billion share sale. The group, though, has been trying to reassure investors by using road shows and phone calls. A Reuters report showed the business empire has secured a $3 billion loan from a sovereign wealth fund. But a separate report from Bloomberg showed the business denied that news. Gautam Adani-led firms have repaid loans to calm investors' nerves. The prepayment of loans plan has helped Adani firms' shares. The group's stocks extended their gains for the fourth straight day on Friday. Shares of Adani Enterprises have jumped nearly 80 per cent from their recent lows, Adani Ports stock has surged 70 per cent, and shares of Adani Power have recovered by nearly 50 per cent. Shares in the rest of the group firms have risen between 18 and 28 per cent. Separately, on the same day as the US boutique investment firm's stake buy in the Adani Group, India's top court asked market regulator SEBI to look into the Adani group for potential business violations and submit a report within two months. The top court also constituted an expert committee to look into the regulatory mechanism and suggest measures to protect investors from step losses as seen in the Adani Group stock losses. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Adani stocks surge for the fourth day after a $1.8 billion stake sale

The Supreme Court of India on Thursday constituted an expert-level committee headed by&nbsp;Justice AM Sapre, a retired judge of the apex court to look into&nbsp;the allegations made in the Hindenburg report&nbsp;against the Adani group. The court also directed market regulator&nbsp;Securities and Exchange Board of India (SEBI) to conclude the investigation in two months and submit a status report.&nbsp;

A bench comprising Chief Justice of India DY Chandrachud, Justice PS Narasimha, and Justice JB Pardiwala made the decision. It directed SEBI to investigate whether the Adani group failed to disclose transactions with related parties to the regulator and if the conglomerate manipulated its stock prices.&nbsp;

"The above directions shall not be construed to limit the contours of the ongoing investigation. SEBI shall expeditiously conclude its investigation within two months and file a status report," the court told SEBI.&nbsp;

Meanwhile, the expert committee comprises the likes of OP Bhat (former Chairman of SBI), retired Justice JP Devdat, KV Kamath, Nandan Nilakeni and Mr Somasekharan Sundaresan.&nbsp;

After the court's order, Gautam Adani released a statement saying his company respected the decision.&nbsp;

"The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail," he tweeted.&nbsp;

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The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail.
— Gautam Adani (@gautam_adani) <a href="https://twitter.com/gautam_adani/status/1631173663444832256?ref_src=twsrc%5Etfw">March 2, 2023</a></blockquote>
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It was last month that the SC took a grim view of the rout in shares of the Adani group. It stated investors had suffered losses running into several billion dollars and suggested that a mechanism was needed to protect the investors and put forth the idea of an expert committee.&nbsp;

<a href="https://www.wionews.com/videos/gravitas-adani-firms-losses-swell-to-120-billion-560759" target="_blank">WATCH | Gravitas: Adani firms' losses swell to $120 billion</a>

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After a brief consultation, the government accepted SC's suggestion but not before adding the caveat that it would like to have a say in the composition of the panel.&nbsp;

"We will suggest names of the experts to be included in the committee in a sealed cover. Some names may appeal to the Supreme Court, and some may not. But these names should not be discussed and opposed by the petitioners. The SC can choose from the list," said&nbsp;Solicitor General Tushar Mehta at the previous hearing.&nbsp;

<a href="https://www.wionews.com/india-news/adani-hindenburg-indian-government-says-yes-to-supreme-court-panel-to-protect-investors-561694">Read more:&nbsp;Adani-Hindenburg: To protect investors, Indian govt. says yes to Supreme Court panel probe</a>

After the Hindenburg report came out, Adani and its affiliate companies have lost more than $120 billion in market value so far.

The Hindenburg report accused the Adani group of stock manipulation using tax havens whilst having unsustainable debt.&nbsp;

Since then, Gautam Adani's conglomerate has tapered its revenue growth to 15 per cent to 20 per cent for the next financial year, down from the previous target of 40 per cent.&nbsp;

(With inputs from agencies)

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The Supreme Court of India on Thursday constituted an expert-level committee headed by Justice AM Sapre, a retired judge of the apex court to look into the allegations made in the Hindenburg report against the Adani group.

The Supreme Court of India on Thursday constituted an expert-level committee headed by Justice AM Sapre, a retired judge of the apex court to look into the allegations made in the Hindenburg report against the Adani group. The court also directed market regulator Securities and Exchange Board of India (SEBI) to conclude the investigation in two months and submit a status report. A bench comprising Chief Justice of India DY Chandrachud, Justice PS Narasimha, and Justice JB Pardiwala made the decision. It directed SEBI to investigate whether the Adani group failed to disclose transactions with related parties to the regulator and if the conglomerate manipulated its stock prices. "The above directions shall not be construed to limit the contours of the ongoing investigation. SEBI shall expeditiously conclude its investigation within two months and file a status report," the court told SEBI. Meanwhile, the expert committee comprises the likes of OP Bhat (former Chairman of SBI), retired Justice JP Devdat, KV Kamath, Nandan Nilakeni and Mr Somasekharan Sundaresan. After the court's order, Gautam Adani released a statement saying his company respected the decision. "The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail," he tweeted. The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail. — Gautam Adani (@gautam_adani) March 2, 2023 × It was last month that the SC took a grim view of the rout in shares of the Adani group. It stated investors had suffered losses running into several billion dollars and suggested that a mechanism was needed to protect the investors and put forth the idea of an expert committee. WATCH | Gravitas: Adani firms' losses swell to $120 billion After a brief consultation, the government accepted SC's suggestion but not before adding the caveat that it would like to have a say in the composition of the panel. "We will suggest names of the experts to be included in the committee in a sealed cover. Some names may appeal to the Supreme Court, and some may not. But these names should not be discussed and opposed by the petitioners. The SC can choose from the list," said Solicitor General Tushar Mehta at the previous hearing. Read more: Adani-Hindenburg: To protect investors, Indian govt. says yes to Supreme Court panel probe After the Hindenburg report came out, Adani and its affiliate companies have lost more than $120 billion in market value so far. The Hindenburg report accused the Adani group of stock manipulation using tax havens whilst having unsustainable debt. Since then, Gautam Adani's conglomerate has tapered its revenue growth to 15 per cent to 20 per cent for the next financial year, down from the previous target of 40 per cent. (With inputs from agencies) WATCH WION LIVE HERE:

Adani-Hindenburg: Supreme Court constitutes expert panel, issues two-month deadline to SEBI

Adani group has said that it has secured around $ 3 billion loan from sovereign wealth fund. Road show that concluded on Wednesday suggested that sovereign wealth funds credit line could be increased to about five billion dollars.

Adani secures $3 billion loan from wealth fund

Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods.

Some 7,000 truck owners and drivers in India's Himachal Pradesh have been holding protest marches for weeks in response to Adani group's decision on December 15 to close two cement factories due to a dispute over travel costs.

The Adani group wanted to cut trucking rates by around half as the business empire claimed the factories were "unviable" otherwise.

On Monday, the Adani group said the trucker issue was "amicably resolved", with the travel rates cut by 10-12%. After late-night negotiations with Adani, truckers celebrated, describing the settlement as a success.

ALSO READ | <a href="https://www.wionews.com/business-economy/indias-market-regulator-seeks-details-of-loans-and-securities-of-adani-companies-564769">India's market regulator seeks details of loans and securities of Adani companies</a>

That resolution to the dispute comes four weeks after a damaging report by Hindenburg accused the Adani group of improper use of tax havens and stock manipulation.

Shares of the apples-to-airports group firms have taken a hammering since that report on January 24th. The market bleeding erodes the group stocks' wealth of around $140 billion.

Although the truckers' settlement will only have a little impact on the business empire, it is a significant victory for truckers, where most workers make less than 7 dollars per day.

Ram Krishan Sharma, one of the chief mediators on behalf of the truckers', said the Hindenburg report "played a crucial role in our battle against India's biggest business group, helped mobilize truckers and gain political support".

For several weeks, Adani's negotiators did not budge. With the latest resolution, some truckers think Hindenburg's report was "godsent".

Hindenburg's report is the best for Adani

Separately, in a media column, economist Swaminathan S Anklesaria Aiyar argues that the Adani group will benefit by slowing its "breakneck speed" of expansion. Aiyar says the Hindenburg report might be the "best thing" that has ever happened to billionaire Gautam Adani.

He believes the latest accusations and the market rout might instil financial discipline within the business empire.

The economist rejects the claim - frequently made by opposition parties - that Gautam Adani amassed his wealth through political favouritism and manipulation. He noted, "I disagree. Going from humble origins to global number three in two decades is impossible without exceptional business skills."

Aiyar believes what Hindenburg did 'to Adani' is the best thing anyone could have done 'for Adani'.

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Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods.

Hindenburg's report on the Adani group is a godsent for Indian truckers delivering cement from the business empire's factories in a hilly north Indian state. Truckers claim the US research firm's report has helped them salvage their livelihoods. Some 7,000 truck owners and drivers in India's Himachal Pradesh have been holding protest marches for weeks in response to Adani group's decision on December 15 to close two cement factories due to a dispute over travel costs. The Adani group wanted to cut trucking rates by around half as the business empire claimed the factories were "unviable" otherwise. On Monday, the Adani group said the trucker issue was "amicably resolved", with the travel rates cut by 10-12%. After late-night negotiations with Adani, truckers celebrated, describing the settlement as a success. ALSO READ | India's market regulator seeks details of loans and securities of Adani companies That resolution to the dispute comes four weeks after a damaging report by Hindenburg accused the Adani group of improper use of tax havens and stock manipulation. Shares of the apples-to-airports group firms have taken a hammering since that report on January 24th. The market bleeding erodes the group stocks' wealth of around $140 billion. Although the truckers' settlement will only have a little impact on the business empire, it is a significant victory for truckers, where most workers make less than 7 dollars per day. Ram Krishan Sharma, one of the chief mediators on behalf of the truckers', said the Hindenburg report "played a crucial role in our battle against India's biggest business group, helped mobilize truckers and gain political support". For several weeks, Adani's negotiators did not budge. With the latest resolution, some truckers think Hindenburg's report was "godsent". Hindenburg's report is the best for Adani Separately, in a media column, economist Swaminathan S Anklesaria Aiyar argues that the Adani group will benefit by slowing its "breakneck speed" of expansion. Aiyar says the Hindenburg report might be the "best thing" that has ever happened to billionaire Gautam Adani. He believes the latest accusations and the market rout might instil financial discipline within the business empire. The economist rejects the claim - frequently made by opposition parties - that Gautam Adani amassed his wealth through political favouritism and manipulation. He noted, "I disagree. Going from humble origins to global number three in two decades is impossible without exceptional business skills." Aiyar believes what Hindenburg did 'to Adani' is the best thing anyone could have done 'for Adani'. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

In dispute with Adani, Indian truckers say Hindenburg's report a 'godsent'

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