US-based short-seller Hindenburg Research wrote in a note on Monday that it has received a show cause notice from market regulator Securities and Exchange Board of India (SEBI) in the Adani Group case.

Indian regulator Sebi sends notice to Hindenburg

<p>Supreme Court of India on Wednesday (Jan 3) refused to hand over the investigation into Adani-Hindenburg case from market watchdog Securities and Exchanges Board of India (SEBI) to a Special Investigation Team (SIT).</p>

<p>The apex&nbsp;was hearing a batch of petitions over the Adani-Hindenburg row involving allegations of stock price manipulation.</p>

<p>In the wake of the report by short-seller Hindenburg Research, the petitions had accused Adani Group of inflating its share prices. Publishing of the Hindenburg report was a blow to Adani conglomerate as shares of various of its companies sharply fell after the Hindenburg report.</p>

<p>The apex court said there was 'no ground to transfer the investigation from SEBI to SIT, adding the&nbsp;George Soros-led Organised Crime and Corruption Reporting Project (OCCRP)'s report cannot be used as a basis for a report by a statutory body like SEBI.</p>

<p>"The power of this court to enter the regulatory framework of SEBI is limited. There are no valid grounds raised to direct SEBI to revoke its amendments on Foreign Portfolio Investors (FPI) and Listing Obligations and Disclosure Requirements (LODR) regulations. The regulations do not suffer from any infirmities," said the Supreme Court bench comprising Chief Justice of India (CJI) DY Chandrachud along with justices Manoj Misra and JB Pardiwala.</p>

<p><strong>Watch | Impasse over choice of Ram Lalla idol: Temple trust may decide on black or white idol by January 14</strong></p>

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<p>Even as it refused to hand over the investigation to SIT, the court directed SEBI to complete its investigation in three months.</p>

<p>"SEBI has completed investigation in 20 out of 22 matters. Taking into account the assurance of the Solicitor General, we direct the SEBI to complete the investigation in the other two cases within three months," said the Supreme Court.</p>

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<p>"The reliance on unsubstantiated news reports and third-party organisations cannot be accepted to doubt the probe by a statutory regulator,"</p>

<h2><strong>No conflict of interest, says the court</strong></h2>

<p>The Supreme Court rejected contention of the petitioners that said there was a conflict of interest when it came to some members of the Expert Committee.</p>

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<p>The court has asked SEBI to take into account the recommendations of the expert committee in order to strengthen interest of the Indian investors.</p>

<p>"The government of India and the SEBI should look into whether there is any infraction of law in the Hindenburg report on short selling and if so, take action in accordance with law," said the Supreme Court.</p>

<p><em>(With inputs from agencies)</em></p>


Supreme Court of India on Wednesday (Jan 3) refused to hand over the investigation into Adani-Hindenburg case from market watchdog Securities and Exchanges Board of India (SEBI) to a Special Investigation Team (SIT).

Supreme Court of India on Wednesday (Jan 3) refused to hand over the investigation into Adani-Hindenburg case from market watchdog Securities and Exchanges Board of India (SEBI) to a Special Investigation Team (SIT). The apex was hearing a batch of petitions over the Adani-Hindenburg row involving allegations of stock price manipulation. In the wake of the report by short-seller Hindenburg Research, the petitions had accused Adani Group of inflating its share prices. Publishing of the Hindenburg report was a blow to Adani conglomerate as shares of various of its companies sharply fell after the Hindenburg report. The apex court said there was 'no ground to transfer the investigation from SEBI to SIT, adding the George Soros-led Organised Crime and Corruption Reporting Project (OCCRP)'s report cannot be used as a basis for a report by a statutory body like SEBI. "The power of this court to enter the regulatory framework of SEBI is limited. There are no valid grounds raised to direct SEBI to revoke its amendments on Foreign Portfolio Investors (FPI) and Listing Obligations and Disclosure Requirements (LODR) regulations. The regulations do not suffer from any infirmities," said the Supreme Court bench comprising Chief Justice of India (CJI) DY Chandrachud along with justices Manoj Misra and JB Pardiwala. Watch | Impasse over choice of Ram Lalla idol: Temple trust may decide on black or white idol by January 14 × Even as it refused to hand over the investigation to SIT, the court directed SEBI to complete its investigation in three months. "SEBI has completed investigation in 20 out of 22 matters. Taking into account the assurance of the Solicitor General, we direct the SEBI to complete the investigation in the other two cases within three months," said the Supreme Court. Also Read | Indian PM Narendra Modi launches projects worth $2.4 billion in Tamil Nadu "The reliance on unsubstantiated news reports and third-party organisations cannot be accepted to doubt the probe by a statutory regulator," No conflict of interest, says the court The Supreme Court rejected contention of the petitioners that said there was a conflict of interest when it came to some members of the Expert Committee. Also Read | India to assist Tanzania in raising mechanised infantry battalion The court has asked SEBI to take into account the recommendations of the expert committee in order to strengthen interest of the Indian investors. "The government of India and the SEBI should look into whether there is any infraction of law in the Hindenburg report on short selling and if so, take action in accordance with law," said the Supreme Court. (With inputs from agencies)

India Supreme Court rejects plea to transfer Adani-Hindenburg case probe to special investigation team

A popular training dataset for AI image generation contained links to child abuse imagery, Stanford’s Internet Observatory found, potentially allowing AI models to create harmful content.

Thousands of child abuse images found in AI training tool: Reports

2023 marks a remarkable year for short-seller Hindenburg. for activist US short seller Hindenburg research, bearish bets on the Adani group and ICAHN enterprises have concluded another incredible year. Hindenburg kicked off the year accusing Indian billionaire Gautam Adani's conglomerate of accounting fraud and stock manipulation. At one point, those accusations caused the market value of Adani group to decline by over $150 billion. Big bet on the Indian giant made Hindenburg famous. Seven of the group's 10 stocks are still down compared to before Hindenburg's damning report on January 24.

Hindenburg's prominent bets this year | World Business Watch

<p>Savitri Jindal, India's richest woman, has beaten the likes of Mukesh Ambani, Gautam Adani and others by registering the highest net-worth rise among Indians in the past calendar years, revealed Bloomberg Billionaires Index. Jindal's wealth increased by USD 9.6 billion in past calendar year. Reliance Industries Chairman Mukesh Ambani's net worth increased by about USD 5 billion compared to this. The record rise in Savitri Jindal's wealth has made her the fifth richest person in India. Her total net worth stands at USD 25 billion, just ahead of Wipro's Azim Premji who is at USD 24 billion.</p>

<h2><strong>Who is Savitri Jindal?</strong></h2>

<p>Savitri Jindal is the chairperson of OP Jindal Group, the business conglomerate that has a commanding presence in the steel industry. The business was started by Om Prakash Jindal, Savitri Jindal's late husband.</p>

<p>The Jindal Group includes steel industry heavyweights like JSW Steel, Jindal Steel &amp; Power, JSW Energy, Jindal Holdings, JSW Saw and Jindal Stainless.</p>

<h2><strong>How did other India Inc magnets fare?</strong></h2>

<p>The data has revealed that Shiv Nadar, founder and chairman emeritus of HCL Technologies, saw his wealth rise by USD 8 billion in the past calendar year. DLF's KP Singh added USD 7 billion to his wealth.&nbsp;</p>

<p><strong>Also Read | <a href="https://www.wionews.com/business-economy/india-leads-global-remittance-surge-with-projected-23pc-increase-to-125-bn-in-2023-671207">India leads global remittance surge with projected 23pc increase to $125 bn in 2023</a></strong></p>

<p>Kumar Mangalam Birla, the chairman of Aditya Birla Group along with Shapoor Mistry of Shapoorji Pallonji Group, registered a rise of USD 6.5 billion.</p>

<p>The Indian industrialists among the top gainers also included Sunil Mittal, MP Lodha, Ravi Jaipuria, and Dilip Shanghvi among others.&nbsp;</p>

<p><strong>Exclusive: <a href="https://www.wionews.com/business-economy/exclusive-pli-schemes-for-auto-battery-textiles-among-others-to-be-tweaked-to-spur-investments-671193">PLI schemes for auto, battery, textiles, among others, to be tweaked to spur investments</a></strong></p>

<p>Gautam Adani was the only business magnate&nbsp;among the big names of India Inc who saw his wealth shrink, the data said. His net worth dropped by USD 35.4 billion to USD 85.1 billion.</p>

<p>He, however, maintains his position as the second-richest Indian behind Mukesh Ambani who is the richest Indian. Mukesh Ambani's net worth is USD 99.2 billion.</p>

<p><em>(With inputs from agencies)</em></p>


Savitri Jindal, India's richest woman, has beaten the likes of Mukesh Ambani, Gautam Adani and others by registering the highest net-worth rise among Indians in the past calendar years, revealed Bloomberg Billionaires Index.

Savitri Jindal, India's richest woman, has beaten the likes of Mukesh Ambani, Gautam Adani and others by registering the highest net-worth rise among Indians in the past calendar years, revealed Bloomberg Billionaires Index. Jindal's wealth increased by USD 9.6 billion in past calendar year. Reliance Industries Chairman Mukesh Ambani's net worth increased by about USD 5 billion compared to this. The record rise in Savitri Jindal's wealth has made her the fifth richest person in India. Her total net worth stands at USD 25 billion, just ahead of Wipro's Azim Premji who is at USD 24 billion. Who is Savitri Jindal? Savitri Jindal is the chairperson of OP Jindal Group, the business conglomerate that has a commanding presence in the steel industry. The business was started by Om Prakash Jindal, Savitri Jindal's late husband. The Jindal Group includes steel industry heavyweights like JSW Steel, Jindal Steel & Power, JSW Energy, Jindal Holdings, JSW Saw and Jindal Stainless. How did other India Inc magnets fare? The data has revealed that Shiv Nadar, founder and chairman emeritus of HCL Technologies, saw his wealth rise by USD 8 billion in the past calendar year. DLF's KP Singh added USD 7 billion to his wealth. Also Read | India leads global remittance surge with projected 23pc increase to $125 bn in 2023 Kumar Mangalam Birla, the chairman of Aditya Birla Group along with Shapoor Mistry of Shapoorji Pallonji Group, registered a rise of USD 6.5 billion. The Indian industrialists among the top gainers also included Sunil Mittal, MP Lodha, Ravi Jaipuria, and Dilip Shanghvi among others. Exclusive: PLI schemes for auto, battery, textiles, among others, to be tweaked to spur investments Gautam Adani was the only business magnate among the big names of India Inc who saw his wealth shrink, the data said. His net worth dropped by USD 35.4 billion to USD 85.1 billion. He, however, maintains his position as the second-richest Indian behind Mukesh Ambani who is the richest Indian. Mukesh Ambani's net worth is USD 99.2 billion. (With inputs from agencies)

Savitri Jindal, richest woman in India, beats Ambani and Adani in wealth growth

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>The DFC handed out the project after conducting due diligence on the conglomerate, the official was quoted as saying.</p>

<h2><strong>US agency to continue monitor Indian firm&nbsp;</strong></h2>

<p>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</p>

<p>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.</p>

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<p>The report wiped out around $100 billion from the Adani Group's market value earlier this year.</p>

<h2><strong>Adani Group performing well in stockmarket</strong></h2>

<p>The Adani Group, however, has continued to deny the allegations featured in the report.</p>

<p><strong>Also read |&nbsp;</strong><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></p>

<p>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.</p>

<p>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.</p>

<p><em>(With inputs from agencies)</em></p>


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

Quarterly earnings for billionaire Gautam Adani's flagship firm, Adani enterprises, fell by as much as 50% as revenues from coal trading dipped. The Ahmedabad-based firm reported a net income of 27.4 million dollars for the quarter ending in September, down from 57 million dollars in the same period last year. Both revenue and total expenses fell by 41%.

Adani enterprises reports net income of $27.4 million

<p>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;</p>

<p>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;</p>

<p>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;</p>

<p>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".</p>

<p>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".</p>

<p>"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;</p>

<p>"In light of these facts, the timing of these news reports is suspicious, mischievous and malicious."</p>

<p>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.</p>

<p>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.</p>

<p>He is considered a close associate of Hindu-nationalist Prime Minister Narendra Modi, a fellow native of Gujarat state.</p>

<p>Opposition parties and other critics say their relationship helped Adani to unfairly win business and avoid proper oversight.</p>

<p>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".</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>&nbsp;</p>

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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

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 Adani group faced significant losses on Thursday, after a report by non-profit media organisation labelled fresh allegations against the business empire. Adani group's overall market value fell by over 4 billion dollars in a single day of trading.

Adani group loses over $4 billion in market value in one day

Months after US-based short seller Hindenburg raised questions about its business dealings, India's Adani group is once again in the line of fire. This time, a non-profit media organisation, said that the business partners of the Adani family used 'opaque' funds to invest in its stocks.

After Hindenburg, another group slams Adani

<p>Months after the US-based short seller Hindenburg Research raised questions about its business dealings, India's Adani group is once again in the line of fire. A nonprofit media organisation has said that business partners of the Adani family used 'opaque' funds to invest in its stocks.</p>

<p>The Organised Crime and Corruption Reporting Project (OCCRP), alleged that millions of dollars were invested in some publicly traded stocks of the group via "opaque" Mauritius funds, which "obscured" the involvement of alleged business partners of the Adani family.</p>

<p>The nonprofit media organisation said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. It named two individual investors, Nasser Ali Shaban Ahli and Chang Chung-Ling, who were described as "longtime business partners" of the Adani family. These two, the report said, spent years buying and selling Adani stocks while making considerable profits in the process.</p>

<p>The organisation said there was no evidence that Chang and Ahli's funds came from the Adani family. The source of the funds remains unknown. But documents showed evidence that their trading in Adani stock&nbsp;"was coordinated with the family", with Vinod Adani -- he is the elder brother of billionaire Gautam Adani -- using&nbsp;the same Mauritius funds to make his own investments.&nbsp;</p>

<p>Moreover, whether this arrangement is a violation of the Indian securities law is yet to be determined.</p>

<p>It may be argued that Ahli and Chang were acting on behalf of Adani “promoters”, a term used in India to refer to the majority owners of a business holding. If this turns out to be the case, this would mean insiders together own more than the 75 per cent of the shares.</p>

<p>“When the company buys its own shares above 75 percent … it’s not just illegal, but it’s share price manipulation,” Newslaundry quoted Arun Agarwal, an Indian market specialist and transparency advocate, as saying.&nbsp;</p>

<p>In response, the Adani group said the Mauritius funds investigated by OCCRP's reporters had already been named in the Hindenburg report. It added that the allegations were not only "baseless and unsubstantiated" but were "rehashed" from Hindenburg's allegations.</p>

<p>The latest allegations come after Hindenburg Research accused the Adani group of using offshore entities in tax havens such as Mauritius for dubious business dealings, including “brazen stock manipulation” and “accounting fraud”. However, the Adani group had called the short seller's claims misleading and without evidence, adding that it always complied with laws.</p>

<p>Days following the January report, the conglomerate stocks lost $150 billion in market value. The Hindenburg report, particularly, hit Gautam Adani hard. The Ahmedabad-based billionaire, who leads the ports-to-energy conglomerate, was, until January this year, the world's third-richest person.</p>

<p>However, following a recovery in recent months, the Adani group's market cap now remains around $100 billion.</p>

<p>After the uproar over the&nbsp;Hindenburg allegations this year, in addition to appointing its expert committee, India’s Supreme Court had directed SEBI to investigate the matter. The SEBI report is due next month.&nbsp;</p>

<p>(With inputs from agencies)</p>


Months after the US-based short seller Hindenburg Research raised questions about its business dealings, India's Adani group is once again in the line of fire. A nonprofit media organisation has said that business partners of the Adani family used 'opaque' funds to invest in its stocks.

Months after the US-based short seller Hindenburg Research raised questions about its business dealings, India's Adani group is once again in the line of fire. A nonprofit media organisation has said that business partners of the Adani family used 'opaque' funds to invest in its stocks. The Organised Crime and Corruption Reporting Project (OCCRP), alleged that millions of dollars were invested in some publicly traded stocks of the group via "opaque" Mauritius funds, which "obscured" the involvement of alleged business partners of the Adani family. The nonprofit media organisation said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. It named two individual investors, Nasser Ali Shaban Ahli and Chang Chung-Ling, who were described as "longtime business partners" of the Adani family. These two, the report said, spent years buying and selling Adani stocks while making considerable profits in the process. The organisation said there was no evidence that Chang and Ahli's funds came from the Adani family. The source of the funds remains unknown. But documents showed evidence that their trading in Adani stock "was coordinated with the family", with Vinod Adani -- he is the elder brother of billionaire Gautam Adani -- using the same Mauritius funds to make his own investments. Moreover, whether this arrangement is a violation of the Indian securities law is yet to be determined. It may be argued that Ahli and Chang were acting on behalf of Adani “promoters”, a term used in India to refer to the majority owners of a business holding. If this turns out to be the case, this would mean insiders together own more than the 75 per cent of the shares. “When the company buys its own shares above 75 percent … it’s not just illegal, but it’s share price manipulation,” Newslaundry quoted Arun Agarwal, an Indian market specialist and transparency advocate, as saying. In response, the Adani group said the Mauritius funds investigated by OCCRP's reporters had already been named in the Hindenburg report. It added that the allegations were not only "baseless and unsubstantiated" but were "rehashed" from Hindenburg's allegations. The latest allegations come after Hindenburg Research accused the Adani group of using offshore entities in tax havens such as Mauritius for dubious business dealings, including “brazen stock manipulation” and “accounting fraud”. However, the Adani group had called the short seller's claims misleading and without evidence, adding that it always complied with laws. Days following the January report, the conglomerate stocks lost $150 billion in market value. The Hindenburg report, particularly, hit Gautam Adani hard. The Ahmedabad-based billionaire, who leads the ports-to-energy conglomerate, was, until January this year, the world's third-richest person. However, following a recovery in recent months, the Adani group's market cap now remains around $100 billion. After the uproar over the Hindenburg allegations this year, in addition to appointing its expert committee, India’s Supreme Court had directed SEBI to investigate the matter. The SEBI report is due next month. (With inputs from agencies)

Business partners of Adani family used 'opaque' funds to invest in its stocks: Report

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

<p>The Securities and Exchange Board of India (SEBI) has filed a fresh status report before the Supreme Court apprising it that out of 24 investigations arising out of the Hindenburg report, 22 are final in nature and 2 are interim in nature.<br />
SEBI submitted that with respect to the interim investigation reports SEBI has sought information from external agencies and entities and upon receipt of such information will evaluate the same vis-a-vis the interim investigation report to determine further course of action, if any, in the matters.</p>

<p>SEBI submitted that it shall take appropriate action based on the outcome of the investigations in accordance with law in various aspects.</p>

<p>The investigation was carried out in compliance with the directions of the top court's order dated March 2, 2023, SEBI has investigated 24 matters.</p>

<p>Also Read | <a href="https://www.wionews.com/india-news/indias-chandrayaan-3-to-make-historic-attempt-at-moon-landing-today-628136">India's Chandrayaan-3 to make historic attempt at moon landing today</a></p>

<p>SEBI has conducted its probe in the matter relating to the violation of rule 19A of the Securities Contracts (Regulation) Rules, 1957 (Minimum Public Shareholding) and alleged non-compliance with minimum public shareholding ("MPS") requirements specified in rule 19A of the Securities Contracts (Regulation) Rules, 1957 (SCRR).<br />
<br />
Scope of investigation (s):&nbsp;To ascertain alleged non-compliance with minimum public shareholding ("MPS") requirements specified in rule 19A of the Securities Contracts (Regulation) Rules, 1957 (SCRR).</p>

<p>Also Read | <a href="https://www.wionews.com/india-news/chandrayaan-3-soft-landing-will-offer-basic-tech-for-landing-missions-to-other-planets-628071">Chandrayaan-3 soft-landing will offer basic tech for landing missions to other planets</a></p>

<p>Apart from that, SEBI has examined possible violation of SEBI (Foreign Portfolio Investors) Regulations, 2014 ("FPI Regulations, 2014") and SEBI (Foreign Portfolio Investors) Regulations, 2019 ("FPI Regulations, 2019"), SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011("SAST Regulations"), SEBI (Prohibition of Insider Trading) Regulations, 2015 (Insider Trading Regulations") and examination of all the trades in Adani Group of companies pre and post-release of Hindenburg Report.</p>

<p>Earlier Securities and Exchange Board of India (SEBI) filed an application before the Supreme Court seeking 15 more days to conclude the investigation and submit the status report into its probe into the Hindenburg report.</p>

<p><strong>Watch | Decoding Chandrayaan-3 landing: 'If problem arises, landing could be delayed'</strong></p>

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<p>In the mid of May, the top court gave three months more time to the Securities and Exchange Board of India (SEBI) to conduct a probe into the Hindenburg report SEBI was granted time till 14 August 2023 to conduct the probe.</p>

<p>On March 2, the apex court directed the capital market regulator SEBI to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report, which led to a massive wipeout of more than USD140 billion of the Adani Group's market value.</p>

<p>Supreme Court, on March 2, set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group companies. The committee will consist of six members, headed by former apex court judge Justice AM Sapre.</p>

<p>The top court had then asked SEBI to file a status report within two months.</p>

<p>The apex court was then hearing petitions pertaining to the Hindenburg report, including the constitution of a committee relating to regulatory mechanisms to protect investors' interests.</p>

<p>The January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate.</p>

<p>The Adani Group has attacked Hindenburg as "an unethical short seller", stating that the report by the New York-based entity was "nothing but a lie". A short-seller in the securities market books gains from the subsequent reduction in the prices of shares.&nbsp;</p>

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The Securities and Exchange Board of India (SEBI) has filed a fresh status report before the Supreme Court apprising it that out of 24 investigations arising out of the Hindenburg report, 22 are final in nature and 2 are interim in nature.

The Securities and Exchange Board of India (SEBI) has filed a fresh status report before the Supreme Court apprising it that out of 24 investigations arising out of the Hindenburg report, 22 are final in nature and 2 are interim in nature. SEBI submitted that with respect to the interim investigation reports SEBI has sought information from external agencies and entities and upon receipt of such information will evaluate the same vis-a-vis the interim investigation report to determine further course of action, if any, in the matters. SEBI submitted that it shall take appropriate action based on the outcome of the investigations in accordance with law in various aspects. The investigation was carried out in compliance with the directions of the top court's order dated March 2, 2023, SEBI has investigated 24 matters. Also Read | India's Chandrayaan-3 to make historic attempt at moon landing today SEBI has conducted its probe in the matter relating to the violation of rule 19A of the Securities Contracts (Regulation) Rules, 1957 (Minimum Public Shareholding) and alleged non-compliance with minimum public shareholding ("MPS") requirements specified in rule 19A of the Securities Contracts (Regulation) Rules, 1957 (SCRR). Scope of investigation (s): To ascertain alleged non-compliance with minimum public shareholding ("MPS") requirements specified in rule 19A of the Securities Contracts (Regulation) Rules, 1957 (SCRR). Also Read | Chandrayaan-3 soft-landing will offer basic tech for landing missions to other planets Apart from that, SEBI has examined possible violation of SEBI (Foreign Portfolio Investors) Regulations, 2014 ("FPI Regulations, 2014") and SEBI (Foreign Portfolio Investors) Regulations, 2019 ("FPI Regulations, 2019"), SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011("SAST Regulations"), SEBI (Prohibition of Insider Trading) Regulations, 2015 (Insider Trading Regulations") and examination of all the trades in Adani Group of companies pre and post-release of Hindenburg Report. Earlier Securities and Exchange Board of India (SEBI) filed an application before the Supreme Court seeking 15 more days to conclude the investigation and submit the status report into its probe into the Hindenburg report. Watch | Decoding Chandrayaan-3 landing: 'If problem arises, landing could be delayed' × In the mid of May, the top court gave three months more time to the Securities and Exchange Board of India (SEBI) to conduct a probe into the Hindenburg report SEBI was granted time till 14 August 2023 to conduct the probe. On March 2, the apex court directed the capital market regulator SEBI to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report, which led to a massive wipeout of more than USD140 billion of the Adani Group's market value. Supreme Court, on March 2, set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group companies. The committee will consist of six members, headed by former apex court judge Justice AM Sapre. The top court had then asked SEBI to file a status report within two months. The apex court was then hearing petitions pertaining to the Hindenburg report, including the constitution of a committee relating to regulatory mechanisms to protect investors' interests. The January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate. The Adani Group has attacked Hindenburg as "an unethical short seller", stating that the report by the New York-based entity was "nothing but a lie". A short-seller in the securities market books gains from the subsequent reduction in the prices of shares. 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-Hindenburg issue: 22 investigations are final in nature, 2 are interim, SEBI files fresh status report

Global investment bank Goldman Sachs has bought fresh stake in adani power. The us-based investor has reportedly bought Adani power shares worth rs 2,876 crore or over 300 million dollars.

Goldman Sachs buys shares in Adani power

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

A bloomberg report claims adani enterprises is exploring selling its stake in its mumbai-listed consumer-staple joint venture with wilmar international, that could potentially free up capital for their core business, according to people familiar with the matter.

Adani mulls selling stake in wilmar joint venture: Reports

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

Indian conglomerate Adani group has denied reports of any investigation by the US Securities regulators. The clarification comes after a media report claimed that US Authorities have been enquiring with the group's American investors following the Hindenburg saga this year.

Adani group under US Sec scanner

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

<p><strong>Balasore train tragedy:</strong> 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."</p>

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<p dir="ltr" lang="hi">उड़ीसा की रेल दुर्घटना से हम सभी बेहद व्यथित हैं।<br />
<br />
हमने फैसला लिया है कि जिन मासूमों ने इस हादसे में अपने अभिभावकों को खोया है उनकी स्कूली शिक्षा की जिम्मेदारी अडाणी समूह उठाएगा।<br />
<br />
पीड़ितों एवं उनके परिजनों को संबल और बच्चों को बेहतर कल मिले यह हम सभी की संयुक्त जिम्मेदारी है।</p>
— 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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<p>"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.</p>

<h2><strong>Balasore train accident latest updates</strong></h2>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<h2><strong>Restoration efforts underway at the accident site</strong></h2>

<p>Meanwhile, the railway ministry reported that restoration work at the accident site is progressing rapidly, with over 1,000 personnel involved in the efforts.</p>

<p>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.</p>

<h2><strong>Possible sabotage being probed</strong></h2>

<p>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.</p>

<p><a href="https://www.wionews.com/business-economy/after-hindenburg-row-adani-group-seeks-3-billion-share-sale-599072"><strong>Also read:&nbsp;After Hindenburg row, Adani Group seeks $3 billion share sale</strong></a></p>

<p>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.</p>

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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

<p dir="ltr">Indian billionaire Gautam Adani's conglomerate, the Adani Group, is embarking on an audacious comeback strategy following a challenging period prompted by a scathing report from a US short seller.</p>

<p dir="ltr">The group plans to raise approximately $3.5 billion through an equity share sale to institutional investors, as per a PTI report. The funds raised will be allocated towards the group's capital expenditure requirements. With boards of two flagship firms --&nbsp;Adani Enterprises Ltd and Adani Transmission Ltd -- already approving share sales, Adani Green Energy Ltd is expected to follow suit.&nbsp;</p>

<p>Adani Enterprises Ltd and Adani Transmission Ltd have already received board approvals for raising up to Rs 21,000 crore (over $2.5 billion) through share sales to qualified institutional investors. Furthermore, the Adani Green Energy Ltd board will likely approve a fundraising plan of up to $1 billion in the coming weeks, media reports said.</p>

<p>The fundraising process&nbsp;is expected to conclude within the second quarter of the current fiscal year -- July to September 2023. Investors from Europe and the Middle East have displayed strong interest, while both existing and new investors are anticipated to participate.</p>

<p>GQG Partners, a prominent investor that injected $1.87 billion into four Adani group companies in March, is expected to remain engaged in the conglomerate's growth story. The group's recent roadshows abroad, targeting a diverse range of financial institutions and investors, have played a pivotal role in solidifying this investor trust.</p>

<p>The decision to raise funds follows Adani Enterprises' decision to cancel a Rs 20,000 crore follow-on public offering (FPO) three months ago, triggered by the Hindenburg report.</p>

<p>The US short-seller, Hindenburg Research, had alleged accounting fraud and stock price manipulation within the Adani Group, leading to a significant decline in the conglomerate's market value.</p>

<p>Adani Group has categorically denied all allegations and has since embarked on a comprehensive recovery strategy. To reassure investors, the group has realigned its ambitions and repaid substantial amounts of debt. Additionally, Adani promoters successfully sold stakes worth Rs 15,446 crore to GQG Partners, further bolstering market confidence.</p>

<p>The Adani Group's latest fundraising endeavor represents the largest borrowing since the release of the Hindenburg report. By securing substantial funds, the conglomerate aims to fuel its expansion projects&nbsp;and reinforcing its position as a leading player in sectors ranging from ports to energy.&nbsp;</p>


Indian billionaire Gautam Adani's conglomerate, the Adani Group, is embarking on an audacious comeback strategy following a challenging period prompted by a scathing report from a US short seller.

Indian billionaire Gautam Adani's conglomerate, the Adani Group, is embarking on an audacious comeback strategy following a challenging period prompted by a scathing report from a US short seller. The group plans to raise approximately $3.5 billion through an equity share sale to institutional investors, as per a PTI report. The funds raised will be allocated towards the group's capital expenditure requirements. With boards of two flagship firms -- Adani Enterprises Ltd and Adani Transmission Ltd -- already approving share sales, Adani Green Energy Ltd is expected to follow suit. Adani Enterprises Ltd and Adani Transmission Ltd have already received board approvals for raising up to Rs 21,000 crore (over $2.5 billion) through share sales to qualified institutional investors. Furthermore, the Adani Green Energy Ltd board will likely approve a fundraising plan of up to $1 billion in the coming weeks, media reports said. The fundraising process is expected to conclude within the second quarter of the current fiscal year -- July to September 2023. Investors from Europe and the Middle East have displayed strong interest, while both existing and new investors are anticipated to participate. GQG Partners, a prominent investor that injected $1.87 billion into four Adani group companies in March, is expected to remain engaged in the conglomerate's growth story. The group's recent roadshows abroad, targeting a diverse range of financial institutions and investors, have played a pivotal role in solidifying this investor trust. The decision to raise funds follows Adani Enterprises' decision to cancel a Rs 20,000 crore follow-on public offering (FPO) three months ago, triggered by the Hindenburg report. The US short-seller, Hindenburg Research, had alleged accounting fraud and stock price manipulation within the Adani Group, leading to a significant decline in the conglomerate's market value. Adani Group has categorically denied all allegations and has since embarked on a comprehensive recovery strategy. To reassure investors, the group has realigned its ambitions and repaid substantial amounts of debt. Additionally, Adani promoters successfully sold stakes worth Rs 15,446 crore to GQG Partners, further bolstering market confidence. The Adani Group's latest fundraising endeavor represents the largest borrowing since the release of the Hindenburg report. By securing substantial funds, the conglomerate aims to fuel its expansion projects and reinforcing its position as a leading player in sectors ranging from ports to energy.

After Hindenburg row, Adani Group seeks $3 billion share sale

Adani group stocks rallied on Tuesday, extending gains for the third straight session. The group also powered Indian equity benchmarks, with the nifty-50 index about 500 points away from a record high. What helped was an U.S. investment firm's decision to increase its stake in Adani group stocks.

U.S. investment firm GQG increases stake in Adani

<p>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;</p>

<p>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.</p>

<h2><strong>Details about GQG’s initial investments in Adani</strong></h2>

<p>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;</p>

<p>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.</p>

<p>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;</p>

<h2><strong>Adani stocks experiencing a massive surge</strong></h2>

<p>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;</p>

<p><strong>Watch:&nbsp;Tesla restarts India market talks, executives to visit India to diversify beyond China&nbsp;</strong></p>

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<p>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.</p>

<p>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.</p>

<p><a href="https://www.wionews.com/india-news/adani-groups-port-unit-recovers-all-stock-losses-suffered-after-hindenburg-expose-report-595426"><strong>Also Read |&nbsp;Adani Group’s port unit recovers all stock losses suffered after Hindenburg expose: Report</strong></a></p>

<p>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.</p>

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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

Adani Group stocks increased to have their best day since Hindenburg Research's damning report from late January. The company's shares increased in value from Friday after an Indian judicial panel's investigation concluded that there was no convincing evidence of stock price manipulation, despite assertions to the contrary made by a U.S. short seller called Hindenburg research.

Adani stocks add combined $10 bn in a day

<p>Months after the Hindenburg expose that left deep financial wounds, Adani Group is steadily recovering, according to a Bloomberg report. On Monday, Adani Group's port unit became the first of its 10 entities to recoup all losses triggered after the release of the damning report.&nbsp;</p>

<p>In the early trading session on Tuesday, all 10 Adani stocks traded in green. Adani Ports and Special Economic Zone Ltd recorded a 7.7 surge while flagship Adani&nbsp;Enterprises Ltd. gained almost 19 per cent.&nbsp;</p>

<p>The port unit houses the Adani Group's most lucrative assets and is regarded as the crown jewel of the company. According to data compiled by Bloomberg, every analyst covering the stock has given a buy rating to it. Cumulatively, the 10 Adani stocks have raked in $22 billion since Thursday's trading session last week, clearing the deficit to $105 billion from the $153 billion fallout in the aftermath of the report.&nbsp;</p>

<p>The stocks have managed to change the tide after India's market regulator&nbsp;Securities and Exchange Board of India (SEBI) submitted a report to the court panel, according to which there was&nbsp;“no evident pattern of manipulation” in the steep stock-price rise in Adani’s companies.&nbsp;</p>

<p><a href="https://www.wionews.com/videos/adani-group-set-to-raise-capital-591550"><strong>WATCH |&nbsp;Adani group set to raise capital</strong></a></p>

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<h2><strong>SC grants extension to SEBI</strong></h2>

<p>Additionally, the Supreme Court (SC) has granted the market regulator time till August 14 to submit its final report. SEBI had moved the SC last month demanding a six-month extension to probe the case.</p>

<p>The regulator argued&nbsp;that the complexity of the case meant it would take 15 months to complete the investigation. According to SEBI, there are as many as eight possible violations that require&nbsp;more time to complete the probe.&nbsp;</p>

<p>"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;</p>

<p><a href="https://www.wionews.com/india-news/adani-hindenburg-sc-grants-three-month-extension-to-sebi-to-complete-probe-593232"><strong>ALSO READ | Adani-Hindenburg: SC grants three-month extension to SEBI to complete probe</strong></a></p>

<p>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.</p>

<p>However, the recent gains might prompt the company board to recalibrate its plans.&nbsp;</p>

<p>The Hindenburg report&nbsp;accused the Adani group of stock manipulation and using tax havens whilst having unsustainable debt.&nbsp;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.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

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Months after the Hindenburg expose that left deep financial wounds, Adani Group is steadily recovering, according to a Bloomberg report. On Monday, Adani Group's port unit became the first of its 10 entities to recoup all losses triggered after the release of the damning report.

Months after the Hindenburg expose that left deep financial wounds, Adani Group is steadily recovering, according to a Bloomberg report. On Monday, Adani Group's port unit became the first of its 10 entities to recoup all losses triggered after the release of the damning report. In the early trading session on Tuesday, all 10 Adani stocks traded in green. Adani Ports and Special Economic Zone Ltd recorded a 7.7 surge while flagship Adani Enterprises Ltd. gained almost 19 per cent. The port unit houses the Adani Group's most lucrative assets and is regarded as the crown jewel of the company. According to data compiled by Bloomberg, every analyst covering the stock has given a buy rating to it. Cumulatively, the 10 Adani stocks have raked in $22 billion since Thursday's trading session last week, clearing the deficit to $105 billion from the $153 billion fallout in the aftermath of the report. The stocks have managed to change the tide after India's market regulator Securities and Exchange Board of India (SEBI) submitted a report to the court panel, according to which there was “no evident pattern of manipulation” in the steep stock-price rise in Adani’s companies. WATCH | Adani group set to raise capital × SC grants extension to SEBI Additionally, the Supreme Court (SC) has granted the market regulator time till August 14 to submit its final report. SEBI had moved the SC last month demanding a six-month extension to probe the case. The regulator argued that the complexity of the case meant it would take 15 months to complete the investigation. According to SEBI, there are as many as eight possible violations that require more time to complete the probe. "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. ALSO READ | Adani-Hindenburg: SC grants three-month extension to SEBI to complete probe 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. However, the recent gains might prompt the company board to recalibrate its plans. The Hindenburg report accused the Adani group of stock manipulation and using tax havens whilst having unsustainable debt. 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’s port unit recovers all stock losses suffered after Hindenburg expose: Report

<p>A committee appointed by the Supreme Court to look into the business affairs of Adani group in the wake of a report by short seller Hindenburg said it found 'no regulatory failure' on the part of the Indian conglomerate. In the report made public by the apex court, the committee said the Hindenburg report contains 'no new data' and is a "collection of inferences from data in the public domain'. The committee is headed by retired judge Abhay Manohar Sapre.</p>

<h2><strong>What has the report said?</strong></h2>

<p>The committee said in its report submitted the Supreme Court,"The committee is of the view that it would not be possible to return a finding of a regulatory failure in relation to compliance with the regulatory stipulations governing minimum public shareholding stipulation..."</p>

<p>"Hindenburg Report...contained no new data but was substantially a collection of inferences from data in the public domain".</p>

<p>The report said: "It is noteworthy that a strong feedback on the Hindenburg Report is that it contained no new data but was substantially a collection of inferences from data in the public domain."</p>

<p>The committee said the Foreign portfolio investors (FPIs) in question have made declarations of the beneficial owner by identifying the natural persons controlling their decisions for purposes of the Prevention of Money Laundering Act (PMLA).</p>

<p>This is the declaration that comports to compliance with the FPI Regulations, it added. "SEBI [Securities and Exchange Board of India, the market regulator] has been investigating the ownership of the 13 overseas entities since October 2020...," it noted.</p>

<p>&nbsp;"The legislative policy of SEBI under the FPI Regulations requiring disclosure of beneficial owners was in consonance with the requirements under the PMLA. Besides, in 2018, the very provision dealing with `opaque structure` and requiring an FPI to be able to disclose every ultimate natural person at the end of the chain of every owner of economic interest in the FPI, was done away with."</p>

<p>"Yet, in 2020, the investigation and enforcement has moved in the opposite direction, stating that the ultimate owner of every piece of economic interest in an FPI must be capable of being ascertained. It is this dichotomy that has led to SEBI drawing a blank worldwide, despite its best efforts," said the report.</p>

<p>The report said that without this information, SEBI is unable to satisfy itself that its suspicion that has aroused can be put to rest.</p>

<p>"The securities market regulator suspects wrongdoing, but also finds compliance with various stipulations in attendant regulations. Therefore, the record reveals a chicken-and-egg situation," said the report.</p>

<h2><strong>Only ascertaining if there was 'regulatory failure'</strong></h2>

<p>The committee said that it has restricted itself to its stated remit, which was ascertaining whether there was a regulatory failure.&nbsp;</p>

<p>"The committee is of the view that it would not be possible to return a finding of a regulatory failure in the context of the regulations prevailing when the transactions were effected," said the committee.</p>

<p>On March 2 this year, the apex court constituted the expert committee headed by Justice Sapre, a former judge of the Supreme Court, and comprising OP Bhatt, Justice JP Devadhar (retired), KV Kamath, Nandan Nilekani, and advocate Somashekhar Sundaresan.</p>

<p>The top court had said: "The remit of the committee shall be as follows: To provide an overall assessment of the situation, including the relevant causal factors which have led to the volatility in the securities market in the recent past; To suggest measures to strengthen investor awareness."</p>

<p><em>(With inputs from agencies)</em></p>

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A committee appointed by the Supreme Court to look into the business affairs of Adani group in the wake of a report by short seller Hindenburg said it found 'no regulatory failure' on the part of the Indian conglomerate.

A committee appointed by the Supreme Court to look into the business affairs of Adani group in the wake of a report by short seller Hindenburg said it found 'no regulatory failure' on the part of the Indian conglomerate. In the report made public by the apex court, the committee said the Hindenburg report contains 'no new data' and is a "collection of inferences from data in the public domain'. The committee is headed by retired judge Abhay Manohar Sapre. What has the report said? The committee said in its report submitted the Supreme Court,"The committee is of the view that it would not be possible to return a finding of a regulatory failure in relation to compliance with the regulatory stipulations governing minimum public shareholding stipulation..." "Hindenburg Report...contained no new data but was substantially a collection of inferences from data in the public domain". The report said: "It is noteworthy that a strong feedback on the Hindenburg Report is that it contained no new data but was substantially a collection of inferences from data in the public domain." The committee said the Foreign portfolio investors (FPIs) in question have made declarations of the beneficial owner by identifying the natural persons controlling their decisions for purposes of the Prevention of Money Laundering Act (PMLA). This is the declaration that comports to compliance with the FPI Regulations, it added. "SEBI [Securities and Exchange Board of India, the market regulator] has been investigating the ownership of the 13 overseas entities since October 2020...," it noted. "The legislative policy of SEBI under the FPI Regulations requiring disclosure of beneficial owners was in consonance with the requirements under the PMLA. Besides, in 2018, the very provision dealing with `opaque structure` and requiring an FPI to be able to disclose every ultimate natural person at the end of the chain of every owner of economic interest in the FPI, was done away with." "Yet, in 2020, the investigation and enforcement has moved in the opposite direction, stating that the ultimate owner of every piece of economic interest in an FPI must be capable of being ascertained. It is this dichotomy that has led to SEBI drawing a blank worldwide, despite its best efforts," said the report. The report said that without this information, SEBI is unable to satisfy itself that its suspicion that has aroused can be put to rest. "The securities market regulator suspects wrongdoing, but also finds compliance with various stipulations in attendant regulations. Therefore, the record reveals a chicken-and-egg situation," said the report. Only ascertaining if there was 'regulatory failure' The committee said that it has restricted itself to its stated remit, which was ascertaining whether there was a regulatory failure. "The committee is of the view that it would not be possible to return a finding of a regulatory failure in the context of the regulations prevailing when the transactions were effected," said the committee. On March 2 this year, the apex court constituted the expert committee headed by Justice Sapre, a former judge of the Supreme Court, and comprising OP Bhatt, Justice JP Devadhar (retired), KV Kamath, Nandan Nilekani, and advocate Somashekhar Sundaresan. The top court had said: "The remit of the committee shall be as follows: To provide an overall assessment of the situation, including the relevant causal factors which have led to the volatility in the securities market in the recent past; To suggest measures to strengthen investor awareness." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Adani-Hindenburg controversy: SC committee finds 'no regulatory failure'

<p>The Supreme Court on Wednesday granted a three-month extension to the Securities and Exchange Board of India (SEBI)&nbsp;to complete its investigation into allegations of 'brazen' stock price manipulation by the Adani Group.</p>

<p>The apex court has granted the market regulator time till August 14 to submit its final report. In the meantime, the bench ordered SEBI to file an updated status report of the investigation as well as make its report submitted to&nbsp;Justice A M Sapre committee available to related parties.&nbsp;</p>

<p>SEBI, the Indian securities regulator, had&nbsp;moved the SC last month&nbsp; demanding a six-month extension to probe the case. The regulator argued&nbsp;that the complexity of the case meant it would take 15 months to complete the investigation. According to SEBI, there are as many as eight possible violations that require&nbsp;more time to complete the probe.&nbsp;</p>

<p>"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;</p>

<p>The had court earlier this week refused to provide a six-month extension, saying there needed to be 'alacrity in work' of the body.&nbsp;</p>

<p>“We cannot grant 6 months now. There needs to be some alacrity in the work. Put together a team. We can list the case in August mid and have the report then.. 6 months cannot be given as a minimum time. SEBI cannot take indefinitely long period and we will give them 3 months," the court said.&nbsp;</p>

<p><a href="https://www.wionews.com/videos/wikipedia-accuses-adani-staff-of-manipulation-while-adani-groups-market-rout-deepens-further-564787"><strong>WATCH |&nbsp;Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further</strong></a></p>

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<h2><strong>SC forms the committee&nbsp;</strong></h2>

<p>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. It had granted a two-month deadline to complete the investigation at the time.&nbsp;</p>

<p>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.</p>

<p><a href="https://www.wionews.com/india-news/adani-hindenburg-supreme-court-constitutes-expert-panel-issues-two-month-deadline-to-sebi-567516"><strong>ALSO READ |&nbsp;Adani-Hindenburg: Supreme Court constitutes expert panel, issues two-month deadline to SEBI</strong></a></p>

<p>In the brutal fallout of Hindenburg's report on Adani, investors dumped the group's shares while the company was forced to abandon a $2.5 billion share sale.</p>

<p>The group 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.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

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The Supreme Court on Wednesday granted a three-month extension to the Securities and Exchange Board of India (SEBI) to complete its investigation into allegations of 'brazen' stock price manipulation by the Adani Group.

The Supreme Court on Wednesday granted a three-month extension to the Securities and Exchange Board of India (SEBI) to complete its investigation into allegations of 'brazen' stock price manipulation by the Adani Group. The apex court has granted the market regulator time till August 14 to submit its final report. In the meantime, the bench ordered SEBI to file an updated status report of the investigation as well as make its report submitted to Justice A M Sapre committee available to related parties. SEBI, the Indian securities regulator, had moved the SC last month demanding a six-month extension to probe the case. The regulator argued that the complexity of the case meant it would take 15 months to complete the investigation. According to SEBI, there are as many as eight possible violations that require more time to complete the probe. "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 had court earlier this week refused to provide a six-month extension, saying there needed to be 'alacrity in work' of the body. “We cannot grant 6 months now. There needs to be some alacrity in the work. Put together a team. We can list the case in August mid and have the report then.. 6 months cannot be given as a minimum time. SEBI cannot take indefinitely long period and we will give them 3 months," the court said. 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. It had granted a two-month deadline to complete the investigation at the time. 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 on Adani, investors dumped the group's shares while the company was forced to abandon a $2.5 billion share sale. The group 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: SC grants three-month extension to SEBI to complete probe

Adani group's flagship and utility firm seek to raise 2.6 billion from the market. That signals the Indian business empire now wants to focus on growth after a scathing Hindenburg report forced it into damage control.

Adani group to raise $2.6 BN fresh capital

Adani group's three firms, Adani Enterprises, Adani green energy, and adani transmission, explore options to raise $5 billion in capital through a secondary share offering. The move follows the cancellation of a previous share sale and regulatory investigations. Despite the controversy, the group aims to secure funds while facing scrutiny and the withdrawal of a major backer.

Adani group set to raise capital

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