Indian regulator SEBI has begin a full-scale investigation into the stock market rout of companies linked to Indian billionaire Gautam Adani. Earlier, Swiss global brokerage firm Credit Suisse said it would no longer accept Adani bonds as collateral for marginal loans. Molly Gambhir reports.

Gravitas: Adani shares plunge after credit suisse decision

Industrialist Gautam Adani is not the richest Indian in the world anymore as Reliance Industries Chairman and Managing Director Mukesh Ambani replaced him following the Hindenburg report fiasco. The new rankings were published in the Forbes Real-time Billionaires list.

With this, Gautam Adani who was earlier in the third spot, slipped down to seventh place in the Bloomberg Billionaires Index on Tuesday.

Also Read | <a href="https://www.wionews.com/world/canadas-three-year-pilot-programme-to-decriminalise-possession-of-illicit-drugs-begins-in-bc-557691">Canada’s three-year pilot programme to decriminalise possession of illicit drugs begins in BC</a>

US-based short-seller Hindenburg Research severely criticised Indian conglomerate Adani in a 24 January report ahead of its flagship company's $2.5 billion share sale, triggering a $70 billion rout in the group's domestically listed stocks and a sell-off in its bonds listed overseas.

Hindenburg disclosed that it holds short positions in Adani companies through US-traded bonds and non-Indian-traded derivative instruments.

Also Read | <a href="https://www.wionews.com/science/green-comet-2023-check-date-time-and-location-know-when-and-how-to-view-the-rare-shooting-star-557606">Green Comet 2023: Check date, time and location; know when and how to view the rare shooting star</a>

It released a report alongside that accused the conglomerate of improper use of tax havens and flagged concerns about its debt levels. The Adani group has called the report baseless and termed the allegations "unsubstantiated speculations".

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India's capital markets regulator, the Securities and Exchange Board of India, has investigated some of these issues over the past year following local media reports.

Reuters reported the regulator will continue this scrutiny and draw on any fresh information in the Hindenburg report.

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Industrialist Gautam Adani is not the richest Indian in the world anymore as Reliance Industries Chairman and Managing Director Mukesh Ambani replaced him following the Hindenburg report fiasco.

Industrialist Gautam Adani is not the richest Indian in the world anymore as Reliance Industries Chairman and Managing Director Mukesh Ambani replaced him following the Hindenburg report fiasco. The new rankings were published in the Forbes Real-time Billionaires list. With this, Gautam Adani who was earlier in the third spot, slipped down to seventh place in the Bloomberg Billionaires Index on Tuesday. Also Read | Canada’s three-year pilot programme to decriminalise possession of illicit drugs begins in BC US-based short-seller Hindenburg Research severely criticised Indian conglomerate Adani in a 24 January report ahead of its flagship company's $2.5 billion share sale, triggering a $70 billion rout in the group's domestically listed stocks and a sell-off in its bonds listed overseas. Hindenburg disclosed that it holds short positions in Adani companies through US-traded bonds and non-Indian-traded derivative instruments. Also Read | Green Comet 2023: Check date, time and location; know when and how to view the rare shooting star It released a report alongside that accused the conglomerate of improper use of tax havens and flagged concerns about its debt levels. The Adani group has called the report baseless and termed the allegations "unsubstantiated speculations". Watch | China: Beijing says city has achieved 'temporary herd immunity' India's capital markets regulator, the Securities and Exchange Board of India, has investigated some of these issues over the past year following local media reports. Reuters reported the regulator will continue this scrutiny and draw on any fresh information in the Hindenburg report. 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.

After Hindenburg report, Mukesh Ambani replaces Gautam Adani as richest Indian

Shares in Indian tycoon Gautam Adani's conglomerate plunged again on Wednesday as a rout in his companies deepened to $84 billion in the wake of a US short-seller report, with the billionaire also losing his title as Asia's richest person.

Adani loses Asia's richest crown as stock rout deepens to $84 billion

Gautam Adani's crucial $2.5 billion share sale achieved a full subscription on Tuesday as investors pumped funds into his flagship Adani Enterprises, despite a scathing short-seller's report which had pummelled the Indian billionaire's stocks.

Adani rides out storm as investors rally behind $2.5 billion share sale

Its Tamil superstar Vijay birthday today. The actor has decided to keep the celebrations low key owing to the current pandemic- but that has not dampened the spirit of his fans who made his birthday trend on the Internet on Monday morning. 
 
Filmmaker Lokesh Kanagaraj shared a birthday poster on his Twitter page in Vijay's honour and fans have now have started a countdown to the release the trailer of Vijay's next film 'Master'.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
To convey my love to Thalapathy <a href="https://twitter.com/actorvijay?ref_src=twsrc%5Etfw">@actorvijay</a> here I release the Birthday Poster ❤️ Advance bday wishes <a href="https://twitter.com/hashtag/Master?src=hash&amp;ref_src=twsrc%5Etfw">#Master</a> 
 
Designed by : <a href="https://twitter.com/Clinton22Roach?ref_src=twsrc%5Etfw">@Clinton22Roach</a><a href="https://twitter.com/hashtag/HBDTHALAPATHYVijay?src=hash&amp;ref_src=twsrc%5Etfw">#HBDTHALAPATHYVijay</a> <a href="https://t.co/tMvf80wdU2">pic.twitter.com/tMvf80wdU2</a>
— Lokesh Kanagaraj (@Dir_Lokesh) <a href="https://twitter.com/Dir_Lokesh/status/1274681107049406467?ref_src=twsrc%5Etfw">June 21, 2020</a></blockquote>
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Most fans have been eagerly waiting to catch a glimpse of the trailer of 'Master' after the makers of the film released a special poster as an advanced birthday gift for Vijay. 
 
Speculations have been rife that the film would also go the OTT way owing to the current situation. But the makers have rubbished the reports and assured fans that the film would get a theatrical release. 
 
A few weeks earlier, Suriya Sivakumar decided to with the digital release of his actress wife Jyotika's courtroom drama, 'Ponmagal Vanthal'. 
 
Expectations from Thalapathy Vijay's films are always huge and the films are always big box office earners. Considering these factors, the makers have decided to wait it out and will release the film only after the government decides to open film theatres across the country. 
 
'Master' is directed by Lokesh Kanagaraj and the first look posters of both Vijay and Sethupathi have been impressive.

Its Tamil superstar Vijay birthday today. The actor has decided to keep the celebrations low key owing to the current pandemic- but that has not dampened the spirit of his fans who made his birthday trend on the Internet on Monday morning.

Its Tamil superstar Vijay birthday today. The actor has decided to keep the celebrations low key owing to the current pandemic- but that has not dampened the spirit of his fans who made his birthday trend on the Internet on Monday morning. Filmmaker Lokesh Kanagaraj shared a birthday poster on his Twitter page in Vijay's honour and fans have now have started a countdown to the release the trailer of Vijay's next film 'Master'. To convey my love to Thalapathy @actorvijay here I release the Birthday Poster ❤️ Advance bday wishes #Master Designed by : @Clinton22Roach#HBDTHALAPATHYVijay pic.twitter.com/tMvf80wdU2 — Lokesh Kanagaraj (@Dir_Lokesh) June 21, 2020 × Most fans have been eagerly waiting to catch a glimpse of the trailer of 'Master' after the makers of the film released a special poster as an advanced birthday gift for Vijay. Speculations have been rife that the film would also go the OTT way owing to the current situation. But the makers have rubbished the reports and assured fans that the film would get a theatrical release. A few weeks earlier, Suriya Sivakumar decided to with the digital release of his actress wife Jyotika's courtroom drama, 'Ponmagal Vanthal'. Expectations from Thalapathy Vijay's films are always huge and the films are always big box office earners. Considering these factors, the makers have decided to wait it out and will release the film only after the government decides to open film theatres across the country. 'Master' is directed by Lokesh Kanagaraj and the first look posters of both Vijay and Sethupathi have been impressive.

Explained: Adani vs Hindenburg. Here's what you need to know

The rout in the Adani Group's shares deepens, with the conglomerate's valuation down by about $66 billion in just three trading sessions.&nbsp;The Adani Group versus the Hindenburg saga continues as the allegations are thrown back and forth between the Indian conglomerate and the US-based research firm.

The standoff started with a research report by Hindenburg, which accused the Adani Group of malpractices. That led to a steep drop in Adani Group shares.&nbsp;Adani then issued a 413-page report on Sunday, criticising the US firm's research, and called the report an attack on India.&nbsp;Then, Hindenburg retorted to Adani's detailed response.

Hindenburg rejected the Adani Group's report and said, "fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised."

The US firm said it believes in India's growth story and added that the Adani group, draped in the Indian flag, is looting the country and holding back India's progress.

Last week, Hindeburg's report claimed that the Adani Group had links with offshore tax havens, and its exposure to high debt was a concern. The report also showed Adani Group's stock price was inflated and had significant downside risks.

That was when the group's flagship company Adani Enterprises launched India's largest secondary share offering to raise $2.5 billion.&nbsp;While the firm's share price rose on Monday to stall a two-day plunge, it still closed below the offer price, raising questions about its viability.&nbsp;The shares of other Adani firms extended their steep fall for the third straight day.

On Sunday, Adani refuted the report's warnings about high debt levels and the usage of tax havens.&nbsp;Adani, in a 413-page report, asserted that it has made the required disclosures and has met with all regulations.

The Indian group called Hindenburg's research malicious and baseless.

The US short sellers' scathing report also alleges that Gautam Adani's elder brother, Vinod Shantilal Shah Adani, is in charge of a maze-like network of illegal offshore shell firms.

Hindenburg alleges Vinod Adani and his close friends control Mauritius shell entities and that many entities have no signs of operations, employees, addresses, phone numbers or a meaningful online presence.

The Indian empire, in its defence, said we are neither aware nor required to be aware of their (Vinod Adani's) 'source of funds.

Hindenburg countered that statement and asked if they were expected to believe that Gautam Adani had no idea of funds flowing from Vinod Adani's group or where they came from.

Hindenburg added that Gautam Adani could easily clear up the mystery by calling his brother or asking him at the next family dinner.

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The rout in the Adani Group's shares deepens, with the conglomerate's valuation down by about $66 billion in just three trading sessions. The Adani Group versus the Hindenburg saga continues as the allegations are thrown back and forth between the Indian conglomerate and the US-based research firm.

The rout in the Adani Group's shares deepens, with the conglomerate's valuation down by about $66 billion in just three trading sessions. The Adani Group versus the Hindenburg saga continues as the allegations are thrown back and forth between the Indian conglomerate and the US-based research firm. The standoff started with a research report by Hindenburg, which accused the Adani Group of malpractices. That led to a steep drop in Adani Group shares. Adani then issued a 413-page report on Sunday, criticising the US firm's research, and called the report an attack on India. Then, Hindenburg retorted to Adani's detailed response. Hindenburg rejected the Adani Group's report and said, "fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised." The US firm said it believes in India's growth story and added that the Adani group, draped in the Indian flag, is looting the country and holding back India's progress. Last week, Hindeburg's report claimed that the Adani Group had links with offshore tax havens, and its exposure to high debt was a concern. The report also showed Adani Group's stock price was inflated and had significant downside risks. That was when the group's flagship company Adani Enterprises launched India's largest secondary share offering to raise $2.5 billion. While the firm's share price rose on Monday to stall a two-day plunge, it still closed below the offer price, raising questions about its viability. The shares of other Adani firms extended their steep fall for the third straight day. On Sunday, Adani refuted the report's warnings about high debt levels and the usage of tax havens. Adani, in a 413-page report, asserted that it has made the required disclosures and has met with all regulations. The Indian group called Hindenburg's research malicious and baseless. The US short sellers' scathing report also alleges that Gautam Adani's elder brother, Vinod Shantilal Shah Adani, is in charge of a maze-like network of illegal offshore shell firms. Hindenburg alleges Vinod Adani and his close friends control Mauritius shell entities and that many entities have no signs of operations, employees, addresses, phone numbers or a meaningful online presence. The Indian empire, in its defence, said we are neither aware nor required to be aware of their (Vinod Adani's) 'source of funds. Hindenburg countered that statement and asked if they were expected to believe that Gautam Adani had no idea of funds flowing from Vinod Adani's group or where they came from. Hindenburg added that Gautam Adani could easily clear up the mystery by calling his brother or asking him at the next family dinner. WATCH WION LIVE HERE:

Adani Group's losses at $66 billion as Hindenburg digs its heels in

Index provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was aware of a report issued by short-seller Hindenburg Research.

Seven listed companies of the Adani conglomerate - controlled by one of the world's richest men Gautam Adani - have lost a combined $48 billion in market value and US&nbsp;bonds of Adani firms have fallen since Hindenburg on Tuesday flagged concerns about debt levels and the use of tax havens.

"MSCI is closely monitoring publicly available information regarding the situation and the factors that may impact the eligibility of those relevant securities for the MSCI Global Investable Market Indexes," it said in a statement.

Adani Group did not immediately respond to Reuters request for comment. It has dismissed the Hindenburg report as baseless and said it was considering whether to take legal action against the New York-based firm.

India's capital markets&nbsp;regulator&nbsp;was studying the Hindenburg report as it may help its own probe into offshore fund holdings of Adani Group, Reuters reported on Friday.

Billionaire US&nbsp;investor&nbsp;Bill Ackman&nbsp;on Thursday described the Hindenburg report "highly credible and extremely well researched".

Index provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was aware of a report issued by short-seller Hindenburg Research.

Index provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was aware of a report issued by short-seller Hindenburg Research. Seven listed companies of the Adani conglomerate - controlled by one of the world's richest men Gautam Adani - have lost a combined $48 billion in market value and US bonds of Adani firms have fallen since Hindenburg on Tuesday flagged concerns about debt levels and the use of tax havens. "MSCI is closely monitoring publicly available information regarding the situation and the factors that may impact the eligibility of those relevant securities for the MSCI Global Investable Market Indexes," it said in a statement. Adani Group did not immediately respond to Reuters request for comment. It has dismissed the Hindenburg report as baseless and said it was considering whether to take legal action against the New York-based firm. India's capital markets regulator was studying the Hindenburg report as it may help its own probe into offshore fund holdings of Adani Group, Reuters reported on Friday. Billionaire US investor Bill Ackman on Thursday described the Hindenburg report "highly credible and extremely well researched".

MSCI seeks feedback on Adani Group over Hindenburg report

Billionaire US investor Bill Ackman said on Thursday that he found short-seller Hindenburg Research's report on India's Adani Group "highly credible and extremely well researched".&nbsp;

Shares in seven listed group companies of Adani lost $10.73 billion in market capitalisation in India on Wednesday after the US short-seller released the report, which accused the conglomerate of improper use of offshore tax havens.

Hindenburg's report also said it held short positions in Adani Group through its US-traded bonds and non-Indian-traded derivative instruments.

ALSO READ | <a href="https://www.wionews.com/india-news/indias-adani-slammed-by-45-billion-stock-rout-clouding-record-share-sale-556502">India: Adani Group shares tank, rout touches $45 billion, clouding record share sale</a>

Adani Group has said that it is &nbsp;evaluating "remedial and punitive action" against Hindenburg, calling the report "maliciously mischievous, (and) unresearched".

Shortly after, Hindenburg said it will demand documents in legal discovery process if Adani Group files a lawsuit in the United States.

"Adani's response to Hindenburg is the same as Herbalife's response to our original 350-page presentation. Herbalife remains a pyramid scheme. I found the Hindenburg report highly credible and extremely well researched," Pershing Square boss Ackman said in a tweet on Thursday.

"We are not invested long or short in any of the Adani companies or Herbalife, nor have we done our own independent research," he added.

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Ackman bet $1 billion against Herbalife starting in 2012, saying it violated Chinese direct-selling laws and was a pyramid scheme.

He exited his short in Herbalife at a loss in 2018 when his bets went awry, with the shares of the weight management and nutrition company rising more than 150%.

(With inputs from agencies)

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Billionaire US investor Bill Ackman said on Thursday that he found short-seller Hindenburg Research's report on India's Adani Group "highly credible and extremely well researched".

Billionaire US investor Bill Ackman said on Thursday that he found short-seller Hindenburg Research's report on India's Adani Group "highly credible and extremely well researched". Shares in seven listed group companies of Adani lost $10.73 billion in market capitalisation in India on Wednesday after the US short-seller released the report, which accused the conglomerate of improper use of offshore tax havens. Hindenburg's report also said it held short positions in Adani Group through its US-traded bonds and non-Indian-traded derivative instruments. ALSO READ | India: Adani Group shares tank, rout touches $45 billion, clouding record share sale Adani Group has said that it is evaluating "remedial and punitive action" against Hindenburg, calling the report "maliciously mischievous, (and) unresearched". Shortly after, Hindenburg said it will demand documents in legal discovery process if Adani Group files a lawsuit in the United States. "Adani's response to Hindenburg is the same as Herbalife's response to our original 350-page presentation. Herbalife remains a pyramid scheme. I found the Hindenburg report highly credible and extremely well researched," Pershing Square boss Ackman said in a tweet on Thursday. "We are not invested long or short in any of the Adani companies or Herbalife, nor have we done our own independent research," he added. WATCH | WION Dispatch: Adani Power and Wilmar shares hit lower brands Ackman bet $1 billion against Herbalife starting in 2012, saying it violated Chinese direct-selling laws and was a pyramid scheme. He exited his short in Herbalife at a loss in 2018 when his bets went awry, with the shares of the weight management and nutrition company rising more than 150%. (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

Bill Ackman says Hindenburg's Adani report 'highly credible'

In southern India, over 80 individuals have been injured as a result of a clash between police and protesters who halted the construction of a $900 million port belonging to Asia's richest man, Adani.

the protesters forced workers to stop working at the&nbsp;Vizhinjam seaport.

In the recent clashes, hundreds of angry protesters stormed a police station&nbsp;with lethal weapons, damaging official vehicles, the police documents claim.&nbsp;

The construction has been halted for over three months after the villagers blocked the entrance for construction vehicles claiming that the activities are causing harm to their livelihoods, Reuters reported.&nbsp;

<a href="https://www.wionews.com/india-news/irctc-cancels-147-trains-today-check-complete-list-how-to-get-refund-and-cancellation-charges-538118">Also read |&nbsp;IRCTC cancels 147 trains today, check complete list, how to get refund, and cancellation charges</a>

Last week, police detained several protesters who were blocking the way. This prompted protesters for attacking the police station.&nbsp;

A senior police official claimed that 36 police officials have been severely wounded in this clash.

The protest has continued in the area despite repeated orders from Kerala's High Court to allow construction dismissing all claims by the protesters.&nbsp;

<a href="https://www.wionews.com/india-news/india-gets-first-private-rocket-launchpad-and-mission-control-centre-538111">Also read |&nbsp;India gets its first private rocket launchpad and mission control centre</a>

Till now, Adnani Group has not addressed the situation officially but claims that the port complies with all laws and cited claims. The state government stated that any erosion that occurred happened due to natural causes.&nbsp;

The protest has brought worries for Asia's richest man Gautam Adani.&nbsp;Similar protests against the Adnani Group have occurred in Australia over his Carmichael coal mine. The activists there were concerned over carbon emissions and possible damage to the Great Barrier Reef forcing the group to halt its construction and delaying the project by six years.&nbsp;

(With inputs from agencies)

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In southern India, over 80 individuals have been injured as a result of a clash between police and protesters who halted the construction of a $900 million port belonging to Asia's richest man, Adani.

In southern India, over 80 individuals have been injured as a result of a clash between police and protesters who halted the construction of a $900 million port belonging to Asia's richest man, Adani. the protesters forced workers to stop working at the Vizhinjam seaport. In the recent clashes, hundreds of angry protesters stormed a police station with lethal weapons, damaging official vehicles, the police documents claim. The construction has been halted for over three months after the villagers blocked the entrance for construction vehicles claiming that the activities are causing harm to their livelihoods, Reuters reported. Also read | IRCTC cancels 147 trains today, check complete list, how to get refund, and cancellation charges Last week, police detained several protesters who were blocking the way. This prompted protesters for attacking the police station. A senior police official claimed that 36 police officials have been severely wounded in this clash. The protest has continued in the area despite repeated orders from Kerala's High Court to allow construction dismissing all claims by the protesters. Also read | India gets its first private rocket launchpad and mission control centre Till now, Adnani Group has not addressed the situation officially but claims that the port complies with all laws and cited claims. The state government stated that any erosion that occurred happened due to natural causes. The protest has brought worries for Asia's richest man Gautam Adani. Similar protests against the Adnani Group have occurred in Australia over his Carmichael coal mine. The activists there were concerned over carbon emissions and possible damage to the Great Barrier Reef forcing the group to halt its construction and delaying the project by six years. (With inputs from agencies) WATCH WION LIVE HERE

India: Hundreds of protesters clash with police over Adani's port project, 80 injured

An Indian-American doctor has filed a lawsuit in Washington against Indian Prime Minister Narendra Modi, Andhra Pradesh Chief Minister YS Jagan Mohan Reddy, and business tycoon Gautam Adani on a host of issues, including corruption and Pegasus spyware, PTI reported. All these leaders, along with several others, have been issue summons by the US District Court for the District of Columbia.&nbsp;Eminent Indian-American attorney from New York Ravi Batra has termed it a "dead on arrival lawsuit".

The lawsuit against Modi, Reddy and Adani has been filed by Richmond-based gastroenterologist Dr Lokesh Vuyurru. Among others named in the lawsuit is Professor Klaus Schwab, founder and chairman of the World Economic forum.

The Indian-American physician, who hails from Andhra Pradesh, has alleged that Modi, Reddy and Adani, along with others, are engaged in corruption, including massive cash transfers to the US and use of Pegasus spyware against political opponents. However, he has no documentary evidence.

After the lawsuit was filed on May 24, the court issued the summons on July 22. The summons were served on them in India on August 4 and to Schwab in Switzerland on August 2.

Dr Vuyyuru submitted the evidence of submission of the summons before the court on August 19. Indian-American attorney Batra says Vuyyuru had too much free time on his hands.

"Lokesh Vuyyuru has too much free time on his hands, seeing his improper use of our federal courts by filing his 53-page complaint to defame and disparage an American ally, India, and despite the presumption against extra-territoriality and foreign sovereign immunity act - something we helped flush out by repeatedly winning dismissal of SFJ v INC and SFJ v Sonia Gandhi - he slashes and burns indiscriminately as if there was no Rule 11 to teach him respect for Article III courts," he told PTI.

"That no lawyer agreed to sign this toilet paper 'complaint' speaks volumes, for this is a dead on arrival lawsuit," Batra said in response to a question.

(With inputs from agencies)

&nbsp;

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An Indian-American doctor has filed a lawsuit in Washington against Indian Prime Minister Narendra Modi, Andhra Pradesh Chief Minister YS Jagan Mohan Reddy, and business tycoon Gautam Adani on a host of issues, including corruption and Pegasus spyware, PTI reported.

An Indian-American doctor has filed a lawsuit in Washington against Indian Prime Minister Narendra Modi, Andhra Pradesh Chief Minister YS Jagan Mohan Reddy, and business tycoon Gautam Adani on a host of issues, including corruption and Pegasus spyware, PTI reported. All these leaders, along with several others, have been issue summons by the US District Court for the District of Columbia. Eminent Indian-American attorney from New York Ravi Batra has termed it a "dead on arrival lawsuit". The lawsuit against Modi, Reddy and Adani has been filed by Richmond-based gastroenterologist Dr Lokesh Vuyurru. Among others named in the lawsuit is Professor Klaus Schwab, founder and chairman of the World Economic forum. The Indian-American physician, who hails from Andhra Pradesh, has alleged that Modi, Reddy and Adani, along with others, are engaged in corruption, including massive cash transfers to the US and use of Pegasus spyware against political opponents. However, he has no documentary evidence. After the lawsuit was filed on May 24, the court issued the summons on July 22. The summons were served on them in India on August 4 and to Schwab in Switzerland on August 2. Dr Vuyyuru submitted the evidence of submission of the summons before the court on August 19. Indian-American attorney Batra says Vuyyuru had too much free time on his hands. "Lokesh Vuyyuru has too much free time on his hands, seeing his improper use of our federal courts by filing his 53-page complaint to defame and disparage an American ally, India, and despite the presumption against extra-territoriality and foreign sovereign immunity act - something we helped flush out by repeatedly winning dismissal of SFJ v INC and SFJ v Sonia Gandhi - he slashes and burns indiscriminately as if there was no Rule 11 to teach him respect for Article III courts," he told PTI. "That no lawyer agreed to sign this toilet paper 'complaint' speaks volumes, for this is a dead on arrival lawsuit," Batra said in response to a question. (With inputs from agencies)

Indian-American doctor files lawsuit against PM Modi, Adani and Jagan Mohan Reddy

Indian conglomerate&nbsp;Adani&nbsp;Group plans to buy Holcim AG's cement businesses in India for $10.5 billion, its largest-ever acquisition, to become the country's No. 2 cement manufacturer.

Adani&nbsp;Group, owned by billionaire Gautam&nbsp;Adani, currently has no cement-making operations but said the firms were a good fit given its ports and logistics, energy and real estate businesses.

Under the deal,&nbsp;Adani&nbsp;Group will pay $6.4 billion in cash to acquire Switzerland-based Holcim's 63.1 per cent&nbsp;stake in Ambuja Cements Ltd and 54.5 per cent&nbsp;holding in ACC Ltd, Holcim said in a statement announcing the deal late on Sunday. The rest of the companies' shares will be bought via an open offer,&nbsp;Adani&nbsp;said in a separate statement.

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"(We) will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion,"&nbsp;Adani&nbsp;said.

The deal, which was clinched after a fierce bidding war with the JSW Group and industry leader Ultratech Cement Ltd, is the second largest deal in India this year.

Shares in Ambuja jumped as much as 5.2 per cent&nbsp;to 377.70 rupees while ACC rose 8.3 per cent&nbsp;to a high of 2,287.70 rupees on Monday, but traded below the prices offered by&nbsp;Adani.

Ambuja's shares closed 2.5 per cent&nbsp;&nbsp;higher at 368 rupees compared with the offer price of 385 rupees. ACC's shares ended Monday 3.9 per cent&nbsp;&nbsp;higher at 2,196.20 rupees versus the offer price of 2,300 rupees.

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Gautam&nbsp;Adani, Asia's richest man, plans to fund the deal using an offshore special purpose vehicle owned by the&nbsp;Adani&nbsp;family, he told the Economic Times.

"The acquisition is fully funded by way of approved commitments from our relationship banks - Barclays, Deutsche Bank and Standard Chartered Bank - and equity infusion from the&nbsp;Adani&nbsp;family," he was quoted as saying.

The divestment by Holcim marks the Swiss company's latest effort to reduce exposure to carbon-intensive cement production and boost its environmental, social and corporate governance (ESG) credentials.

Holcim has also been selling units outside North America and Europe in a bid to sharpen its focus on key markets and diversify into building product areas like roofing. The company sold its Brazilian operation for $1 billion last year.

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Ambuja and ACC combined have the capacity to produce at least 70 million tonnes of cement annually, while UltraTech Cement boasts capacity of 120 million tonnes. Together, Ambuja and ACC own 31 cement making facilities and employ over 10,700 people.

The transaction is expected to close in the second half of 2022, Holcim said.

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Indian conglomerate Adani Group plans to buy Holcim AG's cement businesses in India for $10.5 billion, its largest-ever acquisition, to become the country's No. 2 cement manufacturer.

Indian conglomerate Adani Group plans to buy Holcim AG's cement businesses in India for $10.5 billion, its largest-ever acquisition, to become the country's No. 2 cement manufacturer. Adani Group, owned by billionaire Gautam Adani, currently has no cement-making operations but said the firms were a good fit given its ports and logistics, energy and real estate businesses. Under the deal, Adani Group will pay $6.4 billion in cash to acquire Switzerland-based Holcim's 63.1 per cent stake in Ambuja Cements Ltd and 54.5 per cent holding in ACC Ltd, Holcim said in a statement announcing the deal late on Sunday. The rest of the companies' shares will be bought via an open offer, Adani said in a separate statement. Also read | Talks of all-cash deal between Adani and Zee Media utterly false and baseless "(We) will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion," Adani said. The deal, which was clinched after a fierce bidding war with the JSW Group and industry leader Ultratech Cement Ltd, is the second largest deal in India this year. Shares in Ambuja jumped as much as 5.2 per cent to 377.70 rupees while ACC rose 8.3 per cent to a high of 2,287.70 rupees on Monday, but traded below the prices offered by Adani. Ambuja's shares closed 2.5 per cent higher at 368 rupees compared with the offer price of 385 rupees. ACC's shares ended Monday 3.9 per cent higher at 2,196.20 rupees versus the offer price of 2,300 rupees. Watch | Dollar holds gains as investors seek safety, crypto markets find stability Gautam Adani, Asia's richest man, plans to fund the deal using an offshore special purpose vehicle owned by the Adani family, he told the Economic Times. "The acquisition is fully funded by way of approved commitments from our relationship banks - Barclays, Deutsche Bank and Standard Chartered Bank - and equity infusion from the Adani family," he was quoted as saying. The divestment by Holcim marks the Swiss company's latest effort to reduce exposure to carbon-intensive cement production and boost its environmental, social and corporate governance (ESG) credentials. Holcim has also been selling units outside North America and Europe in a bid to sharpen its focus on key markets and diversify into building product areas like roofing. The company sold its Brazilian operation for $1 billion last year. Also read | Fake news: Tweet on Zee Media-Adani Group deal is false and baseless Ambuja and ACC combined have the capacity to produce at least 70 million tonnes of cement annually, while UltraTech Cement boasts capacity of 120 million tonnes. Together, Ambuja and ACC own 31 cement making facilities and employ over 10,700 people. The transaction is expected to close in the second half of 2022, Holcim said. WATCH WION LIVE HERE:

Adani to become India's No. 2 cement maker with $10.5 billion Holcim deal

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