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

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

Adani share prices fall following reports of alleged share price manipulation 

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>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

Hindenburg research has revealed a new target, Freedom Holding Corp, a retail brokerage business.

Hindenburg accuses Freedom Holding Corp of fraud

<p>Hindenburg Research, a notable short seller who has waged war on Jack Dorsey's Block, Carl Icahn, and Nikola, an electric car company, is now taking on a $4.6 billion online brokerage, Freedom Holding Corp., located in Kazakhstan.</p>

<p>In a year-long investigation by Hindenburg, the short-seller found "a laundry list of red flags", including evidence that brokerage firm Freedom Holding "brazenly" skirts sanctions, appears to have "fake" revenue, and uses customer funds to make leveraged and illiquid bets.</p>

<p>Freedom Holding Corp. was created in 2008 in Moscow before relocating to Kazakhstan and listing on the Nasdaq in 2019 through an initial public offering (IPO); moreover, since then, the stock price has increased by more than 422 percent.</p>

<p>Furthermore, Hindenburg's disclosure occurred just a day after Nasdaq notified Freedom that its quarterly earnings report for the period ending June 30 had not been filed. Shares of Freedom Holding declined roughly 3.3 percent on Tuesday.</p>

<p>Hindenburg also said the "review of extensive international corporate and regulatory records, interviews with former employees, and industry analysis" were all part of the research into freedom. However, the Kazakh brokerage firm claims that Deloitte conducted an audit of its annual report and that it fully disclosed all linked-party activities.</p>

<p>In retaliation, a spokesperson for Kazakh brokerage&nbsp;said in a statement, called the report "speculation and a set of unsubstantiated facts".&nbsp;</p>

<p>Hindenburg's reports have wiped out as much as $99 billion in wealth and $173 billion in market value from the publicly held enterprises of those business tycoons in only a few months this year.</p>

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Hindenburg Research, a notable short seller who has waged war on Jack Dorsey's Block, Carl Icahn, and Nikola, an electric car company, is now taking on a $4.6 billion online brokerage, Freedom Holding Corp.

Hindenburg Research, a notable short seller who has waged war on Jack Dorsey's Block, Carl Icahn, and Nikola, an electric car company, is now taking on a $4.6 billion online brokerage, Freedom Holding Corp., located in Kazakhstan. In a year-long investigation by Hindenburg, the short-seller found "a laundry list of red flags", including evidence that brokerage firm Freedom Holding "brazenly" skirts sanctions, appears to have "fake" revenue, and uses customer funds to make leveraged and illiquid bets. Freedom Holding Corp. was created in 2008 in Moscow before relocating to Kazakhstan and listing on the Nasdaq in 2019 through an initial public offering (IPO); moreover, since then, the stock price has increased by more than 422 percent. Furthermore, Hindenburg's disclosure occurred just a day after Nasdaq notified Freedom that its quarterly earnings report for the period ending June 30 had not been filed. Shares of Freedom Holding declined roughly 3.3 percent on Tuesday. Hindenburg also said the "review of extensive international corporate and regulatory records, interviews with former employees, and industry analysis" were all part of the research into freedom. However, the Kazakh brokerage firm claims that Deloitte conducted an audit of its annual report and that it fully disclosed all linked-party activities. In retaliation, a spokesperson for Kazakh brokerage said in a statement, called the report "speculation and a set of unsubstantiated facts". Hindenburg's reports have wiped out as much as $99 billion in wealth and $173 billion in market value from the publicly held enterprises of those business tycoons in only a few months this year. WATCH WION LIVE HERE

Hindenburg's latest target: Kazakh brokerage firm Freedom Holding Corp

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

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

Legendary activist investor Carl Icahn made his career by exposing corporate mismanagements. But that's before a U.S shortseller gave him a taste of his own medicine. Cahn has lost about $15 billion since U.S. short-seller Hindenburg accused his company of manipulating stocks and misleading shareholders.

Carl Icahn loses $15 billion since Hindenburg allegations

<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

<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>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

<p>Adani Enterprises' board will meet on 13th May to approve the proposal of raising fresh funds, months after the company pulled out its 20,000 crore follow-on public offer (FPO) amid the Hindenburg controversy.</p>

<p>The scrapping of FPO in February caused the port-to-power conglomerate's market worth to drop by more than $140 billion.</p>

<p>Also Read | <a href="https://www.wionews.com/world/former-us-marine-to-face-manslaughter-charges-over-death-of-jordan-neely-591478">Former US Marine to face manslaughter charges over death of Jordan Neely</a></p>

<p>‘’The board will consider raising funds by way of issuance equity shares or other eligible securities through a private placement, a qualified institutions placement or a preferential issue,'' company's regulatory filing said to the stock exchanges on 10th May.</p>

<p>Adani Green Energy, the organization's arm for renewable energy, also made the announcement that it will seek funding after its board on May 13 approves the idea.</p>

<p>On May 12, the Supreme Court will hear the Securities and Exchange Board of India's (SEBI) request for a six-month extension to finish the investigation into the Adani Group.</p>

<p>Also Read | <a href="https://www.wionews.com/world/e-jean-carroll-might-sue-trump-over-cnn-town-hall-remarks-591474">E. Jean Carroll might sue Trump over CNN town hall remarks</a></p>

<p>Sebi had requested an extension from India's apex court in order to complete its probe into the claims made against the conglomerate by US-based short seller Hindenburg.</p>

<p>The securities regulatory body said that Adani Group's transactions involving listed, unlisted, and offshore businesses need further inquiries. US short-seller Hindenburg accused the Gautam Adani-led business of regulatory disclosure lapses and stock price manipulation in a report that was made public in late January.</p>

<p>The Adani Group, on the other hand, has denied the accusations and maintained that it conforms with all legal and disclosure obligations. Adani Enterprises announced last week that it has re-appointed executive chairman Gautam Adani's for another five years.</p>

<p><strong>Watch | Gravitas: Israeli attacks kill 4 Islamic jihad members in the Gaza strip</strong></p>

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<p>Along with reporting a more than doubling of net profit to 722 crore in Q4FY23, the company had strong growth in its road and airport sectors.&nbsp;</p>

<p>Adani Enterprises' overall net profit for the fiscal year that ended in March 2023 tripled from the previous year to $2,472 crore, while its sales increased by more than 97% to $1.32 lakh crore. For the fiscal year 2022–2023, the board approved a dividend of $1.20 per share.</p>

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Adani Enterprises' board will meet on 13th May to approve the proposal of raising fresh funds, months after the company pulled out its 20,000 crore follow-on public offer (FPO) amid the Hindenburg controversy.

Adani Enterprises' board will meet on 13th May to approve the proposal of raising fresh funds, months after the company pulled out its 20,000 crore follow-on public offer (FPO) amid the Hindenburg controversy. The scrapping of FPO in February caused the port-to-power conglomerate's market worth to drop by more than $140 billion. Also Read | Former US Marine to face manslaughter charges over death of Jordan Neely ‘’The board will consider raising funds by way of issuance equity shares or other eligible securities through a private placement, a qualified institutions placement or a preferential issue,'' company's regulatory filing said to the stock exchanges on 10th May. Adani Green Energy, the organization's arm for renewable energy, also made the announcement that it will seek funding after its board on May 13 approves the idea. On May 12, the Supreme Court will hear the Securities and Exchange Board of India's (SEBI) request for a six-month extension to finish the investigation into the Adani Group. Also Read | E. Jean Carroll might sue Trump over CNN town hall remarks Sebi had requested an extension from India's apex court in order to complete its probe into the claims made against the conglomerate by US-based short seller Hindenburg. The securities regulatory body said that Adani Group's transactions involving listed, unlisted, and offshore businesses need further inquiries. US short-seller Hindenburg accused the Gautam Adani-led business of regulatory disclosure lapses and stock price manipulation in a report that was made public in late January. The Adani Group, on the other hand, has denied the accusations and maintained that it conforms with all legal and disclosure obligations. Adani Enterprises announced last week that it has re-appointed executive chairman Gautam Adani's for another five years. Watch | Gravitas: Israeli attacks kill 4 Islamic jihad members in the Gaza strip × Along with reporting a more than doubling of net profit to 722 crore in Q4FY23, the company had strong growth in its road and airport sectors. Adani Enterprises' overall net profit for the fiscal year that ended in March 2023 tripled from the previous year to $2,472 crore, while its sales increased by more than 97% to $1.32 lakh crore. For the fiscal year 2022–2023, the board approved a dividend of $1.20 per share. 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 Enterprises to consider fundraising after scrapped FPO

There seems to be more trouble for Icahn enterprises. The latest target of US short seller Hindenburg. The company's shares fell 20% on Wednesday. That came after Icahn disclosed that the US attorney's office had sought critical financial information.

US seeks financial details from Icahn

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<p>After market regulator Securities and Exchange Board of India (SEBI) moved the Supreme Court seeking a six-month extension to complete the Adani Group probe, the company has released a statement. The conglomerate said SEBI has not concluded any wrongdoing in its application to the country's top court.&nbsp;</p>

<p>"It is pertinent to note that in the SEBI application filed before the Hon'ble Supreme Court, there are no conclusions of any alleged wrongdoing," Adani Group said in a statement.</p>

<p>"The SEBI application only cites the allegations made in the short-seller's report, which are still under investigation," it added.&nbsp;</p>

<p>The Gautan Adani-owned company said it welcomed the investigation which provided a fair opportunity to address all the issues.&nbsp;</p>

<p>"We are fully compliant with all laws, rules and regulations and are confident that truth will prevail. We are fully cooperating with SEBI and will continue to provide all our support and cooperation."&nbsp;</p>

<p><a href="https://www.wionews.com/india-news/adani-hindenburg-market-regulator-sebi-seeks-six-month-extension-to-complete-probe-587398" target="_blank"><strong>ALSO READ | Adani-Hindenburg: Market regulator SEBI seeks six-month extension to complete probe</strong></a></p>

<p>Notably, SEBI on Saturday requested an extension to complete the probe. It listed as many as eight possible violations that required more time to complete the probe.&nbsp;</p>

<p>"Given the complexity of the matter, SEBI in the normal course would take at least 15 months for completion of the investigation of these transactions, but is making all reasonable endeavours to conclude the same within six months," SEBI said in the plea.&nbsp;</p>

<p>On March 2, the apex court directed SEBI to complete its probe and submit a status report in two months. The regulator, however, informed it had submitted a detailed report and prima facie findings to the Expert Committee constituted by the court.</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.</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, investors dumped Adani shares while the company was forced to abandon a $2.5 billion share sale.</p>

<p>The group, meanwhile, has denied the allegations and has rubbished subsequent exposé reports claiming it had tapered down its growth projections and that it had not repaid loans against promoter's shares.&nbsp;</p>

<p><em>(With inputs from agencies)</em><br />
<br />
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After market regulator Securities and Exchange Board of India (SEBI) moved the Supreme Court seeking a six-month extension to complete the Adani Group probe, the company has released a statement.

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

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

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<p>A day after a media report claimed that Adani Group had not repaid its loans against promoter's shares, the company has come out with a statement. Rubbishing the assertions, Adani Group said the report was 'baseless' and 'deliberately mischievous'.&nbsp;</p>

<p>The company said it had completed 'full prepayment' of margin-linked share-backed financing aggregating to $2.15 billion. The conglomerate added all shares pledged for such loans had also been released.&nbsp;</p>

<p>“As per the present rules, any share pledge or release is automatically reported by system driven disclosure (SDD) mechanism of the depository participant, and no separate filing is required to be made," it added.&nbsp;</p>

<p>The company also released a comparative analysis of its pledge position on December 31, 2022, and March 27, 2023. According to the data, Adani Green Energy had reduced its position to 3.5 per cent from 4.4 per cent last year.&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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<p>Adani Group CFO&nbsp;Jugeshinder Robbie Singh also took to Twitter to slam the report saying it speculated 'outright lies'.&nbsp;</p>

<p>"Deliberate misrepresentation (and if i speculate out right lies) of @TheKenWeb ( @SudzzBTS an @nimishshp) they know that relevant exchanges will update end of quarter. The deliberate subterfuge will be clear to all once exchanges update the data post end of quarter," tweeted the company CFO on Monday.</p>

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<p dir="ltr" lang="en">Deliberate misrepresentation ( and if i speculate out right lies) of <a href="https://twitter.com/TheKenWeb?ref_src=twsrc%5Etfw">@TheKenWeb</a> (<a href="https://twitter.com/SudzzBTS?ref_src=twsrc%5Etfw">@SudzzBTS</a> and <a href="https://twitter.com/nimishshp?ref_src=twsrc%5Etfw">@nimishshp</a>) they know that relevant exchanges will update end of quarter. The deliberate subterfuge will be clear to all once exchanges update the data post end of quarter. <a href="https://t.co/glZbSsC83X">https://t.co/glZbSsC83X</a></p>
— Jugeshinder Robbie Singh (@jugeshinder) <a href="https://twitter.com/jugeshinder/status/1640688494178713600?ref_src=twsrc%5Etfw">March 28, 2023</a></blockquote>
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<h2><strong>What did the report say?</strong></h2>

<p>Notably, an article by a media portal named The Ken, citing regulatory filings claimed that the Adani group had not paid a significant portion of the promoters' shares&nbsp;that was held as collateral.</p>

<p>“Regulatory filings examined by The Ken show that banks have not yet released a large portion of its promoters’ shares, as they should have if the loans had indeed been completely repaid," read the report.&nbsp;</p>

<p>"As per Indian laws, disclosures on the release of shares need to be filed with stock exchanges by lenders within two working days, and by promoters within seven working days. But neither the Adani Group nor the lenders have made these disclosures to stock exchanges," it added.&nbsp;</p>

<p>The release of the report had a cascading effect as Adani shares quickly started tumbling. Five of the 10 Adani portfolio companies hit the lower circuit while the flagship Adani Enterprises lost over seven per cent.&nbsp;</p>

<p><a href="https://www.wionews.com/india-news/adani-group-will-pay-off-debt-for-pledged-shares-denies-report-on-capex-cut-559206"><strong>ALSO READ |&nbsp;Adani Group will pay off debt for pledged shares, denies report on capex cut</strong></a></p>

<p>The Gautam Adani-owned conglomerate has been under the scanner ever since US short-seller Hindenburg Research raised questions about the group's debt levels and use of tax havens.</p>

<p>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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A day after a media report claimed that Adani Group had not repaid its loans against promoter's shares, the company has come out with a statement. Rubbishing the assertions, Adani Group said the report was 'baseless' and 'deliberately mischievous'.

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

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

Two months after accusing India's Adani Enterprises of fraud, US investment group Hindenburg Research launched a new salvo on Thursday, this time against Jack Dorsey's mobile payments firm Block, saying it "widely overstated" its user base.

After Adani, Hindenburg targets Twitter founder's Block

Jack Dorsey's firm block said that it is exploring legal action against Hindenburg research after the U.S firm published a report alleging the payments company facilitated.

After Adani Saga, Hindenburg alleges block engaged in fraud

<p>Hindenburg Research, the American research firm said in its report on Thursday <strong><a href="https://hindenburgresearch.com/block/">that Jack Dorsey's Block has</a></strong> "systematically taken advantage of the demographics it claims to be helping". The&nbsp;report pushed Block shares to plunge 20%.</p>

<p>US-based short seller Hindenburg Research&nbsp;which made headlines earlier this year for its report accusing the Adani Group,&nbsp;which caused a widespread stock market sell-off and price drop,&nbsp;released its latest critical report on US-based mobile payment provider Block, led by Twitter co-founder Jack Dorsey.</p>

<p>The report added that "Block Inc., formerly known as Square Inc., is a $44 billion market cap company that claims to have developed a 'frictionless' and 'magical' financial technology with a mission to empower the 'unbanked' and the 'underbanked'".</p>

<p>However, Hindenburg said, "Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping. The 'magic' behind Block’s business has not been disruptive innovation, but rather the company's willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics".</p>

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<p dir="ltr" lang="en">NEW FROM US:<br />
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Block—How Inflated User Metrics and "Frictionless" Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billion<a href="https://t.co/pScGE5QMnX">https://t.co/pScGE5QMnX</a> <a href="https://twitter.com/search?q=%24SQ&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SQ</a><br />
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(1/n)</p>
— Hindenburg Research (@HindenburgRes) <a href="https://twitter.com/HindenburgRes/status/1638881786343063553?ref_src=twsrc%5Etfw">March 23, 2023</a></blockquote>
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<p>Most analysts were optimistic about Block's Cash App platform after the recent post-pandemic uptick, according to Hindenburg.&nbsp;</p>

<p>However, according to the research firm, Block has also "wildly oversated" the number of its actual users and significantly underestimated the amount it has spent on acquiring those users.&nbsp;</p>

<p>According to the US short seller's investigation, between 40% and 75% of the accounts looked at by former employees were either fake or duplicates of accounts already owned by the same person.</p>

<p>Hindenburg also said that Block lied about how many users it had and how much money it made by counting fake accounts and payments as real users and money. According to the article, Block's shares increased by 639% in 18 months during the pandemic, thanks to the new company.</p>

<p>That comes hours after the US research firm said that a new report is coming out soon.&nbsp;"New report soon—another big one," Hidenberg tweeted earlier on Thursday, March 23, but did not give any further details.</p>

<p>Hindenburg's report from January 24 had said that the Adani Group had committed fraud and messed with taxes. The report also said that the Adani Group had unsustainable debt. The conglomerate denied the allegations, saying it complied with all laws and has made necessary disclosures over time.&nbsp;</p>

<p>In India, the opposition Congress accused the Bharatiya Janata Party (BJP)-led central government of favouring the Adani Group.&nbsp;</p>

<p>Adani Group's stock lost more than $145 billion in market value at one point after the report was published. However, since those deep losses, the shares of the Indian business group's firms have recovered sharply but they are still in the red compared to trades before the US short seller's report two months ago.<br />
<br />
Hindenburg's tweet of "another big one" comes when the United States is in the midst of a banking crisis.</p>

<p>The recent failures of American banks and the 167-year-old Swiss bank Credit Suisse have weighed heavily on financial markets, wiping out billions of dollars.&nbsp;After the Silicon Valley Bank failed, people on Twitter said that Hindenburg was biased and pointed out that the research firm had been quiet about the failure of major US banks.</p>

<p>For now, the only connection to the latest Hindenburg report is that it accuses the former CEO of Twitter.<br />
<br />
<em>(With inputs from agencies)</em><br />
&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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Hindenburg Research, the American research firm said in its report on Thursday that Jack Dorsey's Block has "systematically taken advantage of the demographics it claims to be helping".

Hindenburg Research, the American research firm said in its report on Thursday that Jack Dorsey's Block has "systematically taken advantage of the demographics it claims to be helping". The report pushed Block shares to plunge 20%. US-based short seller Hindenburg Research which made headlines earlier this year for its report accusing the Adani Group, which caused a widespread stock market sell-off and price drop, released its latest critical report on US-based mobile payment provider Block, led by Twitter co-founder Jack Dorsey. The report added that "Block Inc., formerly known as Square Inc., is a $44 billion market cap company that claims to have developed a 'frictionless' and 'magical' financial technology with a mission to empower the 'unbanked' and the 'underbanked'". However, Hindenburg said, "Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping. The 'magic' behind Block’s business has not been disruptive innovation, but rather the company's willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics". NEW FROM US: Block—How Inflated User Metrics and "Frictionless" Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billionhttps://t.co/pScGE5QMnX $SQ (1/n) — Hindenburg Research (@HindenburgRes) March 23, 2023 × Most analysts were optimistic about Block's Cash App platform after the recent post-pandemic uptick, according to Hindenburg. However, according to the research firm, Block has also "wildly oversated" the number of its actual users and significantly underestimated the amount it has spent on acquiring those users. According to the US short seller's investigation, between 40% and 75% of the accounts looked at by former employees were either fake or duplicates of accounts already owned by the same person. Hindenburg also said that Block lied about how many users it had and how much money it made by counting fake accounts and payments as real users and money. According to the article, Block's shares increased by 639% in 18 months during the pandemic, thanks to the new company. That comes hours after the US research firm said that a new report is coming out soon. "New report soon—another big one," Hidenberg tweeted earlier on Thursday, March 23, but did not give any further details. Hindenburg's report from January 24 had said that the Adani Group had committed fraud and messed with taxes. The report also said that the Adani Group had unsustainable debt. The conglomerate denied the allegations, saying it complied with all laws and has made necessary disclosures over time. In India, the opposition Congress accused the Bharatiya Janata Party (BJP)-led central government of favouring the Adani Group. Adani Group's stock lost more than $145 billion in market value at one point after the report was published. However, since those deep losses, the shares of the Indian business group's firms have recovered sharply but they are still in the red compared to trades before the US short seller's report two months ago. Hindenburg's tweet of "another big one" comes when the United States is in the midst of a banking crisis. The recent failures of American banks and the 167-year-old Swiss bank Credit Suisse have weighed heavily on financial markets, wiping out billions of dollars. After the Silicon Valley Bank failed, people on Twitter said that Hindenburg was biased and pointed out that the research firm had been quiet about the failure of major US banks. For now, the only connection to the latest Hindenburg report is that it accuses the former CEO of Twitter. (With inputs from agencies) 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.

Hindenburg's next target is Jack Dorsey's payment app's firm, Block

U.S research firm Hindenburg alleged that the Adani group misused the tax havens and indulged in stock price manipulations on Jan 24. Since then seven of Adani's listed stock have lost over $140 billion.

Adani stocks market rout over $140 billion

Wikipedia has accused Gautam Adani of spreading 'disinformation' by manipulating entries linked to the Indian billionaire's firms and family members. The charges worsened Adani's stock market rout, which swelled to $132 billion. | Molly Gambhir explains.

Gravitas: Wikipedia accused Adani of spreading 'disinformation'

Problems are piling up for the Adani Group. While Adani Group's market rout deepens further and shares tank, Wikipedia accuses Adani staff of Manipulation.

Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further

The Adani-Hindenburg saga still continues. This time around, the allegation of fraud in Adani's Australian firm has surfaced. Hindenburg report questions 3 transactions.

Adani Australia controversy: Allegation of fraud in Adani's Australia firm

Adani Group stocks combine market valuation falls to below a $100 billion, the market route now topping $135 billion since a damaging. Report by the US research firm, Hindenburg, hit to the group's valuation is broadly driven by the allegations.

Adani stocks' market value below $100 billion, market valuation hit by Hindenburg's allegations

Adani Power has dropped plans to acquire D.B Power's $450 million coal-fired plant in Chhattisgarh, according to a filing at B.S.E. The development comes as the billionaire conglomerate mulls an overhaul of its business strategy following Hindenburg's allegations. Molly Gambhir explains.

Gravitas: Adani unable to go ahead with a $450 million deal

Last week, the Adani Group saw over a $100 Bn wiped out on the markets. Now, however, some group companies are beginning to show a rebound. Vikram Chandra explains why the markets may be gaining some confidence in the Adani Group, even as a political row has erupted.

The India Story | Vikram Chandra explains where the Adani Group stands

Nilesh Shah, one of the respected voices on the Indian stock market, tells Vikram Chandra why the Adani crisis does not seem to have made much of an effect on Indian markets.

The India Story | What is the effect of the Adani row on Indian markets?

The Adani Group, one of India's biggest conglomerates, has been embroiled in a row after a report by Hindenburg Research accused them of malpractice. This week on The India Story, Vikram Chandra explains where the Group companies stand as of now, and what implications this has for India's growth story.

The India Story | Where does the Adani Group stand, and how is it fighting back?

The Adani Group's market rout continued last week with losses now topping a hundred billion dollars since the scathing report by US research firm Hindenburg on January 24.

India: Earnings of Adani group firms under scanner; firms to report earnings this week | WION

<p>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.<br />
<br />
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'.</p>

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<p dir="ltr" lang="en">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><br />
<br />
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></p>
— 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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<p>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.<br />
<br />
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.<br />
<br />
A few weeks earlier, Suriya Sivakumar decided to with the digital release of his actress wife Jyotika's courtroom drama, 'Ponmagal Vanthal'.<br />
<br />
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.<br />
<br />
'Master' is directed by Lokesh Kanagaraj and the first look posters of both Vijay and Sethupathi have been impressive.</p>


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

Life Insurance Corporation (LIC) is reviewing Adani Group's response to scathing criticism by US short-seller Hindenburg and will hold talks with the group's management within days.

WION Dispatch: LIC to look into allegations against Adani Group

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