https://sputniknews.in/20230519/apex-court-panels-clean-chit-to-adani-group-over-hindenburg-allegations-2053388.html
Apex Court Panel's Clean Chit to Adani Group Over Hindenburg Allegations
Apex Court Panel's Clean Chit to Adani Group Over Hindenburg Allegations
Sputnik India
In January, Adani Group's shares witnessed a monumental decline following US short-seller Hindenburg Research charged the Indian business house of committing accounting fraud.
2023-05-19T17:31+0530
2023-05-19T17:31+0530
2023-05-19T17:31+0530
business & economy
gautam adani
supreme court of india
narendra modi
rahul gandhi
stock price manipulation
financial fraud
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A panel of experts appointed by the Supreme Court to investigate the US investment group Hindenburg Research'sallegations on the Adani Group has found no evidence of "regulatory violations" by the Indian conglomerate.The Adani group of companies encompassing sectors like ports, aerospace, fast-moving consumer goods, power distribution, renewable energy, coal, and media, lost more than 50 percent of its market valuation, or more than $100 billion after Hindenburg Research raised concerns about stock manipulation.The panel added that prima facie it didn't find any traces of the Gautam Adani-led empire committing any price manipulation, nor SEBI, the market regulator, made a "regulatory failure" related to the group.Also, the committee did not find any markings of "artificial trading or wash trades" in the group's companies. Following Hindenburg Research's report, the alleged wrongdoings of the Adani group became a bone of contention between Indian Prime Minister Narendra Modi, who is believed to have close ties with the Gujarat-born business tycoon, and opposition parties. The opposition-led by the Congress, even demanded a probe by a joint-parliamentary committee while former party boss Rahul Gandhi made stinging remarks about PM Modi, accusing him of being hand-in-glove with the 60-year-old business magnate.The government at the time said that the Supreme Court was monitoring the probe and there was no need for an investigation by a joint-parliamentary panel. Additionally, Gautam Adani vehemently denied the allegations.
https://sputniknews.in/20230410/adani-group-slams-financial-times-for-inciting-misunderstanding-in-indian-market-1491790.html
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Apex Court Panel's Clean Chit to Adani Group Over Hindenburg Allegations
In January, Adani Group's shares witnessed a monumental decline following US short-seller Hindenburg Research charged the Indian business house of committing accounting fraud.
A panel of experts appointed by the Supreme Court to investigate the US investment group Hindenburg Research'sallegations on the Adani Group has found no evidence of "regulatory violations" by the Indian conglomerate.
The Adani group of companies encompassing sectors like ports, aerospace, fast-moving consumer goods, power distribution, renewable energy, coal, and media, lost more than 50 percent of its market valuation, or more than $100 billion after Hindenburg Research raised concerns about stock manipulation.
The panel added that prima facie it didn't find any traces of the Gautam Adani-led empire committing any price manipulation, nor SEBI, the market regulator, made a "regulatory failure" related to the group.
It elaborated that the business house even took necessary steps to calm down the nerves of wary retail investors who felt their money wasn't safe with the group, including making payments worth over $1 billion due in loans.
Also, the committee did not find any markings of "artificial trading or wash trades" in the group's companies.
"In one of the patches where the price rose, the foreign portfolio investors (FPIs) under investigation were net sellers.
One investing entity that had purchased across the patches had purchased far more of other securities. In nutshell, there was no coherent pattern of abusive trading that has come to light," the committee of experts said in a report submitted to the apex court.
Following Hindenburg Research's report, the alleged wrongdoings of the Adani group became a bone of contention between Indian Prime Minister Narendra Modi, who is believed to have close ties with the Gujarat-born business tycoon, and opposition parties.
The opposition-led by the Congress, even demanded a probe by a joint-parliamentary committee while former party boss Rahul Gandhi made stinging remarks about PM Modi, accusing him of being hand-in-glove with the 60-year-old business magnate.
The government at the time said that the Supreme Court was monitoring the probe and there was no need for an investigation by a joint-parliamentary panel.
Additionally, Gautam Adani vehemently denied the allegations.
"Fundamentals of our company are very strong, our balance sheet is healthy and assets robust," he had said in a strong rebuttal to Hindenburg Research's accusations.
