Adani Group’s scrutiny concludes, SEBI to submit report in Supreme Court on August 14 The market regulator SEBI (Securities and Exchange Board of India) might present a report related to the investigation of Adani Group’s companies in the Supreme Court today. SEBI has been conducting this investigation for three years, and the cases being probed by SEBI were also mentioned in the report by American short seller Hindenburg. The Hindenburg report surfaced in January this year, while SEBI’s investigation has been ongoing since October 2020.
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SEBI, the market regulator, might present the investigation report on Adani Group’s companies to the Supreme Court today. As per Bloomberg’s report, certain experts may hold minor reservations regarding the Adani Group. This arises because a Supreme Court-appointed expert panel found no wrongdoing in their investigation. Submitted in May, the panel examined 13 foreign companies accused of investing in Adani Group firms. While the panel claimed that SEBI had relaxed certain regulations, causing a dip in transparency.
Furthermore, the panel alleged that intricate blending of corporate laws allowed prominent businessmen to exploit loopholes for their benefit. Conversely, SEBI, the market regulator, had requested additional time to conclude the investigation and file the report.
Echoing these accusations, Hindenburg’s report also raised similar concerns.
In January of this year, the American short seller put forth comparable allegations, prompting a SEBI investigation that spanned around two and a half years. SEBI initiated its inquiry in October 2020, and Hindenburg submitted its findings in January 2023. Hindenburg’s claims exerted pressure on SEBI to hasten its investigation. Adani Group refuted the allegations, but the group’s stock plummeted following Hindenburg’s report. Nevertheless, the group subsequently altered its approach, shifting from aggression to a strategy of restoring investor confidence by prioritizing debt repayment. This change appears to be yielding positive results.