Noopur Bhandiwad, Pune
The Securities and Exchange Board of India filed a fresh status report before the Supreme Court informing it that it has completed its investigation into the Adani-Hindenberg matter.
It announced that, as of August 25, 22 out of the 24 transactions related to Adani Group’s enterprises had now been finalised. While SEBI did not list the entirety of the investigation’s findings in detail, it indicated that appropriate actions would be taken based on the outcomes.
Referring to one remaining matter, SEBI said that the interim findings have received approval by the competent authority and it has sought information from external agencies or entities.
The case is scheduled for a hearing on August 29. Previously, SEBI had asked for a 15-day extension on August 14 to deliver its investigative report on Adani Group. The capital market watchdog had reviewed 17 out of the 24 transactions. After the U.S.-based Hindenburg research, the conglomerate faced significant market losses surpassing $100 billion earlier this year.
The Supreme Court subsequently instructed SEBI to investigate these allegations and present the findings to a six-member panel, including a retired judge and experienced bankers.
The Adani Group denied Hindenburg’s accusations of “brazen stock manipulation and accounting fraud” in January and responded by rejecting the validity of the report, stating it as “a calculated attack on India.
This impacted the group’s stock values negatively and resulted in all 10 Adani Group stocks trading lower on August 14. The greatest decline was felt by Adani Enterprises and Adani Ports which experienced nearly a 4 per cent drop among Nifty50 stocks.
SEBI’s conclusion of its investigation and its recommendation of actions, as well as the court proceedings that would follow, will further shed light on the results of this high-profile case.