Adani-Hindenburg case: Lack of requirement to disclose ‘last natural person above every person’ owning economic interest in FPIs is the challenge, SEBI to SC

The Securities and Exchange Board of India (SEBI) clarified in the Supreme Court on July 10 that “challenges” presented by it before the six-member Justice A.M. Sapre expert committee in the Hindenburg-Adani allegations case did not emanate from the repeal of the “opaque structure” provisions from the Foreign Portfolio Investors (FPI) Regulations in 2019. The … Read more

Supreme Court to Sebi: Submit status of Adani probe within three months, not six

The Supreme Court on Wednesday asked Sebi to submit by August 14 the status of probe into Hindenburg’s allegations of stock price manipulations against Adani group companies but refused to convert the court proceedings into a roving inquiry, including investigations into the alleged role the LIC, which had invested a substantial amount in Adani companies. … Read more

Short Seller Hindenburg Research Targets Carl Icahn’s Conglomerate

In a new report, the firm alleges Icahn Enterprises has used “inflated” asset valuations. The short seller has also targeted Adani Group and payments company Block this year. The shorter seller that took on Asia’s richest man is targeting the business empire run by another billionaire: Carl Icahn. Hindenburg Research, which earlier this year released … Read more

Vinod Adani: Gautam Adani’s older brother plays key role at embattled dynasty

In August, as India’s Adani group neared the completion of its $10.5 billion purchase of two cement businesses, the conglomerate and its banks put out some particularly complicated filings. On page 21 of an 85-page document, was a diagram of seven unlisted firms registered in the British Virgin Islands, Mauritius and Dubai. They were interlinked … Read more

Ratings of Adani group entities under continuous surveillance: CRISIL

The rating agency CRISIL, the Indian arm of Standard and Poor’s (S&P), today said that it keeps all outstanding ratings, including that of Adani group entities under continuous surveillance. Any adverse regulatory or government action in the wake of the research report, emerging issues around corporate governance will be key monitorable, CRISIL said in a … Read more

Gautam Adani in crisis as bonds hits distressed levels, stock sale axed

Gautam Adani’s beleaguered empire is spiraling into crisis, as the fallout from a short-seller’s fraud allegations leads to a worsening meltdown in the indebted conglomerate’s securities. Bonds of the Indian billionaire’s flagship firm plunged to distressed levels in US trading, and the company abruptly pulled a record domestic stock offering after the Adani group suffered … Read more