Adani Hindenburg Case: The hearing in the Adani-Hindenburg case has been postponed by the Supreme Court. On August 29, a hearing regarding the investigative report provided by SEBI in this case was scheduled. On August 25, SEBI has already submitted its progress report regarding the accusations made against Adani Group by Hindenburg Research back in January. Previously, SEBI was required to turn in the report by August 14th. Later, SEBI requested a 15-day extension on this and, on August 25, presented its status report.
SEBI Awaits Response from Offshore Havens
SEBI has been instructed to wait for the five “tax haven” nations’ response. According to the report SEBI provided on August 25 to the Supreme Court, all charges against the Adani Group have been thoroughly investigated, with the exception of two. Five nations are awaiting information regarding the true owners of foreign companies participating in Adani Group companies. In the midst of this, SEBI acknowledged in court that 22 of the 24 Adani Group-related cases that were under investigation had reached a resolution. SEBI did not, however, provide any information regarding the investigation’s findings. According to SEBI’s statement in the report, “Appropriate action will be taken as per the law” based on the investigation’s findings. In response to the claim that it invested in its own businesses through overseas shell firms, SEBI stated that 13 foreign entities, including 12 FPIs and one foreign company, are implicated in this matter.
Hindenburg Research Links Adani Units to Chairman’s Brother
A study by the American research firm Hindenburg Research claimed that several of these units were run by Vinod Adani, the elder brother of Adani Group Chairman Gautam Adani, or a close friend of his. Establishing the economic interest of the owners of 12 FPIs, according to SEBI, is still difficult because so many companies connected to foreign investors are based in so-called “tax haven” nations. Companies incorporated in these nations pay little to no tax. The Adani Group was charged with accounting fraud, share price manipulation, and interfering with domestic businesses in a report by Hindenburg Research published on January 24. The market value of the group companies drastically decreased as a result of these charges, falling by up to $150 billion in just two months. The Adani group, however, refuted all of these claims and said that this research was published with the objective to harm it. The Group abides by all legal requirements.
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