Indian market regulator SEBI on Monday told the Supreme Court that it has not probed any of Adani Group’s companies since 2016 and that it was a wrong statement made last time.
The Securities and Exchange Board of India (Sebi) has asked for some more time to finish the probe in the Hindenburg report case to ensure carriage of justice.
Further Sebi told the apex court that any incorrect or premature conclusion of its probe into possible lapses of regulatory disclosures by billionaire Gautam Adani‘s eponymous group will not serve the interest of justice and will be legally untenable.
Sebi informed court that Adani Group’s transactions highlighted by Hindenburg for violating Indian laws are highly complex and have many sub-transactions across numerous jurisdictions.
The market regulator informed the Supreme Court of India that it has already approached eleven overseas regulators for information to examine if the Adani group had violated any norms regarding its publicly available shares.
Adani vs Hindenburg report:
This year in January, US-based short-seller firm Hindenburg Research targeted Gautam Adani’s ulti-billion dollar empire, accusing the conglomerate of fraud triggered a rout in the group’s bonds and shares, charges that Adani has called “bogus.”
After that, the supreme court of India intervened in the matter and asked Sebi to form a panel and initiate a probe against the Adani Group.
On 29 April, Sebi sought six months to complete its probe, rather than the two months it gave on 2 March. However, the Supreme Court was inclined to give a three-month extension.
Shares of Adani Group’s firms tanked on Monday:
Meanwhile, all 10 Adani Group shares turned red on Monday.
Adani Total Gas shares lost the maximum among all Adani shares as it plummeted around 5% while Adani Transmission’s share price today lost around 4.98%. Adani Enterprises was down 2.71%, Adani Power 1.61%, shares of Adani Green Energy declined 2.05% and Adani Wilmar and Adani Ports lost to the tune of 1%.
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