According to a court filing, capital market regulator SEBI informed the Supreme Court on August 25 that its investigation into whether or not billionaire Gautam Adani company broke securities rules was complete and that action had been suggested in some instances for issuing orders.
22 of the 24 transactions involving the listed firms in the Adani group were the subject of final investigations by the Securities and Exchange Board of India (SEBI), according to the organization.
SEBI Reported Supreme Court
SEBI stated that it will take action in light of the findings although without outlining them. Supreme Court will heard the matter on August 29.
“Shall take appropriate action based on outcome of the investigations,” SEBI stated.
Earlier, on August 14, SEBI submitted a request to the SC asking for a further 15 days to deliver the investigation report on Adani Group. Claiming that it had finished looking into 17 of the 24 transactions it had taken up for investigation.
After Hindenburg Research, a U.S.-based company, presented multiple governance issues earlier this year. The group’s listed firms saw a market value decline of more than $100 billion. The organization has denied wrongdoing.
Following this, An investigation was formed in March by The Supreme Court directed by SEBI to conduct an investigation into the accusations. A six-member panel comprised of a retired judge and experienced bankers.
The Supreme Court had given Sebi till August 14 to complete its inquiry back in May. However, the delay was less than the six months that the markets regulator requested to finish the inquiry.
Hindenburg claimed in January that the ports-to-power conglomerate based in Ahmedabad engaged in “brazen stock manipulation and accounting fraud.”
The Adani group has angrily refuted these claims and called Hindenburg’s claim “a calculated attack on India.”
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