New Delhi: On Sunday, the group led by India's wealthiest man, Gautam Adani, called the damaging charges made by short seller Hindenburg Research "nothing but a lie" and compared them to a "planned attack" on India, its institutions, and its economic story.
Adani Group, in a 413-page response, accused the report's authors of having "an ulterior motive" to "create a false market" that would benefit the American company financially.
That "this is not only an unwarranted attack on any one company but a planned attack on India, the independence, integrity, and quality of Indian institutions, and the growth story and ambition of India," it said.

On Sunday, the group led by India's wealthiest man, Gautam Adani, called the damaging charges made by short seller Hindenburg Research "nothing but a lie" and compared them to a "planned attack" on India, its institutions, and its economic story.

Adani issues 413-page response, calls Hindenburg charges attack on India

Adani issues 413-page response, calls charges attack on India

New Delhi: The US short seller Hindenburg Research has denied that its research on the misdeeds of the Adani Group was a "planned attack" on India, arguing that a "fraud" cannot be hidden by nationalism or a lengthy rebuttal that glosses over the most important claims.
Following the January 24 report by the New York firm that warned of high debt levels at the ports-to-energy conglomerate and the alleged use of offshore organisations in tax havens, the listed firms belonging to the Adani group have lost almost USD 70 billion. In response to these allegations, the Indian company has threatened legal action against the American one.
In response to the Adani Group's lengthy (413-page) statement released late on Sunday, Hindenburg said the firm had not answered 62 of 88 questions and had confused the "meteoric ascent" of the company and the fortune of Asia's richest man "with the prosperity of India itself."—Inputs from Agencies

The US short seller Hindenburg Research has denied that its research on the misdeeds of the Adani Group was a "planned attack" on India, arguing that a "fraud" cannot be hidden by nationalism or a lengthy rebuttal that glosses over the most important claims.

Adani accusation rejected by Hindenburg, who argues nationalism cannot hide fraud

Nava Raipur (Chhattisgarh): Congress has ordered its state units to hold press conferences on the Adani-Hindenburg issue in all states and to organise rallies at various levels to increase pressure on the government.
Congress general secretary in charge of organisation K C Venugopal released a statement on Sunday saying the party has resolved to ramp up its agitation and take the issue to the people.
Venugopal stated that all state units will organise the agitational operations at various levels, beginning with news conferences to be held in all districts and addressed by senior state leaders.—Inputs from Agencies

Congress has ordered its state units to hold press conferences on the Adani-Hindenburg issue in all states and to organise rallies at various levels to increase pressure on the government.

Cong to up attack on govt over Adani-Hindenburg dispute, organise nationwide protests

New Delhi: When issues were raised over Vinod Adani's standing as the elder brother of Adani group founder Gautam Adani, the conglomerate has stated that he is part of the promoter group. This comes after short seller Hindenburg Research prominently named him in its damning report on the Adani group.
Adani Enterprises, the company's parent company, said in a stock exchange filing on Thursday that Gautam Adani and Rajesh Adani are individual promoters of several listed firms within the Adani group and that Vinod Adani is an immediate relative of the people promoters.
According to Indian law, "Vinod Adani is part of the promoter group" of several different companies under the Adani umbrella. After Hindenburg raised concerns about 74-year-old Vinod Adani's involvement in the apples-to-airport conglomerate, Adani responded in January by saying that "Vinod Adani does not hold any managerial position in Adani listed entities or their subsidiaries and has no role in their day to day affairs." We reaffirm that all transactions between Adani portfolio companies and any related party have been properly identified and disclosed as related party transactions in accordance with Indian laws and standards, and have been conducted on arm's length terms.—Inputs from Agencies

When issues were raised over Vinod Adani's standing as the elder brother of Adani group founder Gautam Adani, the conglomerate has stated that he is part of the promoter group. This comes after short seller Hindenburg Research prominently named him in its damning report on the Adani group.

Adani group claims Vinod Adani is promoter

New Delhi: Following a complaint from a US short seller, Deloitte quit as auditor of the Adani group's port operations, with the company owned by billionaire Gautam Adani stating that the auditor wanted a larger remit over other firms in the conglomerate.
This resignation comes after Deloitte expressed alarm about a number of transactions highlighted in a study by Hindenburg Research for several weeks prior to the report's release.
Adani Ports &amp; Special Economic Zone (APSEZ) released a statement confirming the departure of their previous auditor and the subsequent hiring of M S K A &amp; Associates.—Inputs from Agencies

Following a complaint from a US short seller, Deloitte quit as auditor of the Adani group's port operations, with the company owned by billionaire Gautam Adani stating that the auditor wanted a larger remit over other firms in the conglomerate.

Deloitte resigns as auditor of Adani firm; co says auditor wanted wider audit remit over other group cos

New Delhi: Aam Aadmi Party (AAP) on Friday opposed the Centre's move on the 'one nation one election, saying that it was just a debate to deflect attention.  Speaking with IANS, Delhi Minister Saurabh Bhardwaj said that it was nothing but just a debate to deflect from the real issue of Hindenburg report 2.0.  "I am very convinced that this is just a debate to deflect from the real issue of Hindenburg report 2.0.
"The Central government is scared of growing popularity &amp; footprints of INDIA bloc and may push for early elections in this session," Bhardwaj told IANS.  The BJP government at the Centre is going to move one step further with its 'One Country One Election' agenda. The government formed a high-level committee under the chairmanship of former President Ram Nath Kovind.
—IANS

Aam Aadmi Party (AAP) on Friday opposed the Centre's move on the 'one nation one election, saying that it was just a debate to deflect attention. Speaking with IANS, Delhi Minister Saurabh Bhardwaj said that it was nothing but just a debate to deflect from the real issue of Hindenburg report 2.0.

'One nation one election' a debate to deflect from Hindenburg report 2.0: AAP Minister

Aam Aadmi Party (AAP) on Friday opposed the Centre's move on the 'one nation one election, saying that it was just a debate to deflect attention. Speaking with IANS, Delhi Minister Saurabh Bhardwaj said that it was nothing but just a debate to deflect from the real issue of Hindenburg report 2.0.


New Delhi: The Supreme Court is slated to consider on September 15 the fresh status report filed by Securities Exchange Board of India (SEBI) in the Adani-Hindenburg matter.  As per the details available on the official website of the apex court, a bench headed by CJI D.Y. Chandrachud is likely to take up the pleas for hearing on September 15.  On August 25, the market regulator in a fresh status report said that it had examined 24 matters in compliance with orders of the top court, adding that SEBI will take appropriate action based on the outcome of the investigations in the Adani-Hindenburg matter.  “Out of the said 24 investigations, 22 are final in nature and 2 are interim in nature. As on date, the said 22 final investigation reports and 1 interim investigation report are approved by the Competent Authority in accordance with SEBI's extant practice and procedures,” said the status report filed by the Executive Director V.S. Sundaresan of SEBI.  It said that in respect of one remaining matter, interim findings are approved by the Competent Authority and SEBI has sought information from external agencies or entities.  “Upon receipt of such information will evaluate the same vis-a-vis the interim investigation report to determine further course of action, if any, in the said matters,” it said.  On August 14, the SEBI had sought an extension of 15 days to conclude the investigation process and file a status report in the matter.  The market regulator had then said that “out of the said 24 investigations/ examinations, 17 are final and complete and approved by the Competent Authority in accordance with SEBI's extant practice and procedures”.  Earlier, the Securities Exchange Board of India (SEBI) had filed its views before the Supreme Court on various recommendations made by the Court-appointed Expert Committee in connection with the Adani-Hindenburg case.  The SEBI had opposed the suggestion of prescribing timelines for initiation of investigation and proceedings and said that “prescribing specific timelines to complete the investigation may compromise the quality of investigation”.  The apex court on March 2 had formed an expert committee headed by Justice A.M. Sapre, former judge of the Supreme Court with an objective to review and strengthen the existing financial regulatory mechanisms.  It had directed SEBI to expeditiously conclude the investigation within two months and file a status report.  Later in May, the Supreme Court had granted an extension of time till 14 August 2023 to the market regulator to submit its report.  The controversial Hindenburg Research's report, inter alia, alleged that the Adani Group of companies has manipulated its share prices; failed to disclose transactions with related parties and other relevant information concerning related parties in contravention of the regulations framed by SEBI; and violated other provisions of securities laws.  The report about Indian billionaire Gautam Adani had led to a stock rout, erasing over $ 100 billion from his empire and pushing him down on the global rich list.
—IANS

The Supreme Court is slated to consider on September 15 the fresh status report filed by Securities Exchange Board of India (SEBI) in the Adani-Hindenburg matter.

Adani-Hindenburg matter: SC to consider fresh status report filed by SEBI on Sep 15

New Delhi: The Supreme Court on Friday asked the Securities and Exchange Board of India (SEBI) what the capital markets regulator intends to do for ensuring the protection of investors from extreme volatility in the stock market.  While hearing a batch of pleas concerning the Adani-Hindenburg row, a bench headed by Chief Justice D Y Chandrachud observed one of the principal reasons which led the apex court to intervene in these petitions was the extreme volatility of stock market.
"Now what does SEBI intend to do to protect this kind of volatility... which leads to a loss of investor value," the bench, also comprising justices J B Pardiwala and Manoj Misra, asked Solicitor General Tushar Mehta, who was representing the SEBI.  "Has SEBI looked at whether it is necessary to tighten the regulations. What is SEBI intending to do in terms of ensuring the protection of investors," the bench said. "We must," Mehta said.
The bench said SEBI has to take steps to ensure that instances of loss of investors' wealth, consequent on short selling or volatility in the stock market, were obviated in the future.  "What has SEBI done on investigating the volatility in the market," the court asked.  Mehta told the bench about the steps taken by the SEBI.  The bench reserved its order in the matter.  The bench also expressed its reservation in directing SEBI to investigate the matter based on some media reports which were relied by one of the petitioners.  At the outset, the solicitor general apprised the bench that investigation in 22 out of the 24 cases relating to allegations against the Adani group were over.  "For remaining two, we need information from foreign regulators etc. and some other information. We have been in consultation with them. Some information has come but that is where we are not in control of the time limit for obvious reasons...," he said.  During the hearing, the bench also asked whether the SEBI has found any element of wrong doing in so far as short selling was concerned.  Mehta said wherever the capital markets regulator has found short selling, they are taking action as per the SEBI Act.  He said so far as regulatory framework was concerned, suggestions from the apex court appointed expert committee was there.  "So far as the report of the expert committee is concerned, in principle, the suggestions are not objected to," he said.  Advocate Prashant Bhushan, appearing for one of the petitioners, also argued in the matter and questioned the credibility of the SEBI's probe.  The bench also heard submissions of advocates appearing for the other petitioners. On May 17, the apex court had granted SEBI time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group.  A Supreme Court-appointed expert committee had in an interim report in May stated that it saw "no evident pattern of manipulation" in billionaire Gautam Adani's companies and there was no regulatory failure.  It, however, cited several amendments the SEBI made between 2014 and 2019 that constrained the regulator's ability to investigate, and its probe into alleged violations in money flows from offshore entities has "drawn a blank".  The apex court had on May 17 directed that copies of the report submitted before it by the top court-appointed Justice (retd) A M Sapre expert committee be made available to the parties to enable them to assist it in further deliberations in the matter.
 Adani Group stocks had been bludgeoned on the bourses after Hindenburg Research made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against the business conglomerate.  The Adani Group dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
—PTI

The Supreme Court on Friday asked the Securities and Exchange Board of India (SEBI) what the capital markets regulator intends to do for ensuring

What SEBI intends to do to protect investors from volatility in stock market, asks SC

New Delhi: Shares of Adani group firms continued to attract heavy demand in the afternoon trade on Monday, with Adani Green Energy trading higher by 8 per cent.
The rally in all the 10 listed group companies mirrored the broader upswing in the domestic markets, fuelled by optimism regarding the BJP government's returning to power in 2024 after the party's victory in three heartland states' assembly elections.  The combined market capitalisation of all the listed firms of Adani Group hit the Rs 12 lakh crore-mark.  This is the first time that the group stocks have hit the Rs 12 lakh crore mark after facing a rout early this year following a report by US short seller Hindenburg Research that alleged financial wrongdoing and stock manipulation by the conglomerate.
However, the company denied all the allegations.  On the BSE, the scrip of Adani Green Energy surged 8 per cent to Rs 1,108.65 apiece, flagship firm Adani Enterprises rallied 6.61 per cent to Rs 2,518.55, and ACC bounced 6.35 per cent to Rs 2,021 per share.  Adani Energy Solutions advanced 6.16 per cent to Rs 908.65 per scrip and Ambuja Cements rose 6.06 per cent to Rs 468.90 per piece. While Adani Power went up by 5.59 per cent to Rs 464.80 apiece, Adani Ports and Special Economic Zone (APSEZ) gained 5.58 per cent to Rs 873.75 per piece.  Also, shares of Adani Total Gas jumped 4.38 per cent to Rs 731.95, NDTV climbed 4.13 per cent to Rs 228.10 and Adani Wilmar moved 2.50 per cent higher to Rs 348.95 per piece on the bourse.  Meanwhile, the BSE Sensex was trading 975.84 points or 1.45 per cent higher at its all-time peak of 68,457.03 and NSE Nifty gained 1.52 per cent to hit the record level of 20,575.75 points.  Stock prices of Adani group companies have been on the rise since last week after the Supreme Court on November 24 reserved its verdict on a batch of petitions seeking examination of allegations of fraud against the conglomerate.
—PTI

Shares of Adani group firms continued to attract heavy demand in the afternoon trade on Monday, with Adani Green Energy trading higher by 8 per cent.

Adani group firms rally in afternoon trade; Adani Green Energy jumps 8%

New Delhi [India]: In a relief to the Adani group of companies, the Supreme Court on Wednesday declined to transfer the probe to a Special Investigation Team (SIT) or CBI into the Adani-Hindenburg issue over allegations of stock price manipulation by the Indian corporate giant from Securities and Exchange Board of India (SEBI). A bench of Chief Justice of India DY Chandrachud, PS Pardiwala and Manoj Misra said the scope of power of the apex court to enter into the regulatory domain of SEBI is limited.
It said the scope of judicial review is only to see whether any fundamental right has been violated. The SC said the facts of the case do not warrant the transfer of the probe to the SIT or other agency. The SC also said there was no material to doubt the investigation carried out by the SEBI. The verdict of the top court came on a batch of petitions seeking a court-monitored investigation or CBI probe into the allegations made by US-based firm Hindenburg Research against the Adani group of companies regarding violations of the stock market. The bench said there has been no regulatory failure by SEBI and the market regulator cannot be expected to carry on its functions based on press reports though such reports can act as inputs for SEBI. The top court asked SEBI to complete within three months its probe into two cases pending out of 24 cases.  The case is related to the allegations (part of a report by short-seller Hindenberg Research) that Adani had inflated its share prices. After these allegations were published, it led to a sharp fall in the share value of various Adani companies, reportedly to the tune of USD 100 billion.
The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. Various petitions were filed alleging that changes to the Securities and Exchange Board of India Act (SEBI) had provided a shield and an excuse for the Adani Group's regulatory contraventions and market manipulations to remain undetected. The apex court then asked SEBI to independently probe the matter and also constituted an expert committee headed by retired Supreme Court judge Justice AM Sapre to look into the matter. In May last year, the expert committee in its report had found no prima facie lapse on the part of the SEBI in the matter. While reserving the verdict, the Supreme Court had said it has no reason to "discredit" SEBI, which probed allegations against the Adani group, as there was no material before it to doubt what the market regulator has done and the court does not have to treat what was set out in the Hindenburg report as a "true state of affairs". It had observed that it cannot ask a statutory regulator to take as a "gospel truth" something which was published in the media. Advocate Prashant Bhushan, appearing for one of the petitioners, had told the apex court that there were many factual revelations in the Hindenburg report. He said it was for the top court to see whether the investigation done by the SEBI was credible or not and whether some other independent organisation or a Special Investigation Team (SIT) needs to be formed to investigate it.
—ANI

In a relief to the Adani group of companies, the Supreme Court on Wednesday declined to transfer the probe to a Special Investigation Team (SIT)

SC declines to order SIT or CBI probe in Adani-Hindenburg row

New Delhi: A plea has been filed in the Supreme Court seeking a review of its January 3 verdict by which it refused to transfer the probe into allegations of stock price manipulation by the Adani Group to a special investigation team or the CBI.
In a significant win for the Adani Group, the apex court had declined to order a CBI or SIT probe and said in its judgement that market regulator SEBI was conducting a "comprehensive investigation" into the allegations and its conduct "inspires confidence".  The petition claimed there were "mistakes and errors" in the judgment, and in light of certain new material that have been received by the counsel for the petitioner, there were sufficient reasons for a review of the verdict.
The review petition has been filed by Anamika Jaiswal, who was one of the petitioners in the case.  The plea, filed through advocate Neha Rathi, said the Securities and Exchange Board of India (SEBI) had in its report only updated the court about the status of the 24 investigations it undertook following the allegations, whether they were complete or incomplete, but did not disclose any findings or details of action taken.
 Also Read: <a href="https://www.thehawk.in/posts/supreme-court-refuses-to-stay-new-law-on-appointment-of-cec-ecs-by-panel-excluding-cji-issues-notice" target="_self">https://www.thehawk.in/posts/supreme-court-refuses-to-stay-new-law-on-appointment-of-cec-ecs-by-panel-excluding-cji-issues-notice</a>&nbsp;
 "It cannot be concluded that there has been no regulatory failure unless the findings of the SEBI investigations are publicly reported," it said.  In its verdict, the apex court had noted the SEBI has completed its investigation in 22 out of the 24 matters where allegations had been levelled against the Adani Group.  "There are apparent errors on the face of the impugned order dated January 3, 2024 wherein this court rejected the petitioners prayer to constitute a court monitored SIT into the massive fraud involving market manipulation through offshore entities owned by promoters of Adani Group. Hence, the impugned judgment, is liable to be reviewed," the plea said.  The apex court had delivered its verdict on a batch of petitions on the Adani-Hindenburg Research row over allegations of stock price manipulation by the Indian business conglomerate.  The Adani Group stocks suffered a bloodbath on the bourses after Hindenburg Research made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against it.  The Adani Group dismissed the charges as lies, asserting it complies with all laws and disclosure requirements.
—PTI

Explore the review plea challenging Supreme Court's verdict on Adani Group's stock manipulation. Anamika Jaiswal seeks review citing errors and SEBI disclosure concerns.

Adani stock manipulation allegations: SC plea seeks review of verdict refusing CBI probe

New Delhi: LIC, the state-owned insurance behemoth, has seen a 59 per cent rise in value of its investments in Adani group companies in 2023-24 fiscal year after the conglomerate made a smart recovery since being hammered by a damning short seller report.
The value of LIC's investment in seven Adani group companies has soared from Rs 38,471 crore as on March 31, 2023, to Rs 61,210 crore on March 31, 2024, registering an increase of Rs 22,378 crore, according to stock exchange data.  Last year, the insurance giant faced intense scrutiny over its decision to invest in the Adani group amidst a political slugfest after allegations of stock manipulation fuelled by Hindenburg report.  Adani group denied any wrongdoing.  Adani Group's stocks, which at lowest point took a beating of about USD 150 billion, have staged a remarkable comeback, fueled by robust profit growth across its diverse businesses.  Facing political pressure, LIC strategically reduced its exposure to two of the group's flagship companies - Adani Ports &amp; SEZ and Adani Enterprises -- only to witness their shares surge by an impressive 83 per cent and 68.4 per cent, respectively.
Despite trimming its ownership, LIC investments saw a 59 per cent surge in value in FY24, according to stock exchange data.  While the domestic investor faced pressure, overseas investors wasted no time seizing the opportunity, with heavyweights like the Qatar Investment Authority, Abu Dhabi based IHC, French giant TotalEnergies, and US based GQG Investment, collectively pouring close to Rs 45,000 crore into Adani stocks.  The value of LIC's investment in Adani Enterprise Ltd soared from Rs 8,495.31 crore as on March 31, 2023, to Rs 14,305.53 crore a year later, the data showed.  The same in Adani Ports and SEZ rose from Rs 12,450.09 crore to Rs 22,776.89 crore as on March 31, 2024.  LIC's investment in Adani Green Energy Ltd saw the biggest rise with value more than doubling to Rs 3,937.62 crore in one year.  The insurer also saw value appreciation of its investments in Adani Total Gas Ltd, Ambuja Cements and ACC.  In the year since Hindenburg report, Adani has cemented its status as India's premier and leading infrastructure conglomerate, with a laser focus on spearheading the nation's green energy transition alongside a formidable presence in critical sectors such as airports, ports, data centres, and roads.
—PTI

LIC's investment in Adani Group surges 59% in FY24, highlighting robust growth and strategic market resilience despite challenges.

The Hawk

Tag : Hindenburg

Adani issues 413-page response, calls charges attack on India

Nidhi Khurana

Tag : Hindenburg

Adani issues 413-page response, calls charges attack on India

Nidhi Khurana

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