India’s capital markets regulator has submitted a status report to the Supreme Court detailing its probe into the allegations made against the Adani group, a copy of which was made available to Bloomberg News by one of the petitioners, Vishal Tiwari.
(Bloomberg) — India’s capital markets regulator has submitted a status report to the Supreme Court detailing its probe into the allegations made against the Adani group, a copy of which was made available to Bloomberg News by one of the petitioners, Vishal Tiwari.
Securities and Exchange Board of India has told the top court in its filing that out of the 24 matters it was probing, findings in as many as 22 are final. The court filing gives a detailed breakdown of the steps taken by the regulator during its probe, including on related party transactions. While it didn’t outline the findings, Sebi said it will act based on them.
The apex court is scheduled to hear the case on Aug 29.
India’s top court ordered Sebi to submit an investigative report after a January broadside by short-seller Hindenburg Research alleged the Adani Group was engaged in widespread corporate fraud and stock price manipulation. Adani Group has denied any wrong doing.
Earlier this month, the regulator sought a 15-day extension from the Supreme Court.
Apart from delving into the rout in Adani Group stocks following Hindenburg’s report, Sebi has been investigating if there was a violation of rules concerning minimum public shareholding, related party transactions and manipulation of stock prices.
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