Published by: Priyanka Deshpande
The Supreme Court postponed the hearing of the Adani-Hindenburg case today.
The Securities and Exchange Board of India (SEBI) submitted its status report on the investigation into the allegations made against the Adani Group by short-seller Hindenburg Research in its January report on August 25. Here’s a look at the latest developments.
On Friday, SEBI told the Supreme Court it had nearly completed its investigation into the Adani Group's dealings.
The investigation regarding this matter has reached its conclusion.
Failure to disclose related party transactions
The investigation is currently at an interim stage. SEBI has meticulously summoned and examined a staggering 12,000 pages of documents.
Violation of the Securities Contract Act
The investigation has been concluded. SEBI conducted an exhaustive examination of a staggering 347 million trades across seven Adani Group companies.
Manipulation of Stock Prices
The investigation has been finalised, involving scrutiny of over 12,000 pages of documents.
Possible violations of SAST Regulations
While the inquiry is in the interim stage, the Enforcement Directorate (ED) identified 12 firms that benefitted from Adani short selling. The information was shared with SEBI in July.
Examination of trades pre and post Hindenburg Report
SEBI conducted an in-depth investigation into potential insider trading activities related to Adani Power, Ambuja Cement, and Adani Green Energy.
Insider Trading Violations
The inquiry also found that holdings of offshore funds in some Adani companies were not in line with the rules.