Adani-Hindenburg Row: Supreme Court postpones hearing; SEBI's status report to be addressed: Report
Business Today reported. As reported by Business Today, the constitution bench led by the Chief Justice of India will persist in addressing petitions that contest the revocation of Article 370. The report noted that Sebi submitted a status report on August 25 concerning its inquiry into the accusations made by short-seller Hindenburg Research in its January report against the diversified conglomerate Adani, which is involved in port and energy operations.
As reported by PTI, Sebi informed to the apex court that it is currently awaiting data from five offshore tax havens to identify the true beneficiaries behind foreign investors engaged with the conglomerate. Also Read: Adani-Hindenburg row: SEBI's probe faults Adani Group on disclosure rules, say sources In response to governance apprehensions raised by Hindenburg Research, headquartered in the US, the Sebi initiated an investigation into the Gautam Adani-led group. These concerns led to a reduction of over $100 billion in the collective market worth of the conglomerate's enterprises.
As per a recent report by Reuters, back in January, the conglomerate engaged in port and energy operations refuted any misconduct. Sources, preferring to remain anonymous due to a lack of authorization to engage with the media, described the infringements as primarily "technical" in nature. These infractions are anticipated to lead to nothing more than a financial penalty once the inquiry concludes.
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