Sebi seeks 15-day extension to conclude, file status report in Adani-Hindenburg case

economictimes.indiatimes.com:

SEBI) on Monday sought a 15-day extension in Supreme Court to conclude the investigation and submit the status report in its probe into Hindenburg report against Adani group. On Monday, the shares of Adani group companies slid 3% to 5% after Deloitte resigned as auditor of Adani Ports, the first such move at the Gautam Adani-led conglomerate since U.S.

short-seller Hindenburg's report on the company in January. Deloitte, Adani Ports' auditor since May 2017, quit amid concerns over certain related party transactions that Hindenburg had raised and which the company did not wish to look into independently, Reuters reported on Friday.

Adani Ports said Deloitte, which does not audit any of the other six listed Adani group companies, had all the necessary information and its reason to quit was «not convincing.» Hindenburg has also alleged the billionaire Gautam Adani-led conglomerate of improper use of tax havens and other business dealings. While the group has denied all allegations, the report has led to its listed units losing more than $100 billion in market value and sparked regulatory investigations.