Supreme Court defers further hearing in Adani-Hindenburg case to August
Supreme Court has deferred further hearing in the Adani-Hindenburg case to August, media reports said. Hearing the case on July 11, the CJI asked about the status of the investigation, to which the solicitor-general said that Sebi has time till August to conclude the investgations.
US-based short-seller Hindenburg in January this year levelled multiple allegations against the head of the Indian conglomerate, accusing it of accounting fraud, stock manipulation and other corporate governance lapses. The Adani Group denies these allegations.
After a report of US short-seller Hindenburg Research alleging accounting fraud, stock market manipulation and improper use of offshore entities by Adani Group stirred a political row and triggered a rout in the conglomerate's stocks, dethroning Adani as the world's third richest man, the Supreme Court had on March 2 constituted the expert committee to investigate if there was any failure to disclose transactions with related parties and if stock prices were manipulated. The committee was to work in parallel with the probe by Sebi into offshore entities investing in the Adani Group.
The regulator was first asked to complete the probe in two months and then given another three months till August 14. In its bid to assuage battered investor confidence, Adani said it has raised USD 1.38 billion (Rs 11,330 crore) through stake sale in three group companies, taking the total capital raised over four years to USD 9 billion as the conglomerate draws interest from a cross-section of investors.
This comes five months after Adani Enterprises was forced to abort a Rs 20,000 crore follow-on public offering (FPO) in the wake of the Hindenburg report. «In the most recent instance, Adani family has
. Read more on economictimes.indiatimes.com
