Big win for Gautam Adani: Sebi dismisses Hindenburg charges against Adani Group — Top 5 things Sebi found
On Thursday, India’s capital market regulator rejected the claims of manipulation of the US -based short vendor Hindenburg Research against billionaire Gautam Adani and his companies.
In two separate orders, India Sankul Assets and the Board of Stock Exchange (SEBI), Adani Ports and Sez Ltd and Adani Power Ltd.
The regulator also stated that there would be no penalty for Hindenburg’s claims because no organization was built.
“According to this, after thinking about the issue, I see why the allegations against the notifications in the show are not determined. Considering the above, the problem of transferring any responsibility on the notifications does not arise and therefore the problem of determining the quantum of Sebi, Sebı.
Findings in the allegations of Sebı Adani:
Hindenburg Research, January 24, 2023 Research Report, Adani Enterprises Ltd and Adani Power Mundra (now Adani Power) Milestone Tradelinks Pvt. LTD and Rehvar Infrastructure Pvt. LTD 2020-21 via Adani Infra (India) through LTD. The short seller questioned the source of the funds to the conglomerate.
Here are the five things Sebi said:
1. List obligations and explanation requirements (LODR) regulations did not have “violations ve and the transactions between the companies are not“ characterized as the relevant party transactions.
Sebı also said that the transaction between a company listed and an indifferent party was not “handled” within the definition of “relevant party transactions” at the time of the transactions.
2. In 2021, Sebı’s Lodr regulations were changed to expand the scope of the definition of “relevant party transactions i, including a listed company/subsidiary and an indifferent party in the task.
“The change in the 2021 Lodr Regulation is a significant change in the 2021 Lodr Regulation, and the accepted legal case -law cannot be valid for past procedures,” he said.
3. In the case of Adani-Hinde, an expert committee appointed by the Supreme Court found that not the inclusion of transactions between the companies on the relevant party was not a “regulatory failure case”.
They also said that attacking the past transactions in the case was legally “unacceptable ..
4. Pursuant to the anti -12a department of Sebı’s SEBI Law, and the prohibition of fraudulent and unfair trade practices regarding the regulations of the securities market, allegations and accusations against Adani Group companies and Gautam Adani find a regulatory “no violation”.
5. Manipulative or fraudulent transactions or unfair trade practices executing the allegations of executing the “siphon of money or funds” did not claim to be classified under the same category.
“It is accepted that there are no violations of the two main problems above, and that the other relevant violations that are claimed in the show and listed in paragraph 57 are not violated.”
Gautam Adani’s response
Gautam Adani, the founder and president of Adani Group, said in a recent social media mission that he understood the pain of investors who lost their money in Adani-Hinden Saga, who broke the Indian stock exchange and Adani Group stocks. “We feel deeply the pain of investors who have lost money due to this fraudulent and motivated report. Those who spread false narratives owe an apology to the nation.”
After the Sebı Order, he once again called Hndendenburg claims as “unquestionable ve and said that transparency and integrity were the priority of the holding.
