Hindenburg report: Gautam Adani-led co denies commercial relationship with SEBI chairperson Madhabi Puri B
The Adani Group has denied allegations from US short seller Hindenburg Research that SEBI chairperson Madhabi Puri Buch was involved in offshore entities involved in the Adani money siphoning case. The group denied any commercial relationship with individuals or matters mentioned and reiterated that its overseas holding structure is fully transparent. The group also dismissed Hindenburg's allegations as baseless and accused the US-based company of attempting character assassination in response to a show-cause notice issued by the regulator in the Adani controversy. Key Points
Economic TimesJack Dorsey’s wealth tumbles $526 million after Hindenburg short
International Business News: Dorsey’s fortune plunged by $526 million on Thursday, his worst single-day decline since May. He’s now worth $4.4 billion after the 11% drop, accordin Key Points
Times Of IndiaHindenburg-Adani probe: SEBI asks SC for more time
Markets regulator SEBI has asked the Supreme Court for more time for its investigation into the allegations levelled by US-based short-seller Hindenburg on billionaire Gautam Adani's conglomerate. Earlier On March 2, the Supreme Court set up an expert committee amid the controversy arising out of a report by US short-seller Hindenburg Research on the Adani Group. It directed SEBI to investigate whether there has been a violation of Section 19 of SEBI rules and any manipulation of stock prices. Key Points
Economic TimesHindenburg attacking Sebis credibility, indulging in character assassination of its chief: Chairperson Madhabi Puri Buch and husband Dhaval Buch
Mumbai, August 11 US-based short seller Hindenburg Research is attempting to attack Sebi's credibility and indulging in character assassination of its chairperson, Sebi chief Madhabi Puri Buch and her husband Dhaval Buch said on Sunday. In a detailed statement issued... Key Points
The TribuneHindenburg claims 'Kotak created offshore fund to help investor profit from Adani shares'
Says it has received show cause notice from SEBI over alleged violations in placing bets on conglomerate stocks. Billionaire banker Uday Kotak founded bank as... Key Points
The Tribune India
ET Explains: Allegations against Adani Group, Sebi probe and SC Order
Supreme Court recently rejected pleas to either form a special investigation team (SIT) or direct the Central Bureau of Investigation (CBI) to probe US short-seller Hindenburg Research's charges against the infrastructure conglomerate. Now, Sebi will now be the sole regulator examining allegations of rule violations by Adani Group. The case is based on US-based short seller Hindenburg Research published a report alleging malfeasance by the Adani Group. Key Points
Economic TimesHindenburg’s next shot: Short seller erases fifth of Icahn empire’s value
In a report published on Tuesday, Hindenburg accused IEP of overvaluing its holdings and relying on a "Ponzi-like" structure to pay dividends. Icahn said in an IEP statement that Hindenburg's "self-serving" report was aimed at generating profits at the expense of IEP's long-term shareholders. Key Points
FinancialexpressHindenburg allegations against Adani Group duly investigated; Chairperson Buch disclosed, recused when necessary: SEBI
Mumbai, August 11 In its first comments following a new report by US-based short seller Hindenburg Research, capital markets regulator SEBI on Sunday said it has investigated all the allegations against the Adani group. Chairperson Madhabi Buch made relevant disclosures... Key Points
The TribuneHindenburg Research discloses short position in server maker Super Micro; shares fall 5%
Hindenburg Research announced a short position in Super Micro Computer, alleging accounting manipulation. The server maker's shares dropped approximately 5% in early trading. Closely linked with Nvidia, Super Micro has benefited from the AI boom. Hindenburg's report also claims other issues like undisclosed related party transactions and export control failures. Key Points
Economic TimesWho is Dhaval Buch? SEBI chief’s husband under spotlight in Hindenburg report
Dhaval Buch: Hindenburg Research alleged SEBI chairperson Madhabi Puri Buch and husband Dhaval Buch had stakes in a fund with investments from Vinod Adani. Ahead of Madhabi's SEBI appointment, funds were reportedly moved out of her name. During his time at Blackstone, Dhaval was linked to further investments in Vinod Adani's firms. Key Points
Economic Times
Sebi chief Madhabi Buch accuses Hindenburg of attempting character assassination, denies short-seller's al
Sebi chief Madhabi Puri Buch and her husband Dhaval Buch have dismissed allegations from Hindenburg Research as baseless. They accuse the US-based short-seller of attempting character assassination in response to a show-cause notice issued by Sebi concerning the Adani issue. The Buchs criticize Hindenburg's actions as a retaliatory attempt against the enforcement action taken by the regulator. Key Points
Economic TimesHindenburg faces Sebi scrutiny, Kotak Bank dragged in Adani saga
Adani-Hindenburg Case: Hindenburg Research's disclosure of suspected violations by Sebi regarding Adani Group's short bet led to minimal gains, highlighting challenges foreign investors face under Indian securities rules. The short seller also stated that Kotak Mahindra Bank created and oversaw an offshore fund structure used by its investor partner to bet against the conglomerate, providing new details of trades that puzzled investors. Key Points
Economic TimesAdani Hindenburg Case Verdict: SC asks SEBI to finish probe in 3 months, says no ground to transfer case t
Adani Hindenburg Case Verdict: The Supreme Court has instructed SEBI to conclude its investigation into allegations against the Adani Group within three months. The court, led by Chief Justice DY Chandrachud, dismissed the notion of transferring the case to the CBI, emphasizing no grounds for skepticism in SEBI's actions. Adani faced volatility in 2023, accused by Hindenburg Research and OCCRP, but rebounded after the US government, and SEBI found allegations insignificant. Key Points
Economic Times2023 drilled $35 billion hole in tycoon Gautam Adani's wallet
In pre-Hindenburg days, the maverick businessman's wealth saw a gravity-defying one-way movement that took him to the position of world's second richest man for a brief period. With his fortune being estimated at around $85 billion, Adani is now the second richest Indian after Mukesh Ambani. Key Points
Economic TimesAdani-Hindenburg row: SC to hear PILs seeking probe today
The apex court on Monday adjourned the hearing on the SEBI plea seeking a six-month extension to conclude the investigation in the Hindenburg Research's report. The bench led by the Chief Justice of India (CJI) Dr Dhananjaya Yeshwant Chadrachud and also comprising Justices P S Narsimha and J B Pardiwala adjourned the matter. Key Points
Economic TimesAttack on Sebi’s integrity, bid to malign me: Buch junks charge
Tribune News Service New Delhi, August 11 Dismissing allegations made by US-based short-seller Hindenburg Research, Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (Sebi), on Sunday denied any wrongdoing. Hindenburg had, in a report released on... Key Points
The TribuneED flags suspicious activities by 16 entities, including one private Indian bank, in Adani case
Adani case: The Enforcement Directorate has informed markets regulator SEBI about suspicious activities by 16 entities, including one Indian private bank and 15 other entities, including FPIs in the case relating to short-selling in shares of Adani group companies. A January report by Hindenburg alleged corporate governance issues in Gautam Adani's companies following which shares took a dive before eventually recovering. Key Points
Economic TimesWhose turn is it now? Hindenburg ready to strike with another ‘big’ report after Adani
US short seller Hindenburg Research is all set to come out with another report soon. The firm's previous report in January had severely hurt the Adani Group. Key Points
India TodayAdani Enterprises plans fresh stock sale, shares jump over 5%
Adani Enterprises shares were up 5.22 per cent to Rs 1,991 at 12:52 pm as investors grew optimistic about the prospect of a fresh stock sale. It was the biggest gainer on the Nifty 50 index. Key Points
India TodayHindenburg shorts Jack Dorsey’s payments firm Block, shares plunge
Hindenburg Research on Thursday disclosed short positions in Block Inc and alleged that the Jack Dorsey-led payments firm overstated its user numbers and understated its customer acquisition costs. Shares of Block slid 20% to $57.85 in premarket Key Points
Financialexpress
Adani stocks rally up to 10% ahead of Supreme Court verdict on Hindenburg
Among Adani group stocks, Adani Energy Solutions was the top gainer as it shot up to 10% while Adani Total Gas was up 8% and NDTV 7%. Shares of Adani Green Energy, Adani Wilmar, Adani Enterprises and Adani Power were trading 5-6% higher. The Ahmedabad-based conglomerate's cash cow Adani Ports was up 3%. Key Points
Economic TimesDeloitte sought independent external probe into Hindenburg allegations; Adani firm says reasons for resign
In the August 12 resignation letter, Deloitte said it was resigning as auditor of APSEZ with immediate effect because we are not statutory auditors of a substantial number of other Adani Group of companies. It went on to state that it had given a qualified opinion in audit of financial statements for quarters ended March 2023 and June 2023. Key Points
Economic TimesAdani AGM 2024: ‘Designed to defame us, damage, erode hard-earned market value,’ says Gautam Adani about Hindenburg report
Adani Annual General Meeting 2024: Talking about Hindenburg’s report, Adani said, “Typical short sellers target gains from financial markets. This was different. It was a two-sided attack." Key Points
Business TodayAdani-Hindenburg case: SEBI tells SC it won't ask for probe timeline extension
Market regulator SEBI has informed the Supreme Court that it will not seek an extension to complete its probe into the Adani-Hindenburg matter. The Supreme Court-appointed expert committee found no evident pattern of manipulation in Gautam Adani's companies and no regulatory failure. However, SEBI's probe into alleged violation in money flows from offshore entities has drawn a blank . Key Points
Economic TimesDeloitte to quit as Adani Ports' auditor over concerns flagged by Hindenburg -source
Deloitte has decided to resign as auditor of India's Adani Ports (APSE.NS) amid concerns over certain transactions flagged in a report by Hindenburg, which the company did not wish to independently look into, a source with direct knowledge said. Key Points
Reuters
Adani-Hindenburg row: Supreme Court grants three months extension to Sebi for probe, report to be submitted on August 14
The apex court has asked the regulator to submit its report on August 14. Earlier this week, the Sebi sought six more months time from the SC to complete its probe into the allegations. Key Points
The Indian ExpressSebi chief briefs SC panel on Adani-Hindenburg issue
The New Delhi briefing to the panel by Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch was her first, and an important one, said these people. Henceforth, she will not appear before the committee unless required. Key Points
Economic TimesOppn demands JPC probe; bid to create financial chaos: BJP
Aksheev Thakur Tribune News Service New Delhi, August 11 The Congress on Sunday reiterated its demand for a Joint Parliamentary Committee (JPC) probe into the Hindenburg row and said the Centre must act to eliminate all conflicts of interest in... Key Points
The Tribune'Whole crony capitalism has backfired': Mahesh Jethmalani on Adani Group-Hindenburg Row
The Adani Group faced a significant blow in January 2023 when Hindenburg published a scathing report alleging stock market manipulation and accounting fraud. This led to a staggering $150 billion drop in the group's market capitalisation, despite their strong denial of the allegations. Key Points
Business TodayIncorrect or premature conclusion of Adani probe will not serve justice, SEBI tells SC
SEBI, on 29 April 29, had sought 6 months to complete its probe, rather than 2 months. However, the Supreme Court said on Friday it was inclined to give a three-month extension. Key Points
ThePrint
Incorrect or premature conclusion of Adani probe will not serve justice, SEBI tells SC
SEBI, on 29 April 29, had sought 6 months to complete its probe, rather than 2 months. However, the Supreme Court said on Friday it was inclined to give a three-month extension. Key Points
ThePrintIncorrect or premature conclusion of Adani probe will not serve justice, SEBI tells SC
SEBI, on 29 April 29, had sought 6 months to complete its probe, rather than 2 months. However, the Supreme Court said on Friday it was inclined to give a three-month extension. Key Points
ThePrintAdani saw massive $60.2 billion wealth erosion amid Hindenburg row as Elon Musk, Mark Zuckerberg led $852 billion surge
Gautam Adani saw the highest wealth erosion in the first half of 2023 due to a bombshell report accusing his conglomerate of fraud. The report lopped off close to $150 billion in market value and Adani posted the biggest one-day loss of any billionaire. Key Points
mintSome entities profited from Adani stock crash, retail lost Rs 3,700 crore: Sebi probe
The Sebi investigation into the Adani vs Hindenburg saga has found that some entities profited from the massive rout in stocks of billionaire Gautam Adani's companies, while retail investors suffered a loss of Rs 3,700 crore. The panel said since the issue is still under investigation, it can't express any opinion on merits. Key Points
Economic TimesSupreme Court defers hearing in Adani-Hindenburg case to July 10
In the meanwhile, SEBI told the top court that it was not investigating the Adani Group since 2016 as claimed. The probe pertained to the issuance of Global Depository Receipts (GDRs) by 51 Indian firms and no listed company of the Adani Group was among them, it said. Key Points
Economic Times
SEBI cautions on premature conclusion of Adani probe
The probe comes after U.S.-based short-seller Hindenburg Research had, in January, raised several governance concerns around billionaire Gautam Adani’s group Key Points
The Hindu