Key Points
While the exact findings could not be ascertained, Sebi has probed, among other things, whether Adani Group manipulated the share prices of its group companies by exploiting loopholes in the minimum public shareholding (MPS) norms, and whether it failed to disclose related-party transactions.ET.
Mumbai: India's capital markets regulator, Sebi, is set to submit to the Supreme Court its report on the allegations made by US-based Hindenburg Research against the Adani Group..
Allegations concerning related-party transactions and MPS norms were key to the January 24 Hindenburg report that wiped billions of dollars from the market capitalisation of Adani Group's listed companies...
On Saturday, global audit firm Deloitte Haskins & Sells ended its six-year association with Adani Ports & SEZ, amid concerns that it could not thoroughly scrutinise as to whether certain company dealings - including a specific transaction named in the Hindenburg report - fell under related-party transactions...
These overseas jurisdictions were not very forthcoming in sharing details of foreign portfolio investors (FPIs) that held Adani Group stocks, and so, the regulator may not have a strong case against the conglomerate, which is owned by India's second-richest man, Gautam Adani, the people said.. FPIs are a component of the non-promoters/public shareholders' grouping in listed companies..
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