hindenburgresearch
By Ritika Jain Supreme Court on Wednesday said no valid grounds were raised that necessitated the transfer of the SEBI probe to an SIT in the Hindenburg Research allegations of stock price manipulation by the Adani group of companies. There were no grounds to doubt the market regulator’s probe, the court said. The bench, led by Chief Justice of India DY Chandrachud, said there was no regulatory failure on SEBI’s part and the market regulator cannot be expected to carry on with its work based on press reports. The top court clarified, “Investigative reports by press can act as inputs for SEBI b...
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By Ritika Jain The Supreme Court-appointed Expert Committee—constituted in the aftermath of the Adani-Hindenburg saga said it was not possible to conclude regulatory failure on SEBI’s part since it was actively engaged with developments and price movements in the market. The six-member committee noted that since the Securities and Exchange Board of India (SEBI) sought additional time to probe the Hindenburg report allegations against Adani Companies, it was premature to conclude if it failed in its role as a market regulator. SC on May 17 gave SEBI time till August 14 to conclude it's probe in...
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Given that Carl Icahn has styled himself as a 50+ year warrior for corporate transparency, we expected he would provide clarity on the issues we highlighted. Yesterday, Icahn Enterprises released its quarterly results, presentation and its response to our report. In its response, Icahn Enterprises failed to address every key issue we raised. Instead, it rehashed its prior opaque and inadequate disclosures. Perhaps most importantly, the company failed to disclose basic details of Carl Icahn’s margin loans, which we strongly suspect represent a near-term critical threat to IEP unitholders. Perha...
ValueWalk
By Archis Chowdhury The Congress party recently shared a news report by non-profit website Adani Watch to claim that Chang Chien-Ting, an associate of the Adani Group, is a Chinese national. The article, based on this claim, questions the Indian government's silence on a Chinese-owned company being involved in critical infrastructure projects in India, in the backdrop of the geopolitical rivalry between the two countries. BOOM found that these claims were erroneous; according to the the findings of the Hindenburg report, and multiple other reports by Taiwanese media, Chang has been described a...
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By Mohammed Kudrati Starting March 8, Adani Enterprises, shares of the flagship company of the Adani Group, will be out of the National Stock Exchange's [NSE] Additional Surveillance Mechanism (ASM). This was communicated by the NSE through a circular. The company follows two companies of its group - Adani Ports and Special Economic Zones and Ambuja Cements - which exited the framework on February 13. Adani Enterprises will leave the framework after being added to its short-term framework on February 3 alongside Aaron Industries, another scrip which meets the criteria to exit the framework. Ho...
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By Ritika Jain Supreme Court on Thursday directed the Securities Exchange Board of India to probe the allegations leveled in the Hindenburg Research report against the Gautam Adani-led Adani Group of companies. The top court directed the regulatory body to complete its probe in two months. As part of its probe, the top court further directed SEBI to look at whether the Security Contract Regulation Rules were violated and if there was any manipulation of stock prices. The top court also constituted an expert committee led by ex-Supreme Court judge AM Sapre and comprising ex-chief of the New Dev...
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By Sk Badiruddin A photo showing a long queue in front of a branch of Bank Of Baroda (BoB) in the United Arab Emirates (UAE) is viral online with a false claim that customers are closing their accounts after the bank's CEO said the bank will continue lending to the Adani Group. BOOM found that the claim is false and that the queue in front of a Bank of Baroda branch in Al Ain, Abu Dhabi is not related to the Adani-Hindenburg row. The photo shows Bank of Baroda customers standing in front of the bank's Al Ain branch which was set to close with effect from March 22, 2023. All accounts from the b...
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By Ritika Jain Supreme Court on Friday said it wanted complete transparency in the Adani-Hindenburg matter while rejecting the Centre’s suggestions submitted in a sealed cover. The top court said the public must have full confidence and that it would appoint the committee which would probe how to protect Indian investors. “We will not accept the sealed cover suggestion by you because we want to maintain full transparency,” the bench told Solicitor General Tushar Mehta. “If we accept suggestions in a sealed cover, it is like we have kept it away from the other side as people will think it is a ...
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By Mohammed Kudrati Hindenburg Research - the activist short-selling firm that has targeted the Adani Group causing a massive meltdown in its stocks on the exchanges has not been banned from putting out research on United States (US)-based firms, as claimed by a viral message in India. The firm's founder, Nate Anderson, also took to Twitter to clarify that the claims on social media are not true. While the short seller was subpoenaed by the Department of Justice in early 2022 as part of a broader investigation into potential trading abuse, there is no evidence to show that this matter led to l...
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By Ritika Jain Regulators are equipped to handle situations like the Adani-Hindenburg saga, Centre told Supreme Court today. Though it did not want to undermine the expertise of agencies and regulatory bodies like SEBI, the government was open to the top court’s suggestion to the constitution of a committee which could propose changes in the regulatory framework if any, the Centre added. The remit of the committee would be very very relevant, Solicitor General Tushar Mehta said, but it would be advisable if the remit of the committee remained confidential, he added. Mehta, representing the Sec...
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