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SC-monitored expert panel submits report on Adani-Hindenburg row: Key points

SC-monitored expert panel submits report on Adani-Hindenburg row: Key points

TIMESOFINDIA.COM / Updated: May 19, 2023, 16:47 IST

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NEW DELHI: An expert committee constituted by Supreme Court to investigate the Adani Group said it was not possible to conclude if there has been regulatory failure regarding price manipulations.
The panel made the same observation in relation to disclosures of related party transactions.
The apex court had on March 2 ordered the formation of a six-member committee to probe allegations of stock manipulation against Adani Group by US short-seller Hindenburg Research.
The Hindenburg in its report on January 24 had accused Adani Group of "stock manipulation and accounting fraud" and termed it the "largest con in corporate history". The Adani Group had denied all allegations.

Here are the key points from the report submitted by the panel:

Adani has taken necessary steps to comfort retail investors.
Empirical data shows retail investment exposure to Adani stocks increased multifold after January 24, mitigating measures by the group helped in building confidence in the stock and stocks are stable now.
Parties have affirmed on oath that FPI (Foreign portfolio investment) investments are not funded by the Adani Group. SEBI has not proved that its suspicion can be translated into a firm case.
Sebi said suspicious trading observed on part of six entities before publication of Hindenburg report. Without adequate information, it is not possible for Sebi to satisfy suspicions on Adani's 13 offshore investors.
Presently not possible to find violation of public float by Adani companies. Sebi said detailed investigation being carried out on six entities that held short positions.
Sebi said detailed investigation being carried out on six entities that held short positions.
Sebi identified 13 transactions for related party norm and fraudulent trade violations in Adani group companies.

Watch Hindenburg row: SC appointed panel finds no evidence of regulatory breach by Adani, Sebi wants to search some more

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