The Adani Group’s high debt levels and suspected inappropriate use of offshore tax havens, as well as stock manipulation, alarmed the US-based short-seller in January. The group stocks went into a meltdown as a result. The market has re-priced and re-assessed the Adani stocks, the six-member committee claims.
Source: Jammu Links News
The panel, which was established in response to writ petitions filed in the Supreme Court, stated that the Securities and Exchange Board of India (SEBI), the market regulator, had not discovered any patterns of fraudulent trading during the time when Adani Group stocks saw substantial increases on the bourses.
The report has a disclaimer stating that its findings are predicated on SEBI’s initial findings and that the agency has chosen to carry out additional investigations. Before the report was issued, several entities took short positions, and SEBI discovered that they made money by settling their differences when the prices fell. The highest court has given the regulator till August 14 to wrap up its investigation into the claims of flagrant accounting fraud and stock manipulation.
Source: Times Now
The Hindenburg study has always been disregarded as maliciously mischievous by the Gautam Adani-led group. The Adani-Hindenburg story has not yet come to a conclusion.
Additionally, the expert group was requested to recommend ways to enhance the regulatory framework. According to it, SEBI has sufficient authority, thus giving it further authority does not seem appropriate. The initiatives it has outlined to enhance regulatory operation and raise investor awareness should be taken seriously by all parties involved.
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