Judgment time on Adani? SEBI will submit its report on Hindenburg to Supreme Court today - Newztezz - Latest News Today, Breaking News, Top News Headlines, Latest Sports News

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Monday, August 14, 2023

Judgment time on Adani? SEBI will submit its report on Hindenburg to Supreme Court today

SEBI will submit its report in the Adani case today in the Supreme Court. This report will be completely final. The Supreme Court had given SEBI time till August 14. By the way SEBI had demanded more time from the court. The hearing of the case is to be held on August 29.

The day the country was waiting for has come today. Capital market regulator SEBI will submit its report on the allegation made by Hindenburg. According to experts, this report is completely final and the regulator's investigation is over. The Supreme Court of the country had given SEBI time till August 14 only. While the exact findings could not be ascertained, SEBI has, inter alia, probed whether the Adani Group manipulated the share prices of its group companies by taking advantage of loopholes in the minimum public shareholding norms, And whether it failed to disclose related party transactions?

These issues were being investigated

If experts are to be believed, in SEBI's investigation report, questions can be raised on Adani Group regarding MPS Norms. By the way, till now no official statement has come out from SEBI in this matter. The Supreme Court had set a deadline of August 14 for SEBI to complete its investigation and submit the report. The hearing of the case is to be held on August 29. The Hindenburg Report of January 24 made allegations related to Related Party Transactions and MPS Norms. After which there was a continuous decline in the shares of Adani Group and mortve than 10 lakh crores were wiped out from the market cap of Adani Group. The regulator had earlier identified 13 specific deals which it was looking into whether they were legally covered or not.

Deloitte resigns

The report is being submitted to the Supreme Court at a time when, on Saturday, global audit firm Deloitte Haskins & Sells terminated its six-year-old relationship with Adani Ports & SEZ. Deloitte said Adani Ports refused to conduct an independent external examination to address the auditor's concerns, and therefore issued a qualified opinion on the company's FY23 results. Qualified opinion means an audit report which is not clean.

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