According to a court filing, On August 25, SEBI told the Supreme Court that it had concluded its probe into whether or not billionaire Gautam Adani’s conglomerate violated securities laws and recommended action to issue injunctions in some cases.
The Securities and Exchange Board of India (SEBI) informed that in total, it had examined 24 transactions involving Adani group listed companies and 22 of them are final.
SEBI said it would take action on the basis of the findings, although it did not outline them. On 29 August, the Supreme Court will hear the case.
SEBI lodged an application with the SC, earlier on August 14, seeking 15 more days for submitting a probe report on Adani Group, stating that it had completed investigating 17 out of the 24 transactions that it took for probe.
In the wake of several governance concerns raised by the U.S. based Hindenburg Research, the listed companies of the group lost more than $100 billion in market value earlier this year. The group denied any wrongdoing.
Subsequently, the Supreme Court ordered SEBI to conduct an inquiry into the allegations and report its findings to a six member panel formed in March that included retired judges and veteran bankers.
In May, the apex court extended SEBI’s deadline for completing its investigation until 14 August. However, this extension was shorter than six months that the market regulator sought in order to complete its investigation.
In January, Hindenburg accused the Ahmedabad-based ports-to-power conglomerate of “brazen stock manipulation and accounting fraud”, allegations that the Adani group has denied, calling the report “a calculated attack on India”.
On the other hand, in the early hours of August 14, all 10 Adani Group Company stocks traded down, with flagship Adani Enterprises and Adani Ports being the worst performers in the Nifty50 stocks, losing almost 4 percent.