Adani Group Case: On March 2, the Supreme Court had asked SEBI (SEBI) to complete the investigation of the case within two months. Along with this, the court had also constituted a committee for the protection of Indian investors.
Adani Hindenburg Saga: Market regulator SEBI (SEBI) has demanded extension of time limit for investigation of Adani-Hindenburg dispute. SEBI has moved the Supreme Court to extend the time limit for completing the probe into allegations of stock price rigging and regulatory disclosure lapses by the Adani Group. SEBI has requested to extend the deadline of investigation by six months.
On March 2, the Supreme Court had asked SEBI to complete the investigation in the matter within two months. Along with this, the court had also constituted a committee for the protection of Indian investors. In his report, the American short seller had accused Adani Group of rigging the stock price. The group has termed all these allegations as baseless.
In the application filed before the court, SEBI said, ‘It will take six more months to complete the proceedings to detect possible violations related to financial misrepresentation, fraud of regulations and/or fraud of transactions. ‘ Earlier, Adani Ports and Special Economic Zone (AP-SEZ) started the bond buyback program.
On this decision of the group, the rating agency said, “The Indian port and logistics company plans to repurchase bonds worth $130 million every quarter.” He said, “If investors accept the deal, it will strengthen Adani Ports’ strategy to avoid refinancing risk.” The company informed the stock market that it has issued a tender for the buyback of bonds maturing in July 2024.
