Adani-Hindenburg case: SEBI will submit final report after 15 days, time sought from Supreme Court - Newztezz Online

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Monday, August 14, 2023

Adani-Hindenburg case: SEBI will submit final report after 15 days, time sought from Supreme Court


On January 24, Hindenburg Research accused the Adani Group of the biggest accounting fraud ever and stock manipulation. After which there was a big fall in the shares of Adani Group companies and the market cap was cleared by more than Rs 10 lakh crore.

SEBI has again sought time from the Supreme Court in the Adani Hindenburg case. The market regulator, in its application filed in the Supreme Court, said that sufficient work has been done on the case and the report will be submitted after 15 days. SEBI is probing the Adani-Hindenburg issue including alleged stock market manipulation and short-seller's modus operandi in this matter.

The Supreme Court had given SEBI time till August 14 and the date of hearing was fixed on August 29. This means that SEBI will submit its final report on the matter only on August 29. Earlier, Deloitte had submitted its resignation as the auditor of Adani SEZ. Due to which all the shares of Adani Group are seeing a decline on Monday.

Deloitte submitted resignation

Earlier, Deloitte has submitted its resignation as the auditor of Adani SEZ. Before resigning, Deloitte had demanded an independent outside investigation into the allegations by American short seller Hindenburg Research. The company, however, said the allegations had no bearing on its financials and the reason given for Deloitte's departure was not satisfactory. Adani Ports and Space Economic Zone (APSEZ) sent the resignation of Deloitte Haskins & Sells LLP in a 163-page report sent to the stock market.

APSEZ said Deloitte officials in the meeting expressed concern over the lack of a comprehensive audit role as auditors of other listed companies of the Adani group. However, the firm told the auditor that it was not within its jurisdiction to recommend such appointments as other bodies were completely independent.

Shares of Adani Group companies declined

On Monday, there is a decline in the shares of Adani Group companies. The stock of Adani Enterprises is trading with a decline of more than 4.50 per cent. On the other hand, the stock of Adani Port & SEZ is witnessing a decline of 2.75 per cent. Shares of Adani Power, Adani Green and Adani Total Gas and Adani Wilmar have fallen by more than 2 per cent and Adani Transmission by 3.50 per cent. Talking about cement companies, there is a decline of 2 percent in the share of ACC and 3.50 percent in the share of Ambuja Cement.

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