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US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> has alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani Group</keyword> may be because of its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation that the SEBI head called "baseless" and an attempt of "character assassination". Hindenburg alleged that Buch and her husband had undisclosed investments in <keyword id="22746661" type="General" weightage="20" keywordseo="obscure-offshore" source="keywords">obscure offshore</keyword> funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI in October 2020 began a probe into the shareholding structure of Adani Group companies after red flags were raised over high concentration of foreign holdings in the conglomerate's listed companies. Investigation was launched to determine if the foreign investors are genuine public shareholders or acting as fronts for the promoters. SEBI last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publicly traded stocks of the conglomerate. It hasn't stated if the two incomplete probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." While the statement did not talk on the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Hindenburg on Saturday stated that the Madhabi and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." The Buchs may have first opened their account with IPE Plus Fund 1 on June 5, 2015 in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod...used this structure to invest in Indian markets with funds allegedly siphoned from over invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. In January last year, Hindenburg accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. After the Hindenburg report, the SC asked SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalising and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticised the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the group creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that was raised pledging shares, reined in expenses and refocused energies on core business. Adani is now ranked 12th richest in the world. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funnelled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI whole-time member, Dhaval wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval requested to "be the sole person authorised to operate the Accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval is a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan.

After Adani, Hindenburg targets SEBI chief, she calls allegations baseless, character assassination

Following statements made by <keyword id="198572" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="Orion">Madhabi Puri Buch</keyword> and her husband <keyword id="192394" type="General" weightage="20" keywordseo="Dhaval-Buch" source="Orion">Dhaval Buch</keyword>, concerning allegations raised by <keyword id="9916845" type="General" weightage="20" keywordseo="Hindenburg-Research" source="Orion">Hindenburg Research</keyword> on August 10, the US short seller has posed new questions for the <keyword id="20914154" type="General" weightage="20" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword> alleging that her response contained several significant admissions and raised critical new questions. In a social media post on 'X', the US short seller stated that "<keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> Chairperson <keyword id="19557079" type="General" weightage="20" keywordseo="Madhabi-Buch" source="Orion">Madhabi Buch</keyword>'s response to our report includes several important admissions and raises numerous new critical questions." Further the post said that the <keyword id="84055" type="General" weightage="20" keywordseo="SEBI-chief" source="Orion">SEBI chief</keyword>'s response confirms her investment in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani. "SEBI was tasked with investigating investment funds relating to the Admatter, which would include funds Ms Buch was personally invested in and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," <keyword id="191733" type="General" weightage="100" keywordseo="Hindenburg" source="Orion">Hindenburg</keyword> alleged. The US short seller also raised concerns about the financial statements of SEBI Chief's Singapore consulting entities during her tenure at SEBI. "The Singaporean consulting entity she set up doesn't publicly report its financials like revenue or profit, so it's impossible to see how much money this entity has earned during her time at SEBI. The Indian entity, still 99 per cent owned by the SEBI Chairperson, has generated Rs 23.985 million (US ~ USD 312,000) in revenue (i.e. consulting) during the financial years ('22, '23, and '24), while she was serving as Chairperson, per its financial statements," said Hindenburg. Hindenburg also alleged that <keyword id="22754143" type="General" weightage="20" keywordseo="whistleblower-documents" source="Orion">whistleblower documents</keyword> have revealed that Buch used her personal email to conduct business under her husband's name while serving as a whole-time member of SEBI. In 2017, just weeks before her appointment, she ensured that accounts with ties to Adani were registered solely in the name of her husband, Dhaval Buch. Earlier, the SEBI Chairperson and her husband had said that the investment in the fund referred to in the Hindenurg report was made before she had taken up the job. The statement said, "The investment in the fund referred to in the Hindenburg report was made in 2015 when they were both private citizens living in Singapore and almost 2 years before Madhabi joined SEBI, even as a Whole Time Member. " "The decision to invest in this fund was because the Chief Investment Officer, Anil Ahuja, is Dhaval's childhood friend from school and IIT Delhi and, being an ex-employee of Citibank, J.P. Morgan and 3i Group plc, had many decades of a strong investing career. The fact that these were the drivers of the investment decision is borne out by the fact that when, in 2018, Ahuja, left his position as CIO of the fund, we redeemed the investment in that fund," the statement further reads."As confirmed by Anil Ahuja, at no point in time did the fund invest in any bond, equity, or derivative of any Adani group company," the statement had added. On Saturday, the US-based firm alleged that SEBI's Chairperson Madhabi Buch and her husband had a stake in "both the obscure offshore entities used in the Adani money siphoning scandal" In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and directed market regulator SEBI to complete its probe into two pending cases within three months. Earlier this year the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the <keyword id="16435872" type="General" weightage="20" keywordseo="Adani-Hindenburg-case" source="Orion">Adani-Hindenburg case</keyword>.

Hindenburg poses new questions for SEBI Chairperson after she denies allegations

The allegations of the US Short seller Hindenburg against <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword> Chairperson <keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword> and her husband have drawn sharp political reactions from the opposition parties. Reacting to the Hindenburg report, Samajwadi Party spokesperson Ghanshyam Tiwari on Sunday lashed out at the Modi government and said that the tenure of PM Modi will be known for 'Adani-waad'. "The whole world witnessed a different session with different ideologies but the term of PM Modi will be known as 'Adani-waad'. In this Adani-waad, they captured the whole economic system of India in such a way that Gautam Ad(<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="83" meta.entityid="Adani Group">Adani Group</keyword>) could benefit, it looks like this is the only motive of PM Modi," he said. Referring to the Hindenburg Report alleging SEBI chief Madhabi Buch and her husband's stakes in "both the obscure offshore entities used in the Adani money siphoning scandal", Tiwari stated, "Hindenburg's report regarding the SEBI chief has triggered the integrity of the market regulator. Hindenburg alleged that SEBI is not investigating properly. Questions are being raised on the Adani Group continuously by the opposition. Anybody with a basic investigation can simply question how the Adani Group with different allegations of corruption, whether it is a coal scam or power, through the medium of offshoring, invested in the share markets. SEBI whose duty was to investigate and find out the criminals was deviating from the core issues." Aam Aadmi Party MP Sanjay Singh alleged that the Modi government is steeped in corruption and is trying to save "their friend Adani". Taking it to a social media post on X, Sanjay Singh wrote, "The Hindenburg revelations were hinted at 3 days before Modi ended the Parliament session. Modi Government is steeped in corruption from head to toe. To save his friend Adani, Modi Ji got the investigation done by the same SEBI Chairman who had committed the scam in connivance with Adani. SC should reconsider its decision." <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="83" meta.entityid="Congress">Congress</keyword> MP Manish Tewari said that a JPC must be constituted to go into the entire Hindenburg saga. "There are certain revelations by the <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="83" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> which have been put out in the public space. They require closer scrutiny...There seems to be some semblance of an alleged conflict of interest and so therefore under those circumstances there has been a demand in the public space for a while that the entire Hindenburg saga needs to be investigated properly by a <keyword id="21964200" type="General" weightage="20" keywordseo="Joint-Parliamentary-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Joint Parliamentary Committee" meta.hostid="83" meta.entityid="Joint Parliamentary Committee">joint parliamentary committee</keyword>. It would be in the fitness of things if a joint parliamentary committee is constituted to go into all these issues at length," he said. Earlier in the day, shortly after US-based short seller Hindenburg Research on August 10 alleged that SEBI Chairperson Madhabi Buch and her husband had stakes in "both the obscure offshore entities used in the Adani money siphoning scandal," the SEBI Chairperson and her husband issued a joint statement rejecting the allegations. Madhabi Puri Buch and her husband accused Hindenburg Research, against whom SEBI has taken enforcement action, of character assassination. In the joint statement released to the media they said, "Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." Earlier on Saturday, US short seller Hindenburg had alleged, "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani's relationship with SEBI Chairperson, Madhabi Buch." "What we hadn't realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," the report by the US hedge firm said. Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies' stocks. In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and had directed market regulator SEBI to complete its probe into two pending cases within three months. Earlier this year, the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the Adani-Hindenburg case.

Integrity of SEBI questioned, JPC probe into Hindenburg a must: INDIA bloc targets govt on Hindenburg allegations

New Delhi [India], November 24 (ANI): Hearing the Adani-Hindenburg matter, the <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Friday remarked that it is easy to make allegations against anyone and opined the petitioners to show some responsibility while levelling charges against any party. A bench of Chief Justice of India DY Chandrachud, also comprising justices JB Pardiwala and Manoj Misra passed the remarks when one of the petitioners raised questions over members of the expert committee. Advocate Prashant Bhushan, appearing for one of the petitioners, told the court about one of the members of the expert committee Somashekhar Sundaresan, noting that he has been a lawyer representing Adin various forums including in the SEBI Board. CJI DY Chandrachud raised an objection to the petitioner's submission and remarked that if one goes with the theory that a lawyer who appeared 17 years ago can now not be appointed to the committee and like this, no lawyer who has appeared for an accused should become a High Court judge. CJI DY Chandrachud remarked that he is not an in-house counsel he was a lawyer and he appeared in 2006 and this conflict arose 17 years later. There has to be some responsibility for the allegations being levelled, SC remarked. During the hearing, the court also remarked that it is easy to make allegations and one must be also very careful. "We are not giving a character certificate to anyone," SC noted. When the hearing commenced today, Solicitor General Tushar Mehta told the top court that SEBI is not seeking an extension of further investigation matters relating to the Hindenburg report. Out of 24 cases in the Adani-Hindenburg matter, investigations in 22 cases are over For the remaining two cases, they need information from foreign regulators and others and they have been in consultation with them, SG Mehta informed the court. The court then said that it had intervened in the matter due to the extreme volatility of the stock market and sought to know what is SEBI planning to do for such kind of volatility and planning to protect investors in cases like short selling. SG Tushar Mehta took the court through the recommendations of the Expert Committee which SEBI has agreed with in principle. Advocate Prashant Bhushan, appearing for the petitioner, told the SC that there were many factual revelations in the Hindenburg report. He raised doubts about SEBI's role in the matter and says a lot of information was available to it in 2014. Bhushan informed the SC about a letter written in 2014 by the Directorate of Revenue Intelligence regarding substantial money siphoned to Mauritius. SG Mehta questioned Bhushan over this and said that DRI concluded the proceedings in 2017. The court remarked that to advocate Bhushan, appearing for the petitioner, it is easy to make allegations and one must be also very careful. SG Tushar Mehta urged the top court to stop these kinds of allegations. The court remarked that SEBI, a statutory body looks into stock market frauds. SG Tushar Mehta said that there is a growing tendency to plant stories outside India to influence decisions within India. After hearing the matter in length, the court reserved the order on various aspects related to the issue. Earlier, the <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (SEBI) filed a status report before the Supreme Court apprising it that out of 24 investigations arising out of the Hindenburg report, 22 are final in nature and 2 are interim in nature. The investigation was carried out in compliance with the directions of the top court's order dated March 2, 2023, SEBI has investigated 24 matters. In the mid of May, the top court gave three months more time to the Securities and Exchange Board of India (SEBI) to conduct a probe into the Hindenburg report SEBI was granted time till 14th August 2023 to conduct the probe. On March 2, the <keyword id="6356229" type="General" weightage="80" keywordseo="apex-court" source="Orion">apex court</keyword> directed the capital market regulator SEBI to investigate any violations of securities law by the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> in the wake of the Hindenburg report, which led to a massive wipeout of more than USD140 billion of the Adani Group's market value. Supreme Court, on March 2, set up an expert committee on the issue arising from the <keyword id="9916845" type="General" weightage="50" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> report on Adani Group companies. The committee will consist of six members, headed by former apex court judge Justice AM Sapre. The top court had then asked SEBI to file a status report within two months. The apex court was then hearing petitions pertaining to the Hindenburg report, including the constitution of a committee relating to regulatory mechanisms to protect investors' interests. The January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate. The Adani Group has attacked Hindenburg as "an unethical short seller", stating that the report by the New York-based entity was "nothing but a lie". A short-seller in the securities market books gains from the subsequent reduction in the prices of shares. (ANI)

Adani-Hindenburg case: Easy to make allegations, can't take unsubstantiated ones, remarks SC

The <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> apprised the <keyword id="6354977" type="General" weightage="80" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Monday that the market regulator is already investigating AdGroup companies since 2016 is factually baseless. SEBI has filed a rejoinder affidavit in response to a petition relating to <keyword id="191733" type="General" weightage="80" keywordseo="hindenburg" source="Orion">Hindenburg</keyword> Research's report on the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>. SEBI had sought an extension to conclude the investigation in the report by US short-seller Hindenburg Research by a period of six months. The top court on Friday orally remarked that they will extend the time for the probe to SEBI, but not for six months and they can extend the time for the probe by three months. Petitioners had alleged that SEBI was probing the <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Group since 2016. SEBI told the SC that the investigation done earlier by SEBI pertains to the issuance of Global Depository Receipts ("GDRs") by 51 Indian listed companies, in respect of which investigation was conducted. SEBI submitted before the Supreme Court that no listed company of Adani Group was part of those 51 companies it was investigating. "Pursuant to the completion of the investigation, appropriate enforcement actions were taken in this matter. Hence, the allegation that the Securities and Exchange Board of India ("SEBI") is investigating Adani since 2016 is factually baseless. I, therefore, say and submit that reliance sought to be placed on the investigation pertaining to GDRs is wholly misplaced," SEBI said in a rejoinder affidavit. SEBI submitted before Supreme Court that in the context of an investigation into Minimum Public Shareholding ("MPS") norms, SEBI has already approached eleven overseas Regulators under the Multilateral Memorandum of Understanding ("MOU") with the International Organization of Securities Commissions ("IOSCO"). Various requests for information were made to these Regulators. The first request to overseas Regulators was made as early as October 6, 2020, and SEBI apprised the court. SEBI submitted before the Supreme Court that the application for extension of time filed by SEBI is meant to ensure carriage of justice keeping in mind the interest of investors and the securities market since any incorrect or premature conclusion of the case arrived at without full facts material on record would not serve the ends of justice and hence would be legally untenable. SEBI has informed Supreme Court that in respect of the investigation and examination relating to 12 transactions referred to in the Hindenburg Report, prima facie it is noted that these transactions are highly complex and have many sub-transactions across numerous jurisdictions and a rigorous investigation of these transactions would require collation of data/information from various sources including bank statements from multiple domestic as well as international banks, financial statements of onshore and offshore entities involved in the transactions and contracts and agreements, if any, entered between the entities along with other supporting documents. On March 2, the apex court directed the capital market regulator SEBI to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report, which led to a massive wipeout of more than USD140 billion of the Adani Group's market value. Supreme Court, on March 2, set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group companies. The committee will consist of six members, headed by former apex court judge Justice AM Sapre. The top court had then asked SEBI to file a status report within two months. The apex court was then hearing petitions pertaining to the Hindenburg report, including on the constitution of a committee relating to regulatory mechanisms to protect investors' interests. The January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate. The Adani Group has attacked Hindenburg as "an unethical short seller", stating that the report by the New York-based entity was "nothing but a lie". A short-seller in the securities market books gains from the subsequent reduction in the prices of shares. 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SEBI investigating Adani since 2016 is factually baseless, regulator tells SC

The <keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> is scheduled to pronounce on Thursday its order on a batch of PILs on the recent <keyword id="6367820" type="General" weightage="100" keywordseo="adani-group" source="Orion">Adani Group</keyword> shares crash triggered by the <keyword id="9916845" type="General" weightage="80" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword>'s fraud allegations. A bench of Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala is likely to deliver its verdict over setting up of a panel of domain experts for strengthening existing regulatory measures for stock markets. While reserving its order, the top court on February 17 had refused to accept in a sealed cover the Centre's suggestion on a proposed panel of experts. Observing that it wanted full transparency for protection of investors, the top court had also ruled out the possibility of any sitting judge overseeing the functioning of the proposed panel. Stressing that statutory bodies like market regulator Securities and Exchange Board of India (<keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword>) are fully equipped and are on job, the central government had expressed apprehension that any unintentional message to the investors that regulatory bodies in India needed monitoring by a panel may have some adverse impact on the flow of money into the country. The Centre had told the bench that it wanted to provide details such as names and the scope of the panel's mandate in a sealed cover . Stock market regulator SEBI, in its note filed in the top court, had indicated it is not in favour of banning short-selling or sale of borrowed shares, and said it is investigating allegations made by a tiny short-seller against the <keyword id="76451" type="General" weightage="50" keywordseo="Adani" source="Orion">Adani</keyword> Group as well as its share price movements. Till now, four PILs have been filed in the top court on the issue by lawyers M L Sharma, Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist. Tiwari, in his PIL, sought a direction to the Centre to constitute a committee monitored by a retired apex court judge to inquire into the Hindenburg Research report which has made a slew of allegations against the business conglomerate led by industrialist Gautam Adani. Another PIL filed by advocate M L Sharma sought prosecution of short-seller Nathan Anderson of the US-based Hindenburg Research and his associates in India and the US for allegedly exploiting innocent investors and the "artificial crashing" of the Adani Group's stock value in the market. Congress leader Thakur, in his plea, has sought an investigation under the supervision of a sitting apex court judge against the Adani Group of companies in light of the allegations. The fourth PIL seeks a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group following allegations of fraud and share price manipulation. "Direct appropriate audit (transactional and forensic audits), inquiry and investigation by appropriate agencies such as Serious Frauds Investigation Office (SFIO); Registrar of Companies (RoC); Securities and Exchange Board of India (SEBI); ED (Directorate of Enforcement) on money-laundering aspect; I-T (Income-Tax Department on aspects of offshore transactions and tax-havens involved and DRI( Department of Revenue Intelligence), " the fourth plea said. Besides seeking a direction to the Centre and its agencies to render cooperation in the probe, the PIL has sought a direction to appoint a retired judge of the apex court or a committee to oversee and monitor the inquiry and investigation . Adani Group stocks have taken a beating on the bourses after the Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

Adani-Hindenburg row: SC to pronounce order on panel of experts on Thursday

One of the <keyword id="6355791" type="General" weightage="20" keywordseo="PIL" source="Orion">PIL</keyword> petitioners has moved the <keyword id="6354977" type="General" weightage="20" keywordseo="Supreme-Court" source="Orion">Supreme Court</keyword> opposing SEBI's plea seeking a six-month extension to complete the probe into allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure, saying the market regulator has already got sufficient time to inspect, examine, collect and seize relevant documents. The <keyword id="6355630" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="Orion">Securities and Exchange Board of India</keyword> (SEBI) recently moved an application in the top court seeking six more months for ascertaining possible violations related to misrepresentation of financials, circumvention of regulations and/or fraudulent nature of transactions, and completing the exercise. The top court had on March 2 asked SEBI to probe the matter within two months and also set up a panel to look into the protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate's market value. PIL petitioner and lawyer Vishal Tiwari Tuesday filed an application before a bench headed by Chief Justice D Y Chandrachud opposing the SEBI's plea, saying it will prolong the probe and cause inordinate delay. “That the Application filed by the respondent (SEBI) may prolong the matter and cause inordinate delay. The ...delay may allow the various corporate entities which are under the umbrella of investigation to manipulate the important data and figures and may cause tampering of evidence present in different shapes and modes,” Tiwari said in his reply. He said SEBI, even before the court ordered a probe, stated it had already begun the investigation and was enquiring into the situation emerging after the Hindenburg report. “When SEBI is already in action prior to the order passed by this court of investigation then it should have got the records and data which are required in the present investigation of several corporate entities and of Adani group,” Tiwari's reply said. The reply said SEBI has not stated in its plea as to who it has appointed to investigate the issue. “The reasons given in the application by SEBI for the extension time of six months are not acceptable because SEBI has already got sufficient time to inspect, examine, collect and cease (sic) the relevant documents, data, information, accounts statements etc. SEBI is trying to make the investigation process endless and delay will grant benefit to the wrong-doer companies and promoters,” it said. If SEBI does not take effective steps expeditiously without delay, then the investors' investments will remain in danger and the wrong-doers will manage to “manipulate or protect themselves by wrong means”, it said, insisting the market regulator should not be given more time for probe. In respect of the investigation related to 12 suspicious transactions, the SEBI has said these are complex and have many sub-transactions. A rigorous investigation of these transactions would require collation of data from various sources along with detailed analysis including verification of submissions made by the companies, it has said. The apex court, while directing the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework and for making recommendations to strengthen the process, had said it was appropriate to constitute such a panel of experts in order to protect Indian investors against the volatility of the kind which has been witnessed in the recent past. The court-appointed Justice Sapre panel is to be provided assistance by the Centre and other statutory agencies including the SEBI chairperson. The Centre had agreed to the apex court's proposal to set up the committee to go into regulatory regimes. Four PILs have been filed in the top court so far on the issue by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist. Adani Group's stocks had taken a terrible hit on the bourses after Hindenburg Research made a litany of allegations, including those of fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani Group has dismissed the charges as lies and asserted it complies with all laws and disclosure requirements. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/here-are-the-industries-with-the-highest-labour-market-churn/slidelist/99957941.cms">New jobs for old: Media, govt, tech sectors see highest labour market churn</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/godrej-properties-q4-profit-up-58-to-412-cr/articleshow/99959036.cms">Godrej Properties Q4 profit up 58% to ₹412 cr</a>

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Adani-Hindenburg case: Easy to make allegations, can't take unsubstantiated ones, remarks SC

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Adani-Hindenburg row: SC to pronounce order on panel of experts on Thursday

PTI

Adani-Hindenburg row: PIL petitioner moves SC, opposes Sebi plea for extension of time to complete probe

PTI

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