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<ul><li>Google has made some changes to Android in line with a directive issued by the <keyword id="97393" type="General" weightage="50" keywordseo="competition-commission-of-india" source="Orion">Competition Commission of India</keyword>.</li><li>The changes come right after the Competition Commission of India (CCI) imposed a penalty of ₹1,337.76 crores on Google for abusing its dominant position in markets related to the Android mobile device ecosystem.</li><li>Here are the changes that Google has announced.</li></ul>In the wake of penalties imposed by the Competition Commission of India (CCI), <keyword id="45395" type="General" weightage="20" keywordseo="Google-India" source="Orion">Google India</keyword> is bringing some significant changes to the Android ecosystem in India. Some changes will likely impact Google’s Android arrangements with original equipment manufacturers (OEMs). The changes announced on Wednesday will allow other manufacturers to build forked Android variants (devices without <keyword id="963171" type="General" weightage="50" keywordseo="google-play" source="Orion">Google Play</keyword> services), which are different variants without core Google services. In addition, Google will provide Indian users with an option to choose a default search engine when they set up their Android phones. This means that users will no longer have Google as the default search engine option, which is the case right now. Sharing this information in a blog post, Google said, “We take our commitment to comply with local laws and regulations in India seriously. The Competition Commission of India (CCI)’s recent directives for Android and Play require us to make significant changes for India, and today we’ve informed the CCI of how we will be complying with their directives.” The move comes days after the country’s apex court ‘<keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword>’ upheld stringent antitrust directives, forcing Google to change how it markets its mobile operating system. Earlier, the Competition Commission of India (CCI) imposed a penalty of ₹1,337.76 crores on Google for abusing its dominant position in markets related to the Android mobile device ecosystem. CCI also ordered an investigation into Google's unfair business practices for abusing its market-dominant position in 2019. Following the CCI order, the <keyword id="6396354" type="General" weightage="20" keywordseo="national-company-law-appellate-tribunal" source="Orion">National Company Law Appellate Tribunal</keyword> (NCLAT) directed the company to pay a fine, but Google appealed against the order. The tribunal rejected the appeal and directed the company to pay the penalty imposed by CCI. <cmsannotation type="cmsannotation" annotationid="Here are key changes that Google has planned" comment="subhead" text="Here are key changes that Google has planned">Here are key changes that Google has planned</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Say no to the suite of pre-loaded Google apps" comment="subhead" text="Say no to the suite of pre-loaded Google apps">Say no to the suite of pre-loaded Google apps</cmsannotation> The very first change is that OEMs will be able to license individual Google apps for pre-installation, meaning OEMs will no longer be forced to pre-install the suite of Google apps on their devices, which is the case right now. <cmsannotation type="cmsannotation" annotationid="Power to choose a default search engines" comment="subhead" text="Power to choose a default search engine">Power to choose a default search engine</cmsannotation> Now, Android users in India will have more customization options as they can now choose their default search engine. According to Google, the screen will soon appear when a user sets up a new Android tablet or smartphone in India. It is unclear if existing Android users can remove Google as the default search engine. <cmsannotation type="cmsannotation" annotationid="Smartphones without Google services" comment="subhead" text="Smartphones without Google services">Smartphones without Google services</cmsannotation> The third change notes that Google is updating the Android compatibility requirements. This will introduce changes for partners to build forked variants of devices, meaning devices without Google Play services and devices can have their app store. <cmsannotation type="cmsannotation" annotationid="More power to developers" comment="subhead" text="More power to developers">More power to developers</cmsannotation> The next update will allow app developers to choose an alternative billing system alongside Google Play’s billing system. Till now, Google has insisted that app developers use the Play billing system, which also means they have to give a 30 percent commission to Google for any digital purchase. <cmsannotation type="cmsannotation" annotationid="More transparency" comment="subhead" text="More transparency">More transparency</cmsannotation> Google has updated and made changes to the Android installation flow and auto-updating capability for sideloaded apps and app stores while ensuring that users understand the potential security risks. <cmsannotation type="cmsannotation" annotationid="Access to online resources" comment="subhead" text="Access to online resources">Access to online resources</cmsannotation> Google is now expanding its online resources, such as Help Center articles and FAQs. this will provide more detail on services provided by Google Play and how and when the Google Play service fee is applied. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a> <a href="https://www.businessinsider.in/tech/news/apples-mixed-reality-headset-could-feature-full-body-facetime-avatars/articleshow/97300580.cms">Apple's Mixed Reality headset could feature advanced hand tracking and may work as a second display for Mac</a>

Google makes changes to Android and Google Play services in India after CCI setback

New Delhi, Mar 23 () The Securities Appellate Tribunal (SAT) on Monday said it will remain closed till March 31, 2020 as the government has strictly enforced the lockdown, a move aimed at preventing the spread of COVID-19 infection. "Since the government has strictly enforced the lockdown and in view of the closure of the public transport, the Tribunal shall remain closed till 31st March 2020," SAT said in a notification. It further said that the tribunal will function from April 1 between 11 am and 3 pm, until further orders. Besides, office of registry shall also function from April 1 between 11 am and 4 pm, it added. "The matters fixed on 23 and 24 March will now be listed on 27 April 2020. Matters due on 26 and 27 March are posted to 28 April 2020. Similarly, matters listed on 30 and 31 March 2020 will now be listed on 29 April 2020," the tribunal said. In case of urgent matters, the parties are required to contact the Registrar. "Interim order, if any, is extended till the next date," the tribunal said. SRS RVK

Securities Appellate Tribunal to remain closed till Mar 31

The <keyword id="382762" type="ORGANIZATION" weightage="100" keywordseo="Income-Tax-Appellate-Tribunal">Income-tax Appellate Tribunal</keyword> (Mumbai bench) has given a landmark judgement, saying that if an individual does the entire investment for purchase of a new residential house, along with stamp duty and registration charges, (s)he will be entitled to the full benefit of the relevant Income-tax (I-T) <a href="http://www.businessinsider.in/RBI-governor-bats-for-raising-income-tax-exemption-limit/articleshow/46132535.cms">exemptions</a>. Also read: <a href="http://www.businessinsider.in/no-more-fake-rent-receipts-to-evade-income-tax/articleshow/58024618.cms">No more fake rent receipts to evade income tax</a> This means that adding the name of a close relative to the newly purchased property as joint owner would not result in dilution of the I-T exemption. "The <a href="http://www.businessinsider.in/entertainment/itat-rejects-shah-rukh-khans-contention-to-not-pay-tax-on-dubai-property/articleshow/57793951.cms">ITAT</a> has upheld the well-established criteria that ownership for I-T purposes is determinant upon who has made the payment and to what extent. Very often, the name of a non-earning spouse, or parent or even sibling is added when a new property is purchased to offer a security net to them. In those cases, where they have not contributed towards the purchase, the I-T benefit, such as on re-investment should flow entirely to the buyer who had made the purchase. This aspect has been reiterated by the ITAT," Gautam Nayak, tax partner, CNK &amp; Associates told TNN. Also read: <a href="http://www.businessinsider.in/four-lakh-companies-might-be-deregistered-soon/articleshow/58238326.cms">Four lakh companies might lose their registration for not filing tax</a>

Individuals paying for residential houses will get complete tax benefits

The <keyword id="6408660" type="ORGANIZATION" weightage="100" keywordseo="Securities-Appellate-Tribunal">Securities Appellate Tribunal</keyword> (SAT) has dismissed an appeal by <keyword id="6487" type="CITY" weightage="100" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword> (RIL) against market regulator the Securities and Exchange Board of India (<keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">Sebi</keyword>), which had rejected the company's plea for allowing proceeding in an insider trading case involving shares of <keyword id="288392" type="COMPANY" weightage="100" keywordseo="Reliance-Petroleum-Ltd">Reliance Petroleum Ltd</keyword> (RPL) in 2007. 
 
The SAT order said that in view of the section 15JB(4) of the Sebi Act, which was passed with retrospective effect and now bars any appeal against any order under consent proceedings, it had no option but to dismiss RIL's appeal. 
 
The case relates to an alleged act of insider trading in RPL by RIL just before its merger with the latter. Sebi probe revealed that RIL had created a short position in RPL and sold about 20 crore shares (4.1%) of RPL in the cash segment. This helped RIL make a profit of Rs 513 crore in its short position and a total profit of Rs 3.8 crore after taking into consideration the losses it suffered by selling RPL shares in the cash segment. 
 
Sebi had issued a show cause notice to RIL regarding the alleged insider trading. Following the notice, RIL moved a consent application in Sebi, which at that time, had allowed the consenting party to pay a penalty and settle the charges. 
 
However, Sebi changed the rules governing consent procedures with retrospective effect. 
 
According to the new rules, major securities related violations like insider trading cannot be settled through the consent process. Following this rule, Sebi rejected RIL's consent application. It also fined RIL Rs 11 crore for the alleged insider trading charge.

RIL’s Appeal Against Sebi Dismissed

<ul><li>The NCLT on Thursday termed an <keyword id="6367568" type="UNKNOWN" weightage="20" keywordseo="audit-report">audit report</keyword> by Vaish Associates on the firm as "bogus", saying it will only rely on the report conducted independently or by a government agency.</li><li>The shares of <keyword id="4243479" type="PERSON" weightage="20" keywordseo="CG-Power">CG Power</keyword> remained depressed on Friday morning after the <keyword id="107956" type="ORGANIZATION" weightage="20" keywordseo="Serious-Fraud-Investigation-Office">Serious Fraud Investigation Office</keyword> (SFIO) ordered an investigation. </li><li> The stock has lost nearly 20% in the last 3 months and more than three-fourths of its value in the last one year.</li></ul>In a relief to CG Power's sacked chairman <keyword id="3910012" type="PERSON" weightage="20" keywordseo="Gautam-Thapar">Gautam Thapar</keyword>, the NCLT on Thursday termed an audit report by Vaish Associates on the firm as "bogus", saying it will only rely on the report conducted independently or by a government agency in the matter. CG Power's board sacked Thapar after Vaish Associates' audit report, which itself is based on as many as 23 disclaimers, claimed that Thapar swindled Rs 3,000 crore from CG Power. However, the shares of CG Power remained depressed on Friday morning after the Serious Fraud Investigation Office (SFIO) ordered an investigation. The stock has lost nearly 20% in the last 3 months and more than three-fourths of its value in the last one year. The Mumbai bench of the <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT) said it will not rely on this report, unless done independently or after being ordered by the corporate affairs ministry or government agencies like Serious Fraud Investigation Office (SFIO). Only the government's investigation will be taken on record, the bench comprising Bhaskara Pantula Mohan and Rajesh Sharma said.
 The tribunal kept the matter on alleged financial irregularities at CG Power for further hearing on January 23.
 Based on the Vaish's report, the corporate affairs ministry on November 25 sought to reopen the books of the company for the past five years ending March 2019. But, the NCLT had rejected this petition as well on the December 16.
 Markets regulator Sebi banned Thapar and entities associated with him for three years, following which he moved the Securities Appellate Tribunal, which has asked the company to provide relevant documents to him.
 In November, the SFIO began a probe against CG Power and 15 group entities. See also: <a href="https://www.businessinsider.in/business/news/cg-power-imbroglio-gautam-thapar-cites-board-approvals-rejects-fund-misuse-allegations/articleshow/72678838.cms">CG Power imbroglio: Gautam Thapar cites board approvals, rejects fund misuse allegations</a> <a href="https://www.businessinsider.in/business/news/fraud-hit-cg-power-shareholders-vote-for-raising-rs-5000-cr-debt-appt-of-sudhir-mathur-as-director/articleshow/72830066.cms">Fraud-hit CG Power shareholders vote for raising Rs 5,000 cr debt, appt of Sudhir Mathur as director</a> <a href="https://www.businessinsider.in/business/news/cg-power-board-okays-appointment-of-pradeep-mathur-as-addl-non-executive-independent-director/articleshow/73041671.cms">CG Power board okays appointment of Pradeep Mathur as addl, non-executive independent director</a>

The audit report alleging ₹3,000 crore scam by Gautam Thapar at CG Power has been junked ⁠— but now the serious fraud office is hot on the trail

New Delhi, Jul 6 () The Securities Appellate Tribunal (SAT) has allowed Axis Bank to sell certain securities to recover dues worth up to Rs 21.61 crore in the Modex International Securities Ltd case. These securities have to be sold within one month and after recovery of the dues, "surplus, if any, would be returned to the clients immediately thereafter", it said in an order dated July 3. Axis Bank, in its capacity as a professional clearing member, had appealed against an order by the National Stock Exchange (NSE) in the Modex International case. The bourse had directed Axis Bank to release certain securities that were owned by the bank since those securities had been legally transferred to its account. The bank had cleared the trading of Modex International. In its plea filed in June, Axis Bank said it had submitted a list of securities to the NSE in January 2020 stating that those securities are given by clients of Modex and have dues pending in favour of the company. Therefore, Axis Bank sought to liquidate certain shares to recover its entitled amount of Rs 21.62 crore. Axis Bank had moved the tribunal seeking a stay on the NSE order. The bank had also sought permission to dispose Rs 21.62 crore worth securities and then release the remaining securities given by Modex to it. In this regard, the tribunal passed an interim order in June and directed Axis Bank, Modex International Securities, Sebi and others to appear before the NSE on June 24. Citing the minutes of a meeting held on June 29, the tribunal said it was decided that the bank may appropriate the securities related to PRO as well as debit clients to the extent to their debit balance to recover their dues towards obligation. In addition, securities required to be transferred to zero/ credit and debit clients in excess of their debits balance have to be released by the lender within one week, the tribunal said. SRS RAM HRS

SAT allows Axis Bank to sell securities in Modex International matter

New Delhi, Dec 3 () The Securities Appellate Tribunal (SAT) on Tuesday suspended further transfer of investors securities that Karvy Stock Broking Ltd had pledged with lenders.
The move comes a day after the market regulator Sebi's directive to NSDL to transfer the investors' securities, held by Karvy Stock Broking Ltd (KSBL), in their respective accounts.
The decision resulted in nearly 83,000 investors getting back their securities that were illegally transferred by the broker to its own account and were even pledged without any authorisation.
With this transfer by National Securities Depository Ltd (NSDL), nearly 90 per cent investors received their securities.
Karvy has taken loans to the tune of Rs 600 crore by pledging securities worth more than Rs 2,300 crore of 95,000 clients with lenders, including Bajaj Finance.
Of these, 95,000 clients, nearly 83,000 of them have got back their securities, which were were illegally transferred by KSBL to its own account.
The latest ruling came following an appeal by Bajaj Finace, which has given given loans to the tune of Rs 345 crore to Karvy against pledged securities.
Bajaj Finance moved the tribunal against a Sebi order passed on November 22, which prohibited transfer of securities from an account of KSBL with immediate effect, saying due to this directive the non-banking finance company could not invoke the pledge.
The regulator, through an order passed on November 22, had barred KSBL from taking new clients in respect of its stock broking activities and also prevented it from using the power of attorney (PoA) given by clients after the broker was found to have allegedly misused clients' securities.
The order was a result of a preliminary report forwarded by the NSE on the non-compliances observed with respect to pledging/misuse of client securities by Karvy.
"In the interim further transfer of securities shall remain suspended from DP account...named Karvy Stock Broking Ltd (BSE)," the tribunal said in an order.
The SAT has asked the regulator to hear "the appellant (Bajaj Finance) on the basis of their representation dated November 23, 2019 and or any other additional representation which they may like to make. If the appellant is desirous to make any additional representation it shall be made latest by December 4, 2019".
It further directed Sebi "to consider the representation(s) of the appellant and, after giving an opportunity for personal hearing, pass an order as per law latest by December 10, 2019". 
Leading stock exchanges NSE and BSE on Monday suspended Karvy's trading licence. SP
BAL

Karvy case: SAT suspends further transfer of clients' securities

New Delhi, Nov 29 () Baba Ramdev-led Patanjali Ayurved on Friday said it has already tied up loan worth Rs 3,200 crore from a consortium of lenders led by State Bank of India to fund its acquisition of Ruchi Soya through insolvency process.
 In September, the National Company Law Tribunal (NCLT) approved the resolution plan of Patanjali Ayurved to acquire debt-laden Ruchi Soya.
 "The company has already secured required total debt from a consortium of banks led by State Bank of India," Patanjali Ayurved Managing Director Acharya Balkrishna said in a statement.
 Patanjali also said it has got loans of Rs 1,200 crore from SBI, Rs 700 crore from Punjab National Bank, Rs 600 crore from Union Bank of India, Rs 400 crore from Syndicate Bank and Rs 300 crore from Allahabad Bank.
 Ruchi Soya went into the insolvency in December 2017.
 NCLT had admitted the insolvency plea filed by two lead financial creditors Standard Chartered Bank and DBS Bank. However, later, Singapore-based DBS Bank became dissenting creditor and approached the National Company Law Appellate Tribunal challenging the distribution of proceeds from the bid submitted by Baba Ramdev-led Patanjali Ayurveda.
 Ruchi Soya told the NCLT that resolution applicant Patanjali group will infuse Rs 204.75 crore as equity and Rs 3,233.36 crore as debt.
 The amounts will be infused into a special purpose vehicle (SPV), Patanjali Consortium Adhigrahan Pvt Ltd, which will be later amalgamated with Ruchi Soya.
 Another Rs 900 crore will be infused by the Patanjali group through subscription of non-convertible debentures and preference shares in the SPV. It will also provide a credit guarantee of nearly Rs 12 crore.
 On April 30 this year, a committee of creditors had approved Patanjali group's Rs 4,350 crore resolution plan to take over Ruchi Soya. Lenders will have to take a haircut of around 60 per cent.
 Shailendra Ajmera of EY was appointed as resolution professional to manage the company's affairs and conduct insolvency proceedings. KRH MJH HRS

Patanjali secures Rs 3,200 cr loan from banks to buy Ruchi Soya

In a big move, market watchdog <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords">SEBI</keyword> has banned <keyword id="19902194" type="General" weightage="100" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword> from participating in the securities markets for 5 years, for diverting funds from <keyword id="20367971" type="General" weightage="20" keywordseo="Reliance-Home-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Home Finance" meta.hostid="261" meta.entityid="Reliance Home Finance">Reliance Home Finance</keyword> (RHF). This means that the debt-ridden Ambani scion will not be able to serve as key managerial personnel, or director in any listed company for the next 5 years. Additionally, he will also have to pay Rs 25 crore as a penalty. Along with Ambani, 24 others, which include former employees of RHF, have also been banned from trading in the securities market for a five year period. RHF itself has been barred from the securities market for 6 months, and has also been penalized Rs 6 lakh. <h2>Not the first time</h2>In its order, SEBI found Ambani guilty of fraud and channeling away RHF funds under the guise of loans by lending them to entities connected to him. This was despite the company's board of directors repeatedly advising to stop such practices. Ambani continued to orchestrate the fraud, thanks to his key position as the chairman of ADA Group, and also because of his shareholding in RHFL's holding company. In July this year, SEBI had barred the infamous fugitive Vijay Mallya from trading in Indian markets for three years, when it was found that Mallya illegally routed funds via foreign banks and companies to spruce up the share value of his own companies and profiting from the same, aka stock rigging. While all his assets in India are frozen, he also cannot serve as the director of any Indian listed company for this duration. But this is not the first time SEBI has debarred people from the markets. Last year, SEBI had barred Mohammad Nasiruddin Ansari, popularly known as <keyword id="22893256" type="General" weightage="20" keywordseo="Baap-of-Charts" source="keywords" meta.keywordsubtype="org" meta.entityname="Baap of Charts" meta.hostid="261" meta.entityid="Baap of Charts">Baap of Charts</keyword>, after he was f0und doling out misleading stock-related advise, while pretending to run educative courses. SEBI also asked Ansari to refund Rs 17.2 crore he had collected under the guise of fees. Another popular fin-fluencer, PR Sundar, was barred from options trading for an entire year, when it was found that he was running full fledged investment advisory services i.e. recommending buying and selling stocks, without obtaining the necessary licenses Bollywood actor <keyword id="20003289" type="General" weightage="20" keywordseo="arshad-warsi" source="keywords">Arshad Warsi</keyword>, along with his wife Maria Goretti, were also banned by SEBI last year after he was found uploading videos that lured investors to buy shares of two specific companies, namely Sadhna Broadcast and Sharpline Broadcast, and thus, profiting about Rs 29.43 lakh and Rs 37.56 lakh, respectively. They were not allowed to trade until they deposited all profits made in this manner in an escrow account. However, the duo, along with Warsi's brother Iqbal Warsi later received relief from SAT (Securities Appellate Tribunal), which set aside SEBI's order.

Anil Ambani, Arshad Warsi- Famous names who SEBI has barred from the markets

Citing UK-based newspaper, Financial Times which claimed that the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> was purchasing coal above its market value from Asian countries, <keyword id="1575" type="General" weightage="50" keywordseo="congress" source="Orion">Congress</keyword> leader <keyword id="5268" type="General" weightage="50" keywordseo="rahul-gandhi" source="Orion">Rahul Gandhi</keyword> on Wednesday alleged that it is due to this reason for prices of electricity in country are getting inflated. Addressing a press conference in Delhi, Rahul Gandhi alleged,"In a report from the famous Financial Times, London, Now we know that Adani Group has committed another fraud of Rs 12,000 crore. So now the total corruption of the Adani Group stands at Rs 32,000 crore. They overinvoice their coal imports, and when the coal enters India, its price changes leading to surge in electricity prices. These Rs 12,000 crore are getting paid from the pocket of common masses." Emphasising that Congress is already providing subsidy in Karnataka, Rahul Gandhi said," We are also ready to provide subsidies in Madhya Pradesh. No media has an interest in this story. No one is interested in asking questions from the Adani group. This cannot happen without protection being provided from Prime Minister. Adani buys coal in Indonesia, and by the time the coal arrives in India, its price doubles. Our electricity prices are going up." Rahul Gandhi further alleged that Adani Group is involved in a direct theft of the public money."This time the theft is happening from the pockets of the public.When you push the button for a switch, Adani gets money in his pocket.Enquiry is happening in different countries, and people are asking questions, but nothing is happening in India," he said. Earlier last week, the Adani Group had said there is a renewed attempt by the UK based newspaper Financial Times and its collaborators to rehash old and baseless allegations to tarnish the name and standing of the Indian business conglomerate. In a media statement, Adani Group said on October 9 that these articles were part of an extended campaign to advance vested interests under the guise of public interest. "Continuing their relentless campaign, the next attack is being fronted by Dan McCrum of the Financial Times, who jointly with the <keyword id="12406255" type="General" weightage="50" keywordseo="occrp" source="Orion">OCCRP</keyword> put out a false narrative against the Adani Group on 31 August 2023. The OCCRP is funded by <keyword id="101566" type="General" weightage="50" keywordseo="george-soros" source="Orion">George Soros</keyword>, who has openly declared his hostility against the Adani Group," the Adani Group statement said. Having failed earlier, the UK daily is making another effort to financially destabilise the Adani Group by raking up an old, baseless allegation of over-invoicing of coal imports, the statement added. Adani Group said in the case of Knowledge Infrastructure, one of the 40 importers mentioned in the General Alert Circular, the DRI's Show Cause Notice alleging over-valuation in the import of coal was quashed by the appellate tribunal (CESTAT). The question of over-invoicing price manipulation does not arise, it noted. Meanwhile, when asked why he was not raising questions about Sharad Pawar's meeting with Adani despite INDIA alliance being united on Adani issue, the Congress MP said, "I have not asked Sharad Pawar, he is not the Prime Minister of India. Sharad Pawar is not protecting Adani, Mr Modi is and that's why I asked Mr Modi this question. If Sharad Pawar was sitting as PM of India and protecting Adani, then I would be asking Sharad Pawar this question" Earlier this year, an American short seller Hindenburg Group had launched an attack on Adani Group in January this year through a report that allegedly claimed accounting fraud, stock price manipulation and improper use of tax havens.Post the Hindenburg report, the group had erased close to USD 150 billion in its market value. Adani Group has been denying all allegations since the beginning of the controversy. The Adani Group had then 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.

Rahul Gandhi targets Adani group again on coal pricing issue

<ul><li><keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> there are multiple false narratives being created in the allegations made by <keyword id="191733" type="General" weightage="80" keywordseo="hindenburg" source="Orion">Hindenburg</keyword> Research.</li><li>Hindenburg deliberately ignores Indian legal processes and regulations in their insinuations against us, <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Group said.</li><li>The company claimed that it is in compliance with all applicable laws and regulations.</li></ul>The Adani Group, referring to allegations made by Hindenburg Research, on Sunday said that there are multiple false narratives being created in relation to certain allegations concerning diamond exports, which matters have all been closed by the Appellate Tribunal (CESTAT) in their favour. This decision has been further confirmed by the Supreme Court itself twice over, a fact which has been deliberately ignored and concealed in the Hindenburg report (which contemptuously raises questions on the competence of the Appellate Tribunal with baseless claims that it has ignored evidence). An example of where the report exposes its motives is the question around "convoluted structures" and multiplicity of subsidiaries, while failing to comprehend that in the infrastructure business, especially in a sprawling geography like India, most large corporates operate in a similar fashion because projects are housed in separate SPVs and these need to be ring fenced from a lender perspective for limited recourse project finance and in many cases on account of specific regulatory requirements, Adani Group said. As an example, transmission projects in India are awarded under tariff-based competitive bidding, in such bidding, the successful bidder has to acquire the SPV which is undertaking the project. Hence, it is a regulatory requirement as part of the Electricity Act, 2003 and the regulations of the Central Electricity Regulatory Commission to execute projects in different SPVs. Hindenburg deliberately ignores Indian legal processes and regulations in their insinuations against us, Adani Group said. For instance, they have raised several questions around the offer for sale undertaken by Adani Green Energy Ltd in 2019, while maliciously ignoring the fact that in India the process for OFS is a regulated process, implemented through an automated order book matching process on the platform of the stock exchange. This is not a process which is controlled by any entity and the purchasers are not visible to anyone of the platform. Adani Group said on Sunday that it is in compliance with all applicable laws and regulations. "We are committed to the highest levels of governance to protect the interests of all our stakeholders," a statement said. The Adani Portfolio also has very strong internal controls and audit controls. All the listed companies of Adani Portfolio have a robust governance framework. The Audit Committee of each of the listed companies is composed of 100 per cent of Independent Directors and chaired by an Independent Director. The Statutory Auditors are appointed only upon recommendation by the Audit Committee to the Board of Directors. Adani Portfolio companies follow a stated policy of having global big 6 or regional leaders as Statutory Auditors. The focus of the Adani portfolio and the Adani verticals is to contribute to nation building and take India to the world. "We will exercise our rights to pursue remedies to safeguard our stakeholders before all appropriate authorities and we reserve our rights to respond further to any of the allegations or contents of the Hindenburg report or to supplement this statement," Adani Group said. Adani Group, in a statement, said it is shocked and deeply disturbed to read the report published by the "Madoffs of Manhattan" - Hindenburg Research on January 24, 2023 "which is nothing but a lie". "The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive," Adani Group said. This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors. "It is tremendously concerning that the statements of an entity sitting thousands of miles away, with no credibility or ethics has caused serious and unprecedented adverse impact on our investors. The mala fide intention underlying the report is apparent given its timing when Adani Enterprises Ltd is undertaking what would be the largest ever further public offering of equity shares in India. This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," Adani Group said. There are three key themes from the Hindenburg Report: (i) Selective and manipulative presentation of matters already in the public domain to create a false narrative (ii) Complete ignorance or deliberate disregard of the applicable legal and accounting standards as well as industry practice, (iii) Contempt for the Indian institutions including the regulators and the judiciary, Adani Group said. The report has been put out with the admitted intent of Hindenburg (holding short positions in various listed companies of the Adani portfolio through US traded bonds and non-Indian-traded derivatives, along with other non-Indian-traded reference securities) to profiteer at the cost of our shareholders and public investors. Hindenburg has not published this report for any altruistic reasons but purely out of selfish motives and in flagrant breach of applicable securities and foreign exchange laws, it said. "The truth of the matter is that Hindenburg is an unethical short seller. A short seller in the securities market books gain from the subsequent reduction in prices of shares. Hindenburg took 'short positions' and then, to effect a downward spiral of share price and make a wrongful gain, Hindenburg published a document to manipulate and depress the price of stock, and create a false market. The allegations and insinuations, which were presented as fact, spread like fire, wiping off a large amount of investor wealth and netting a profit for Hindenburg. The net result is that public investors lose and Hindenburg makes a windfall gain. "Thus, the report is neither 'independent' nor 'objective' nor 'well-researched'. The report claims to have undertaken a '2-year investigation' and 'uncover evidence', but comprises of nothing other than selective and incomplete extracts of disclosed information which has been in the public domain for years if not decades, attempts to highlight allegations which have since been judicially determined to be false, narrates as fact what is attributed to hearsay, rumours and gossip spread by unnamed sources such as 'a former trader' or 'touts' of a 'close relationship', questions the independence of the judicial processes and regulators in the nation, and selectively extracts statements devoid of their context and with no understanding of Indian law or industry practice," Adani Group said. It is telling that not one of the allegations is a result of any independent or journalistic fact finding. The allegations and innuendoes made in the Hindenburg report are knowingly false. Hindenburg's conduct is nothing short of a calculated securities fraud under applicable law, Adani Group said. Ironically for an organization that seeks transparency and openness, nothing much is known about either Hindenburg or its employees or its investors. Its website alleges that the organisation has an experience that 'spans decades' and yet appears to have been set up only in 2017. Despite all its talks of 'transparency', Hindenburg has actively concealed the details of its short positions, the source of its own funding, who is behind them, the illegality underlying the synthetic structures by which they hold such positions, or the profit it has made by holding such positions in our securities, Adani Group said. Not one of these 88 questions is based on independent or journalistic fact finding. They are simply selective regurgitations of public disclosures or rhetorical innuendos colouring rumours as fact. The report seeks answers to '88 questions' - 65 of these relate to matters that have been duly disclosed by Adani Portfolio companies in their annual reports available on their websites, offering memorandums, financial statements and stock exchange disclosures from time to time. Of the balance 23 questions, 18 relate to public shareholders and third parties (and not the Adani portfolio companies), while the balance 5 are baseless allegations based on imaginary fact patterns. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms">Adani Group companies lose ₹3.22 lakh crore in market value amidst tussle with Hindenburg Research</a> <a href="https://www.businessinsider.in/stock-market/news/asias-richest-person-doubles-down-on-defence-against-fraud-allegations-ahead-of-a-massive-share-sale/articleshow/97373382.cms">Asia's richest person doubles down on defence against fraud allegations ahead of a massive share sale</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-20000-crore-fpo-now-open-analysts-maintain-cautious-optimism/articleshow/97369358.cms">Adani Enterprises’ ₹20,000 crore FPO now open, analysts maintain cautious optimism</a>

Hindenburg ignores Indian legal processes: Adani Group on the firm's allegations

Shareholders of <keyword id="149362" type="General" weightage="100" keywordseo="kirloskar" source="Orion">Kirloskar</keyword> Brothers Ltd have rejected a resolution for forensic audit of the affairs of the company by an external agency, according to a regulatory filing on Monday. On December 8, an extraordinary general meeting of the company's shareholders was convened following requisition by Kirloskar Industries Ltd (KIL) along with <keyword id="281440" type="General" weightage="50" keywordseo="atul-kirloskar" source="Orion">Atul Kirloskar</keyword> and <keyword id="659367" type="General" weightage="50" keywordseo="rahul-kirloskar" source="Orion">Rahul Kirloskar</keyword>, who together hold 24.92 per cent in Kirloskar Brothers Ltd (KBL), amid the simmering feud between Kirloskar siblings. The ordinary resolution was rejected with 63.99 per cent of votes against it while 36.01 per cent were in favour, the filing said. The resolution had called for the appointment of an independent forensic auditor for conducting a forensic audit to investigate and verify the expenses incurred by KBL on legal, professional consultancy charges over the past six years and the affairs of the company. It had also sought investigation to verify all records, books of accounts, minutes books, and other documents of the company besides examining the conduct of the board of directors, including independent directors. KBL board had advised its shareholders to reject the resolution saying "the requisitionists are not justified in questioning the independence of the Independent Directors or the decisions of the board" to initiate legal proceedings to protect the interest of the company. The Kirloskar siblings, with KBL Chairman and Managing Director <keyword id="292658" type="General" weightage="50" keywordseo="sanjay-kirloskar" source="Orion">Sanjay Kirloskar</keyword> on one side and Atul and Rahul on the other, have been in a feud since 2016 over the deed of family settlement for the assets of the more than 130-year-old Kirloskar group. Rahul Kirloskar is the executive chairman of Kirloskar Pneumatic Co Ltd and Atul Kirloskar is the executive chairman of Kirloskar Oil Engines Ltd. In October, Kirloskar Industries Ltd (KIL) along with Atul and Rahul Kirloskar, had sought convening of an extraordinary general meeting of shareholders of KBL seeking a forensic audit of the affairs of the latter by an external agency. They had demanded that being a listed entity KBL should justify the rationale and basis on which it has been spending huge amounts aggregating to approximately Rs 274 crore towards payment of professional illegal expenses and consultancy charges ever since their dispute arose since on or about 2016. After being cleared of insider trading charges labelled against them by the Securities Appellate Tribunal (SAT), Rahul and Atul had raised questions over corporate governance of KBL. They were accused of insider trading when they sold shares of KBL to KIL back in 2010. They had accused KBL of "mis-utilising shareholder resources of a publicly listed company and misusing regulatory machinery" in the personal dispute of its Chairman &amp; Managing Director Sanjay Kirloskar. KIL had demanded that the audit must look into the conduct of the KBL board, especially the independent directors, on whether it has "verified the claims made by Sanjay Kirloskar in relation to the Deed of Family Settlement (DFS), in order to ensure that they have not been misled by the claims made" by the latter. In its rebuttal, KBL had said the legal fees over the last seven years were approximately Rs 70 crore, while a "major portion of the said Rs 274 crore is professional fees paid to various Indian and overseas reputed consultants to improve the company's business". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/dalmia-bharat-to-acquire-cement-power-plants-of-jaiprakash-associates-for-5666-crore-enterprise-value/articleshow/96175228.cms">Dalmia Bharat to acquire cement, power plants of Jaiprakash Associates for ₹5,666 crore enterprise value</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/415-mn-indians-lifted-out-of-poverty-in-india-in-15-years-govt-says-quoting-undp/articleshow/96174443.cms">415 mn Indians lifted out of poverty in India in 15 years: Govt says quoting UNDP</a>

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