Adani-Hindenburg case: SC to give verdict over pleas seeking probe on January 3
The Supreme Court (SC) is expected to pronounce the judgment tomorrow, January 3, in a batch of petitions seeking examination of allegations of fraud made against Adani Group of companies in the Hindenburg Research report. The top court had reserved its judgment pertaining to the same case in November last year.
Billionaire Gautam Adani’s conglomerate saw almost $60 billion of his personal wealth erased last year after US-based short seller Hindenburg Research report accused his group of market manipulation and accounting fraud in January 2023.
In March 2023, the top court directed capital markets regulator Securities and Exchange Board of India (SEBI) to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report. The court had also set up an expert committee comprising six members, headed by former top court judge Justice AM Sapre.
Pleas were filed against SEBI regarding the delay in the completion of the investigation in the Adani-Hinderburg matter. The applicants sought contempt proceedings against the market regulator for not complying with the timeline framed by the top court. SC will now pronounce its verdict on the petitions seeking examination of the allegations of fraud against the company.
Ever since Hindenburg made the allegations public, the ports-to-power conglomerate has denied all such allegations and also reworked its strategy for revival. In 2023, the Adani Group raised over ₹41,500 crore in equity and a double of that in debt last year.
The conglomerate plans a ₹7 lakh crore capital expenditure over the next decade for expanding its infrastructure business, according to a recent investor presentation by company management.
Six companies, including power, ports, and airports, aim to utilize bond markets for funding. Around 80 per cent of funding will come from global debt issuances, with the remainder from domestic sources. The surge in Adani Group stocks boosted Chairman Gautam Adani’s wealth, reaching $84.3 billion, according to the Bloomberg Billionaires Index.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 02 Jan 2024, 08:23 PM IST
