In an affidavit submitted to the Supreme Court, the Securities and Exchange Board of India (Sebi) gave an update on its inquiries into the Adani-Hindenburg case.
22 of the 24 investigations have been concluded, while 2 are still in the interim stage. It is currently expecting responses from outside organizations about two ongoing investigations.
The investigation's initial phase concentrated on 13 foreign organizations linked to Adani's business ventures. Additionally, questions about foreign portfolio investors (FPIs) have been made to five countries.
In one of the interim reports, it was noted that 13 foreign companies were classified as Adani Group Companies' public shareholders. According to Sebi, it would take the proper action in accordance with the findings of its inquiry.
Establishing the economic interests of shareholders among the 12 Foreign Portfolio Investors (FPIs) is a hurdle because many of these organizations are located in tax havens, according to Sebi.
On August 14, the market regulator asked the Supreme Court for a 15-day extension so that it could finish its inquiry on the Hindenburg report regarding the Adani group and submit a status report.
Recall that the Supreme Court had given Sebi until August 14 to wrap up the investigation and submit a report, with the next hearing slated for August 29.
The main focus of Sebi's investigation is to ascertain if the Adani Group participated in share price manipulation by taking advantage of loopholes in the minimum public shareholding (MPS) rules and whether it failed to report transactions with linked parties.
