The Supreme Court (SC) on Wednesday placed its trust in the market regulator and dismissed petitions seeking a separate investigation into Hindenburg Research's allegations against the Adani group, lifting a year-long cloud over the ports-to-cement conglomerate.
The top court also directed the Securities and Exchange Board of India (Sebi) to complete its investigation in three months, and asked both Sebi and the government to examine if the Hindenburg report itself involves potential legal violations, and take necessary action.
A person close to the Adani group said the legal tangle had made the conglomerate "untouchable" for private banks and sovereign funds, whose boards turned wary of its proposals. "This will change after the Supreme Court verdict and will make fund availability easier for us," the person said on condition of anonymity.
An industry insider concurred that the favourable SC order will encourage more foreign investors to put money into the conglomerate. This assumes significance as the Adani group has plans to tap into international debt markets to aid its expansion plans.
Investors took the development favourably, with Adani Enterprises Ltd, the group's flagship company, rising 2.45% to close at ₹3,003.95 on BSE on Wednesday, while the benchmark Sensex index fell 0.75%.
Diese Geschichte stammt aus der January 04, 2024-Ausgabe von Mint Mumbai.
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