The Securities and Exchange Board of India (Sebi) plans to deepen its investigation into the financial transactions of Adani group companies, delving into the conglomerate’s complex business dealings of the past decade by examining their bank accounts, according to an application filed before the Supreme Court on 29 April, seeking an extension of six months.
In response to a public interest litigation (PIL) plea, the Supreme Court directed Sebi to investigate the Adani Group’s business activities. The PIL followed a 24 January report by US-based short-seller Hindenburg Research, accusing the group led by Gautam Adani of accounting fraud and stock manipulation.
The Hindenburg report, which Adani Group dismissed as baseless, led to a $145 billion fall in the market value of the conglomerate’s listed companies till 26 February.
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Denne historien er fra May 02, 2023-utgaven av Mint Mumbai.
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