SEBI investigates adani group: Show cause notices issued to 6 companies

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Gautam Adani
Gautam Adani

INVC NEWS
Mumbai  : Market regulator SEBI has sent a show cause notice to 6 group companies including Adani Group’s flagship company Adani Enterprises. These companies are accused of alleged violations of transaction and listing regulation rules. Adani Ports and Special Economic Zone, Adani Energy, Adani Power, Adani Wilmar and Adani Total Gas have given this information in their respective exchange filings.

Adani Enterprises said that during the quarter ended March 31, it received two show cause notices. Have met. These notices have been issued by the Security Exchange Board of India after investigating the allegations made by Hindenburg Research.

On January 24, 2023, Hindenburg Research had leveled allegations against Adani Group ranging from money laundering to share manipulation. The Supreme Court had formed a 6-member committee to investigate the case. Apart from this, market regulator SEBI was also asked to investigate.

On March 2, the Supreme Court had formed a committee in this matter and also given SEBI two months time to investigate. SEBI was to submit its report by May 2, but during the hearing, SEBI asked for 6 months’ time for investigation. The bench extended it till August. That means SEBI got a total of 5 months to complete its investigation and submit the report. On August 14, SEBI sought 15 more days from the Supreme Court to complete its investigation and submit the report.

On August 25, SEBI filed a status report in the Supreme Court. Told that 22 investigations have been finalized and 2 are incomplete. On 24 November 2023, the Supreme Court had reserved the decision. It was said that there is no need to accept Hindenburg’s report as correct. On January 3, the Supreme Court gave SEBI 3 more months to investigate the remaining 2 cases. SEBI has completed investigation in 22 out of 24 cases.

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