Hindenburg-Adani case: After Hindenburg Research levelled serious allegations against the Adani Group in January last year, it has now sought to link Sebi chairperson Madhabi Puri Buch and her Husband to the episode. Here is how the events have unfolded since last year that has regularly been under public scrutiny
On 24 January'2023 , The US based short seller Hindenburg Research had levelled charges against the Gautam Adani led Adani group of financial irregularities, which Adani has regularly refuted
On 1 February 2023 The Securities and Exchange Board of India (SEBI), the market watchdog, opened an investigation into the $86 billion sell-off of Adani Group equities, according to a report from Reuters .
In February 2023: A Public Interest Litigation (PIL) was filed in the Supreme Court, requesting guidance on forming a committee to probe claims, overseen by a former Supreme Court judge.
2nd March, 2023: The honorable Supreme Court requests that SEBI look into claims that the Adani group has been manipulating stock prices and that there have been any discrepancies in regulatory disclosures within a two-month period.
In May 2023 while a report is submitted by expert committee constituted by the court
On 17 May 2023: The Supreme Court gives SEBI time until 14 August, 2023, to present a report on its investigation into the claims that the Adani group has been manipulating stock prices.
24, November, 2023: The Supreme Court reserves its verdict on multiple appeals pertaining to the Adani-Hindenburg dispute and claims of stock price manipulation.
3 January, 2024: The Supreme Court ordered market regulator SEBI to finish its inquiry into two outstanding cases within three months , However backed the clean chit by SEBI to Adani group and declined to hand over the investigation into the claims of stock price manipulation by the Indian corporate behemoth to a special investigative team.
Hindenburg Research raises fresh allegations against the SEBI’s Chairperson saying the Madhabi Buch with her husband Dhaval had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandal
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions
