Adani-Hindenburg Row: SC May Consider Fresh Status Report Filed By Sebi; Stocks In Green

The Adani-Hindeburg row has taken a new twist as reports have mentioned that the Supreme Court is planning to consider a fresh status report filed by Sebi on September 15. The move also comes after the recent findings from George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP) after the US short seller Hindenburg shocked the financial market by accusing India's one of the billionaires, Gautam Adani of brazen stock manipulation. However, on Tuesday, Adani shares traded on a higher note with flagship Adani Enterprises stock touching the Rs 2,500 mark and gaining by over 1%.

At the time of writing, on BSE, Adani Enterprises stock traded at Rs 2497.10, up by 1.05%, near its intraday high of Rs 2,500 apiece.

While Adani Ports and Adani Power also jumped by around 1% each. Further, stocks like Adani Energy Solutions, Adani Green Energy, Adani Total Gas, Adani Wilmar, Ambuja Cements and NDTV were marginally up. ACC's share price outperformed its siblings by rising over 2%.

As per the IANS report, the Supreme Court is slated to consider on September 15 the fresh status report filed by the Securities Exchange Board of India (SEBI) in the Adani-Hindenburg matter. As per the details available on the official website of the apex court, a bench headed by CJI D.Y. Chandrachud is likely to take up the pleas for hearing on September 15.

Earlier, the apex court postponed the hearing on the Adani-Hindenburg case on August 29, after Sebi's final probe report which indicated that a dozen foreign companies were situated in tax-haven countries which was challenging for the investigation.

While submitting its final report to SC last week, Sebi explained that since these foreign entities are situated in tax haven jurisdictions, it has become challenging to establish the economic interest of 12 FPI shareholders. Hence, Sebi has sought information from five foreign countries to identify the true beneficiaries behind foreign investors that were dealing with Gautam Adani's group.

The regulator also said it would take appropriate action based on the outcome of the investigations.

Out of the 24 investigations, Sebi said that 22 of them are final, while 2 are interim which revolves around the offshore dealings.

Last week, OCCRP launched a report on August 30, specifically pointing out the essence of the allegations by the US short seller, and the investigation led by the Indian regulatory after the Adani-Hindenburg case was brought to the Supreme Court.

Exclusive documents obtained by OCCRP stated that how hundreds of millions of dollars were invested in publicly traded Adani stock through opaque investment funds based in the island nation of Mauritius.

However, the port-to-power empire categorically rejected these recycled allegations. Adani said, "These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report. In fact, this was anticipated, as was reported by the media last week."

Hindenburg in a bombshell report on January 24, accused Adani Group of brazen stock manipulation and accounting fraud scheme over the course of decades. Adani Group has denied Hindenburg's allegations as well.