Sebi’s final report on the allegations levelled by Hindenburg against the Gautam Adani Group is ready. Sebi, the body that regulates the stock market, is going to submit its report to the Supreme Court this week. Economic Times quoted sources as saying that this will be sebi’s final report. This means that now the regulator’s investigation is over. The apex court had set August 14 as the deadline for Sebi to complete its probe and submit its report. The matter is now listed for hearing on August 29.
According to the report, SEBI’s investigation has focused on many points. Sebi has probed whether the Adani Group had manipulated the share prices of its group companies by taking advantage of loopholes in minimum public shareholding (MPS) norms. Were these related transactions not disclosed? If sources are to be believed, sebi’s investigation report may raise questions on the Adani group regarding MPS norms.
The report is being submitted at a time when the auditor of an Adani Group company has resigned. The Adani Ports and Special Economic Zone (APSEZ) had sent the resignation of Deloitte Haskins & Sales LLP in a 163-page report sent to the stock exchanges. Deloitte executives at the meeting expressed concern over the lack of a comprehensive audit role as auditor of other listed Adani Group companies, APSEZ said. However, the firm told the auditor that it is not in its jurisdiction to recommend such appointments as other entities are completely independent.
