SEBI likely to investigate Adani Green Energy for false disclosure
In March, the company told stock exchanges that it was not aware of any investigation against it in the US. The DoJ indictment unsealed on Wednesday says this is not true.
Adani
Swiss court ruling an indictment of SEBI, Indian courts in Adani affair
A Swiss Federal Criminal Court ruling is seen as an indictment of SEBI and Indian courts in the Adani affair. The verdict is based on an appeal to unfreeze an entity’s bank accounts, which indirectly weighed on allegations that the Adani group’s promoters had sold/bought more shares than legally permissible, to inflate share prices. The alleged proxy is Sanilion, linked to Chang Chung-Ling. The court documents reference money laundering and embezzlement suspicions.
Madhabi Puri-Buch’s Blackstone connection deserves a closer look
The SEBI chairperson seems to have been economical with the truth in her responses to the Hindenburg allegations on conflicts of interest, especially to do with her Blackstone ties. What could prove far more problematic for Puri-Buch than her name appearing alongside an entity she is overseeing the investigation of is her close connection with American private equity major Blackstone. The Blackstone connection has ensured that Hindenburg’s allegations aren’t another blip in the news cycle.
Adani’s ties with Adi group make convenient business sense
Ostensibly competing suppliers of imported coal, the two business groups are joined at the hip and may actually be helping each other out. An investigation by The Morning Context lays out how the lines between client, supplier, investor, associate and proxy blur. The Adi group’s businesses range from coal and commodity trading to real estate development. Its founder, Utkarsh Shah, is described as a friend of Adani group chairman Gautam Adani for over 30 years.
Adani-Hindenburg Scandal: SEBI Playing for Time?
The conclusion of SEBI’s investigation and the release of its results to the public may be a crucial turning point in the run-up to the 2024 Lok Sabha elections.
SC-Appointed Committee Bats for Adani in Hindenburg Case
The Supreme Court-appointed expert committee in the Adani-Hindenburg case advocates for Adani’s exoneration and finds no regulatory failure by SEBI. The SC-appointed committee’s report itself exposes the limitations it faced.
Adani axes projects and spending in wake of Hindenburg rout
Major fossil-fuel projects have a question mark hanging over them since Adani’s Hindenburg-driven credit crunch. Three months on from the bombshell Hindenburg report, the Adani Group’s fortunes are yet to turn. The Hindenburg allegations have created a lasting political scandal in India. Meanwhile, on the business side of things, the group faces a persistent debt crunch. Continuing media scrutiny has resulted in a flow of damaging revelations about the group’s businesses. Despite a halting recovery in the stock markets, the group’s net loss since the Hindenburg report is still over US $100 billion.
Is Bangladesh’s electricity contract with Adani legally void?
Bangladesh is attempting to re-visit the deal it made with Adani for buying electricity from its Godda power plant. According to the Bangladesh power company buying the power, Adani is charging too high a price for its coal imports. In this exclusive analysis of the official contract between Adani and Bangladesh, AdaniWatch asks whether the agreement should be considered legally void due to Adani’s inclusion of costs that appear to be non-existent. The agreement as it currently stands will cost Bangladesh significantly more than it should. The cost of power from Godda will be three times more than that imported from other Indian power plants.
Rahul Gandhi in the thick of a three-government stoush over Adani’s Hasdeo coal projects
Adani’s plans for huge new coal mines in India’s Hasdeo forests have created a political stoush involving three governments. One state government has asked the national government to revoke mining permits. Another wants the coal. And the national government says the decision to destroy the forests has already been made. In the midst of all this is Rahul Gandhi, one of India’s most prominent politicians.