India’s market regulator has increased scrutiny of deals by the Adani Group over the past year and will study a report issued by short-seller Hindenburg Research to add to its own ongoing preliminary investigation into the group’s foreign portfolio investors, according to two sources aware of the matter.
On Wednesday, the U.S. short-seller said it held short positions in the Indian conglomerate, accusing it of improper use of offshore tax havens and flagging concerns about high debt, leading to a massive sell-off of India-listed shares of the conglomerate's companies.“SEBI has been increasingly examining all the transactions that Adani Group has been undertaking in the listed space," said the first of the two sources, who declined to be identified as the matter is confidential.
In the case of Adani Group’s acquisition of Switzerland-based Holcim Ltd's stake in India's Ambuja Cements Ltd and ACC Ltd, the regulator examined the offshore special purpose vehicle used for the transaction, the first source said. The regulator had sought clarity from the group on these entities when the group approached it for regulatory clearance last year. These responses are under regulatory examination, sources said.
In July, the regulator had initiated a probe of little-known offshore funds based out of Mauritius which had large holdings in Adani's Group's listed companies, which potentially raised concerns about stock price manipulation.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Adani Group, India’s Biggest Corporation, Accused by Hindenburg Research of ‘Largest Con’ in HistoryAdani Group, India’s largest corporation and an aspiring media empire builder, has been accused by a U.S. investment firm of “pulling the largest con in corporate history.” Hindenburg Research, a f…
Baca lebih lajut »
India's Adani Group says evaluating action against Hindenburg ResearchAdani Group said on Thursday it is evaluating taking 'remedial and punitive action' under U.S. and Indian laws against short-seller Hindenburg Research, which in a report accused the conglomerate of improper use of offshore tax havens.
Baca lebih lajut »
Hindenburg report on India's Adani Group 'highly credible': Bill Ackman'I found Hindenburg report highly credible and extremely well researched,' says billionaire hedge fund manager, adding Adani Group's response 'speaks volumes. Caveat emptor.'
Baca lebih lajut »
India banks' exposure to Adani Group is limited - CLSA, JefferiesIndian banks' exposure to the Adani Group is within manageable limits, said brokerage houses CLSA and Jefferies, as the group fend off an attack from well-known short-seller Hindenburg Research.
Baca lebih lajut »
Adani Group says it's exploring legal action against HindenburgAdani Group says it's exploring 'remedial and punitive' legal action against a short-seller who accused it of market manipulation and fraud
Baca lebih lajut »