SEBI has informed the Supreme Court of its progress in investigations related to the Adani-Hindenburg matter
SEBI has informed the Supreme Court that 22 out of its 24 investigations in the Adani-Hindenburg matter are final in nature, while the rest 2 are interim. The interim probes covered 13 overseas entities of Adani's companies. The regulator has further sought details from five countries on FPIs.
FPIs are a component of the non-promoters/public shareholders' grouping in listed companies. According to SEBI, listed companies have to maintain an MPS of at least 25%.
The SC had set August 14 as the deadline for SEBI to conclude its probe and submit the report. The matter is listed for hearing on August 29. The SEBI on August 14 sought a 15-day extension in the SC to conclude the investigation and submit the status report in its probe into Hindenburg report against Adani group, according to a report by The Economic Times.
Allegations concerning related-party transactions and MPS norms were a key factor in the Hindenburg report, released on January 24, which wiped billions of dollars from Adani Group's listed companies’ capitalization in the market.
SEBI said that it covered 13 overseas entities that were classified as public shareholders of the Adani Group Companies for one of its interim reports.
"As many of the entities linked to these foreign investors are located in tax haven jurisdictions, establishing the economic interest shareholders of the 12 FPIs remains a challenge," SEBI said.
On Thursday, the Adani Group had said that its cash flow generated from business operations and balances stood at Rs 77,890 crore ($9.4 billion) as of March end. The group is confident that the cash and profit generated from its sprawling infrastructure business can cover all the debt maturing each year in the coming decade.