After Sebi’s legal filing in SC, Adani Group says ‘no conclusions of wrong-doing’

Following the SEBI’s request to the Supreme Court for a 6-month extension to complete its investigation into the Hidenburg allegations levelled against the Adani Group.

The Gautam Adani-led conglomerate said that it is fully cooperating in the investigation and that the application by the Indian market regulator carries no conclusions of wrongdoing.

Hindenburg Research, a US-based short-seller, on February 25 accused Adani Group of financial violations in its research. As a result, the Adani Group’s market value fell by more than USD 140 billion.

On March 2, the Supreme Court directed the Securities and Exchange Board of India to conduct an investigation into the allegations within two months and to form a six-member expert team to look into the protection of Indian investors. However, Sebi filed a request for a deadline extension on Saturday, citing complex transactions involving the conglomerate’s listed, unlisted, and offshore entities that necessitate deeper investigation.

Adani Group stated in a statement that they will fully support and cooperate with the investigation since it represents a fair opportunity for everyone to be heard and all issues to be resolved.

“It is pertinent to note that in the SEBI application filed before the Hon’ble Supreme Court, there are no conclusions of any alleged wrong-doing. The SEBI application only cites the allegations made in the short-sellers report, which are still under investigation,” the statement added.