The Indian Express reported on September 20 that the Indian Securities and Exchange Board (SEBI) ruled that the Adani Group "did not violate" regulations, but SEBI was criticized for "avoiding the controversy." On September 18, SEBI issued two rulings dismissing Hindenburg's allegations against the Adani Group, stating that the group "did not violate relevant regulations." However, SEBI avoided some of the key allegations raised by Hindenburg: first, the violation of the 25% minimum public shareholding requirement - a large number of shares marked as "publicly held" were actually controlled by offshore entities linked to the Adani family; second, the abnormal concentration of foreign investors registered in places like Mauritius; third, Gautam Adani, the chairman of the group, was accused of using a network of shell companies in tax havens to manipulate fund flows through his brother Vinod Adani. In January 2023, Hindenburg released a report accusing the Adani Group of being "the biggest fraud in business history," claiming that the group artificially inflated stock prices through stock price manipulation, accounting fraud, and offshore shell companies, and violated public shareholding norms. This triggered a market and Adani Group turmoil, prompting the Indian Supreme Court to establish an independent committee of experts in March 2023 to conduct an investigation.
Original: www.toutiao.com/article/1843888388814921/
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