Not appropriate to conduct independent examination of accounts now: Adani Ports
Adani Ports, the Indian port operator, has declined to seek an independent examination of its financial accounts on the grounds of ongoing investigations by the market regulator and the Supreme Court into the company's practices. The decision comes after Deloitte Haskins & Sells LLP flagged certain potentially related party transactions over insufficient disclosures and said that it was not independently able to verify them. US-based Hindenburg Research accused the diversified conglomerate of fraud and stock manipulation in January, but the Adani Group has so far denied all allegations.
Sebi proposes stringent FPI ownership disclosure rules
These proposals come amid Sebi's probe into allegations regarding infringements of overseas investor ownership and minimum public shareholding rules by the Adani Group made in the late January Hindenburg Research report that triggered a crash in its stocks.
Deloitte flags Adani Ports' transactions
Some of these transactions involve parties named in the Hindenburg Research report, bringing a renewed focus on the short-seller saga. The US-based short seller had in January accused the cooking-oil-to-ports conglomerate of fraud and stock manipulation. The Adani Group has denied all allegations.
Inauguration of Parliament building by PM and not Prez insult to Ambedkar's dreams, says Cong RS MP
The ceremony to inaugurate the new Parliament building on Sunday will begin with an early morning havan and a multi-religion prayer followed by a formal opening in the Lok Sabha by the PM. RAIPUR: Congress Rajya Sabha MP Pramod Tiwari on Saturday said the inauguration of the new Parliament building at the hands of Prime Minister Narendra Modi and not the President of India is an insult to Dr BR Ambedkar's dreams and the Constitution. Addressing a press conference here at Rajiv Bhavan, the headquarter of the Chhattisgarh Congress as part of the party's nationwide 'Nau Saal Nau Sawal' campaign to highlight failures of nine years of Modi rule, Tiwari posed questions on issues like inflation, unemployment and corruption. Accusing the NDA government of betraying the people, Tiwari asked the PM to break his silence on questions being posed by opposition parties and the citizens. The new Parliament building will be inaugurated by the PM tomorrow. It will be an insult to Babasaheb Ambedkar's dreams as well as the Constitution that it is not being inaugurated by the first citizen of the country. Despite our repeated requests, the new Parliament building is not being inaugurated by President Droupadi Murmu, Tiwari said. Accusing the Union government of breaking protocol by getting the PM to inaugurate the building, Tiwari said the invite to the event mentions the presence of the Lok Sabha speaker but not the Rajya Sabha Chairman, also the Vice President. The ceremony to inaugurate the new Parliament building on Sunday will begin with an early morning havan and a multi-religion prayer followed by a formal opening in the Lok Sabha by the PM. As many as 25 parties are expected to attend the inauguration of the new Parliament building on Sunday even as 20 opposition parties, including the Congress, have decided to boycott the event. Accusing the Centre of enriching friendly businessmen, Tiwari asked the PM why he was silent on LIC investing people's hard-earned money in billionaire Gautam Adani's firms, which have been accused of stock manipulation and accounting fraud by US-based Hindenburg Research, as well as corruption in BJP-ruled states. He mocked the Centre on the Reserve Bank of India's decision to withdraw Rs 2000 notes from circulation and said sarcastically that the chip inside it must be removed as it is expensive. During the days after demonetisation in November 2016, some groups close to the ruling dispensation used to claim the new Rs 2000 note has a nanochip embedded in it to track those indulging in black marketing and hoarding.
Adani-Hindenburg Case: What Supreme Court Panel's Report Mean For Investors
The Supreme Court-appointed panel has concluded that, based on SEBI's findings, volatility in the Adani stocks after the Hindenburg Research report did not lead to any systemic risk. NDTV decodes what the reports findings mean for equity investors.
Adani Group Came Out Unscathed In Supreme Court Panel's Report: Mukul Rohatgi
Senior lawyer Mukul Rohatgi has said the report of the Supreme Court-appointed committee to look into India's regulatory mechanism to protect investors has not found any wrongdoing on the part of the Adani Group, following the allegations by US short seller Hindenburg Research. The report shows no wrongdoing by the Adani Group. The Adani Group has come out unscathed in the report, he told NDTV today. The Adani Group has taken necessary steps to comfort retail investors after the volatility caused by Hindenburg report, according to the report.
Adani Group Rout has room to run as charts show 85% call still valid
The rout in Adani Group shares has room to run based on charts that show key stocks in Gautam Adani's empire may still extend declines to the 85% downside flagged by Hindenburg Research
Indian Government Takes On US Billionaire George Soros Over PM Remarks
The Centre has slammed billionaire philanthropist George Soros over his remarks criticising Prime Minister Narendra Modi and raising questions on Hindenburg Research's report on industrialist Gautam Adani's empire. Among other things, Soros said he expects the Adani controversy to significantly weaken Modi's stranglehold on India's federal government and open the door to push for much-needed institutional reforms. Is this an aggressive global policy linked to India's growing economic heft? Or is this an aggressive nationalism which diminishes India's international perception? Watch Left Right & Centre.
ADANI GROUP HIRES TOP US LEGAL GIANT WACHTELL TO FIGHT AGAINST HINDENBURG RESEARCH: REPORT
Gautam Adani has enlisted the services of Wachtell, a highly-priced legal firm in the United States, to defend against claims made by short-seller Hindenburg Research, a report published in Financial Times said. For decades, Wachtell has been among the most sought-after advisers by besieged corporate boards at some of the largest US companies trying to Continue reading ADANI GROUP HIRES TOP US LEGAL GIANT WACHTELL TO FIGHT AGAINST HINDENBURG RESEARCH: REPORT The post ADANI GROUP HIRES TOP US LEGAL GIANT WACHTELL TO FIGHT AGAINST HINDENBURG RESEARCH: REPORT appeared first on OurVoice | WeRIndia - Analysis & Opinion .
Norway wealth fund sells stake in Adani Group companies
Adani Group's seven main Indian-listed stocks have plunged by some $110 billion after a scathing January 24 report by US short seller Hindenburg Research accused the conglomerate of improper use of offshore tax havens and stock manipulation. The Adani Group has denied any wrongdoing.
Editorial with Sujit Nair: Rahul Gandhi vs Narendra Modi
The allegations levelled by Hindenburg research on Adani group companies led to route in shares of the group companies in share market over the last week. Today, the crisis also reflected in the parliament debate. While Yesterday Congress MP Rahul Gandhi questioned the links between PM Modi and Gautam Adani,... The post Editorial with Sujit Nair: Rahul Gandhi vs Narendra Modi appeared first on HW News English .
Rahul Gandhi vs Government In Parliament Over Remarks On PM Modi, Gautam Adani
Rahul Gandhi today launched a sharp attack in parliament on Prime Minister Narendra Modi and billionaire Gautam Adani, whose companies are in the spotlight after US-based short-seller Hindenburg Research alleged stocks manipulation and accounting fraud by the group. The Congress leader, who recently completed a 3,500-km Bharat Jodo Yatra, accused PM Modi of helping Gautam Adani's business empire across sectors, prompting emphatic rebuttals from the ruling BJP, which called his allegations wild and reckless.
Rahul Gandhi vs Minister In Parliament Over Remarks On PM, Gautam Adani
Rahul Gandhi today launched a sharp attack in parliament on Prime Minister Narendra Modi linked to billionaire Gautam Adani, whose companies are in the spotlight after US-based short-seller Hindenburg Research alleged stocks manipulation and accounting fraud by the group. The Congress leader, who recently completed a 3,500-km Bharat Jodo Yatra, accused PM Modi of helping Mr Adani's business empire across sectors, prompting emphatic rebuttals from the ruling BJP, which called his allegations wild and reckless. Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
How Gautam Adanis crisis points to the big risk in Indias net zero plan?
Hindenburg Researchs allegations against Adani group companies have raised doubt on the firms future, including its massive green energy investment
Editorial with Sujit Nair: What Next For Adani???
In a little over a week since New York-based investor research firm Hindenburg Research accused industrialist Gautam Adani-led conglomerate of brazen stock manipulation and accounting fraud scheme over the course of decades, shares of Adani Group companies have nosedived. Adani, who until recently was the richest Indian in the world,... The post Editorial with Sujit Nair: What Next For Adani??? appeared first on HW News English .
Govt got nothing to do with Adani Group issues: Union minister amid stock crash
Amid the uproar in the parliament over the freefall of the Adani group triggered by the report of a US short sellers report, the Minister of Parliamentary Affairs Pralhad Joshi said on Friday said the Indian government had nothing to do with the issues of the Adani Group. The government has nothing to do with Adani matters, said the minister. On the fourth day of the Parliament Budget session, both Rajya Sabha and Lok Sabha were adjourned till after lunch amid high drama over the Adani row. Adani Groups disastrous run on the stock market started after US short-seller Hindenburg Research released a scathing report, accusing the conglomerate of stock manipulation and improper use of tax havens. It also raised concerns about the groups mounting debt. While Adani Group dismissed the report in multiple statements, it has severely hurt the valuations of listed companies. It has also hurt Gautam Adanis net worth as he lost his title as Asias richest man. After the FPO was called off, Adani Group released a statement saying its board had decided not to go ahead with the share sale as it would be morally incorrect. Adani Groups recent stock market run has led to panic among investors, and the market regulator is reportedly examining the recent crash in stocks of listed companies. Meanwhile, the Adani Enterprises issue reached the Supreme Court on Friday with a public interest litigation (PIL) seeking a probe against Hindenburg Research. Advocate ML Sharma, who filed the PIL, sought a probe against the and its founder Nathan Anderson. Sharma sought action against Anderson and compensation for people who had invested in the companies of the Adani group.
Fitch Says No Immediate Impact On Adani Ratings Following Short-Seller Report
Ratings agency Fitch said on Friday it saw no immediate impact on its ratings of Adani Group entities and their securities, following U.S. short-seller Hindenburg Research's report last week. Hindenburg's scathing attack on the conglomerate questioned the firm's debt levels and use of tax havens, but the Group has called the report baseless and affirmed its financials are strong. Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
Hindenburg research expose has created fear among common man: Adhir Chowdhury
Hindenburg research expose has created fear among common man: Adhir Chowdhury