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BENGALURU (Reuters) – India’s market regulator has completed its probe into whether billionaire Gautam Adani’s conglomerate violated securities laws and action has been recommended in some cases for passing orders, it said in a filing to the country’s Supreme Court on Friday.
The Securities and Exchange Board of India (SEBI) said it has investigated 24 transactions involving the Adani group’s listed companies of which 22 are final in nature.
SEBI “shall take appropriate action based on outcome of the investigations,” it said.
The group’s listed companies lost more than $100 billion in market value earlier this year after U.S.-based Hindenburg Research raised several governance concerns. The group has denied wrongdoing.
Following this, the Supreme Court asked SEBI to look into the allegations and submit its findings to a six-member panel formed in March, which included a retired judge and veteran bankers.
The court appointed panel said in May that the regulator had so far drawn a blank in its investigations and its ongoing pursuit of the case is a “journey without a destination” but gave the regulator more time to complete its probe.
(Reporting by Chris Thomas and NR Sethuraman in Bengaluru; Editing by Savio D’Souza)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 25 2023 | 5:30 PM IST
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