India market regulator increases scrutiny of Adani group - sources

  • In Business
  • 2023-01-27 08:38:51Z
  • By Reuters

By Jayshree P Upadhyay

(Reuters) - India's market regulator has increased scrutiny of deals by the Adani Group over the past year and will study a report issued by short-seller Hindenburg Research to add to its own ongoing preliminary investigation into the group's foreign portfolio investors, according to two sources aware of the matter.

On Wednesday, the U.S. short-seller said it held short positions in the Indian conglomerate, accusing it of improper use of offshore tax havens and flagging concerns about high debt, leading to a massive sell-off of India-listed shares of the conglomerate's companies.

"SEBI has been increasingly examining all the transactions that Adani Group has been undertaking in the listed space," said the first of the two sources, who declined to be identified as the matter is confidential. SEBI has been increasingly asking for disclosures that it ordinarily does not.

Email queries and phone calls sent to Adani Group were not answered.

Adani earlier this week dismissed the Hindenburg report as baseless and said it is considering whether to take legal action against the New York-based firm.

SEBI spokespersons did not offer any immediate comments saying they do not discuss company specific matters and ongoing probes.

In the case of Adani Group's acquisition of Switzerland-based Holcim Ltd's stake in India's Ambuja Cements Ltd and ACC Ltd, the regulator examined the offshore special purpose vehicle (SPV) used for the transaction, the first source said.

The use of this SPV was disclosed by the group as part of the acquisition announcement in May 2022. The regulator had found as many as 17 foreign offshore entities involved in the funding of the transaction.

The regulator had sought clarity from the group on these entities when the group approached it for regulatory clearance last year. These responses are under regulatory examination, sources said.

Hindenburg's report on the Adani group comes amid a $2.45 billion secondary share sale by the group's flagship company Adani Enterprises. On Friday, shares of Adani Enterprises fell below the price at which shares are being offered as part of the issue.

In July, the regulator had initiated a probe of little-known offshore funds based out of Mauritius which had large holdings in Adani's Group's listed companies, which potentially raised concerns about stock price manipulation.

At the time, the regulator's investigation hit a wall due to lack of information from jurisdictions where these funds were domiciled.

Some issues raised in the Hindenburg report point to concerns similar to what the regulator had regarding movement of funds between parties related to the Adani Group through offshore funds back into local companies, sources said.

(Reporting by Jayshree P Upadhyay; Editing by Kim Coghill)


Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


  • samenvatting maker
    (2023-01-31 12:40:40Z)

    Hi, if you want to get higher rankings, you should check out the plugin I left in my link, it will help.

  • Josephcer
    (2023-02-19 20:29:54Z)

    Appreciate it! Plenty of tips. writing essay

  • Tinxxd
    (2023-02-22 17:07:34Z)

    digoxin 250 mg cost digoxin online buy molnunat pills

  • CharlesVap
    (2023-02-26 08:14:45Z)

    Wow tons of excellent information.
    pay to write an essay where to buy essays online pay to have paper written

  • Xvvtbk
    (2023-02-27 00:22:52Z)

    order lanoxin 250mg pill micardis us molnupiravir price

  • Thvxes
    (2023-02-27 17:44:48Z)

    amoxil canada buy amoxicillin 500mg generic ivermectin 3 mg tabs

  • Andrewsaumn
    (2023-02-28 22:52:32Z)

    Amazing tons of fantastic info.
    i don t have enough time to do my homework i didn t do my homework form do my discrete math homework

  • Iruupy
    (2023-03-01 03:55:28Z)

    purchase coreg generic order amitriptyline 50mg generic brand elavil

  • Cwwnpm
    (2023-03-01 09:11:57Z)

    dapoxetine 30mg cheap buy avanafil 200mg online cheap motilium 10mg cheap

  • Jerryunugs
    (2023-03-02 01:58:39Z)

    Thank you, Loads of posts!
    essay proposals research paper buy buying proposal

  • Maggbi
    (2023-03-02 15:21:32Z)

    purchase fosamax pills purchase nitrofurantoin generic generic motrin

  • Wvfusc
    (2023-03-02 20:37:16Z)

    cost indocin cenforce tablet cenforce 50mg price

  • Josephdyext
    (2023-03-03 16:55:29Z)

    Useful tips. Cheers.
    strong thesis statement service animal problem thesis machine open ended thesis

  • Osaosb
    (2023-03-04 04:19:22Z)

    order pamelor 25 mg generic order panadol for sale order paroxetine 10mg without prescription

  • Hectordex
    (2023-03-04 05:02:51Z)

    Thanks a lot, Numerous write ups.
    perfect essay writer essay writer for hire how do i check if my essay has plagiarism

  • Dmnufy
    (2023-03-04 10:05:22Z)

    doxycycline generic buy generic chloroquine 250mg fda medrol

  • Hectordex
    (2023-03-04 16:14:34Z)

    Kudos. A lot of data.
    write my dating profile for me free why do i like my school essay write my essay in 3 hours

  • Tydnhx
    (2023-03-05 15:16:29Z)

    famotidine 20mg for sale remeron 15mg cost mirtazapine order online

  • ManuelLitle
    (2023-03-05 15:47:47Z)

    You've made your point!
    survey research paper writing service custom paper writing services custom papers for college best online research paper writing service
    buy narrative essays pay to have someone write your paper buy college essay papers pay for a essay
    personal essay writing service

  • BrandonBuh
    (2023-03-05 16:46:15Z)

    Wonderful postings. Many thanks.
    help writing college essays help with writing college application essays essay help essay homework help
    law essay help how i help my mother essay paper writing help college application essay help
    academic writing services

  • Patrickhar
    (2023-03-06 02:45:31Z)

    Regards! Valuable information!
    affordable essay writer writer essay write an argumentative essay for me write my argumentative essay for me

  • ManuelLitle
    (2023-03-06 11:32:44Z)

    Superb material. Kudos.
    dissertation d?finition psychology dissertation help custom dissertation writing services professional dissertation writing
    automatic essay writer write my paper cheap do my research paper pay to write a paper
    thesis library

  • BrandonBuh
    (2023-03-06 20:46:40Z)

    Helpful material. Regards!
    custom written research papers custom written term papers business proposal writers near me research study proposal
    help with research paper proposal research write my research paper rationale of the study in research proposal
    how to write a good act essay

  • Patrickhar
    (2023-03-06 22:02:06Z)

    You made your point pretty effectively!!
    writing a compare and contrast essay about presentation of ideas research paper writing service college essay writing service islamic will writing service

  • Andrewnit
    (2023-03-06 23:55:07Z)

    Terrific facts, Kudos!
    become essay writer write my speech for me online write my essay guru cheap essay writers

  • Siezja
    (2023-03-07 02:58:29Z)

    buy requip 1mg for sale labetalol 100mg brand trandate cost

  • Patrickhar
    (2023-03-07 18:17:38Z)

    Many thanks, Valuable information.
    online essay writing services common app essay writing service biology essay writing service writing an essay meme

  • BrandonBuh
    (2023-03-08 00:13:16Z)

    Amazing tips. With thanks!
    best site to buy a research paper where can i buy a research paper term paper for sale dissertation proposal writing services
    do my essay uk pay someone to do my essay write my argumentative essay essay writer online
    essay paper help

  • Pckxdj
    (2023-03-08 00:51:06Z)

    nexium us lasix 100mg cheap order lasix 100mg sale

  • Andrewnit
    (2023-03-08 03:26:53Z)

    Amazing postings. Cheers.
    i don t want to write my paper write my paper college someone write my research paper write a paper for me cheap

  • Patrickhar
    (2023-03-08 14:13:47Z)

    You actually explained this adequately.
    research paper writer formal research proposal buy college research paper college term paper

  • Psffef
    (2023-03-08 17:24:11Z)

    purchase tricor pill order tricor viagra for men over 50

  • Cziovq
    (2023-03-09 12:42:33Z)

    purchase minocin pills gabapentin 600mg pill order terazosin pill

  • ManuelLitle
    (2023-03-09 17:35:40Z)

    Thanks, Quite a lot of material!
    technical paper writing service medical research paper writing service phd research paper writing service in chennai thesis paper writing services
    proposal paper proposal writing companies help on research paper write a proposal for a research paper
    writing an illustration essay

  • Patrickhar
    (2023-03-10 03:45:10Z)

    You actually explained that really well.
    formal research proposal reseach proposal writing paper proposals apa project proposal

  • BrandonBuh
    (2023-03-10 05:31:33Z)

    Nicely put. Thanks.
    free writing assistant college admission essay help writing helper help writing essay
    writing a phd dissertation online dissertation database write dissertations writing dissertation help
    how to write a college level essay

  • Wapylq
    (2023-03-10 07:08:29Z)

    cheapest cialis online brand viagra pills female viagra pill

  • Andrewnit
    (2023-03-10 08:39:50Z)

    You actually expressed this adequately.
    research proposal for phd application completing your qualitative dissertation professional dissertation help uk dissertation services

  • Patrickhar
    (2023-03-10 22:04:17Z)

    Incredible many of valuable info.
    buy dissertation online dissertations writing bestdissertation proposal writing service

  • Erussymer
    (2023-03-11 04:38:39Z)

    does tamoxifen cause joint pain He may have become mechanically blocked during hernia or hydrocele repairs

  • BrandonBuh
    (2023-03-11 07:51:43Z)

    Regards, Plenty of facts.
    writing a synthesis essay best college essay writing service best reviewed essay writing service writing a personal essay
    english essay helper introduction essay help websites to help write essays application essay help
    civil service essay

  • Xdakxa
    (2023-03-11 09:41:07Z)

    glycomet 500mg without prescription buy generic verapamil 120mg order nolvadex 10mg

  • Andrewnit
    (2023-03-11 11:02:11Z)

    Nicely put, Many thanks!
    online personal statement writing service essay and dissertation writing service term paper writing services mba essay writing service

  • Vnnarh
    (2023-03-12 03:20:57Z)

    tadalafil tablet Generic cialis usa best ed drugs

  • BrandonBuh
    (2023-03-12 10:15:17Z)

    You actually mentioned this perfectly!
    best thesis help open thesis custom thesis writing service do my thesis for me
    how do i concentrate on my homework how do i motivate my child to do homework i didn t do my homework form do my homework reviews
    technical writing service

  • Patrickhar
    (2023-03-13 00:39:36Z)

    Fantastic write ups. Thank you!
    term papers for sale purchase research paper research proposal writing help buy research paper urgently

  • ManuelLitle
    (2023-03-13 05:44:39Z)

    Thank you. Wonderful stuff.
    define thesis service quality and customer satisfaction thesis service quality thesis philippines how has social media improve customer service thesis statement
    custom dissertation writers writing your dissertation in a week best dissertation writing buy cheap dissertation online
    how to improve essay writing

  • Niflzd
    (2023-03-13 06:29:31Z)

    buy clomiphene 100mg online cheap order lipitor 10mg purchase prednisolone sale

  • Andrewnit
    (2023-03-13 15:40:37Z)

    You explained that terrifically!
    mba essay writing service best essay writing service student room application essay writing service essay writing topics

  • Ktrqay
    (2023-03-13 21:43:12Z)

    provigil 200mg uk phenergan without prescription order phenergan without prescription

  • Nzcepe
    (2023-03-15 03:10:27Z)

    order generic accutane prednisone 40mg price ampicillin 500mg pills

  • Pomrrn
    (2023-03-15 15:24:01Z)

    cost prednisone 40mg amoxicillin without prescription amoxicillin 1000mg for sale

  • Thwcjv
    (2023-03-17 00:33:13Z)

    buy ivermectin 12 mg prednisone 40mg usa order prednisone 20mg generic

  • Hagfcv
    (2023-03-17 17:35:29Z)

    buy fildena 100mg order finasteride pills finasteride 5mg canada

  • Eopubw
    (2023-03-19 02:43:44Z)

    accutane online buy purchase absorica pills cost zithromax 500mg

  • Rqgkgm
    (2023-03-19 18:31:41Z)

    order ondansetron 8mg generic amoxil 1000mg cheap order bactrim sale

  • ManuelLitle
    (2023-03-21 08:04:35Z)

    Very good forum posts. Kudos.
    research paper writing service in malaysia paper writing service cheap business paper writing service reddit research paper essay writing service
    essay writing service uk forum essay writing companies online paper writing service cv and linkedin profile writing service uk
    how to conclude a college essay

  • Xwrdoj
    (2023-03-21 13:06:41Z)

    prednisolone 20mg oral buy prednisolone 5mg sale buy lasix online cheap diuretic

  • Patrickhar
    (2023-03-21 15:27:41Z)

    Fantastic postings, Kudos!
    do my college homework do my statistics homework for me do my programming homework find someone to do my homework

  • Nkfjoj
    (2023-03-21 18:46:30Z)

    albuterol 2mg brand augmentin 375mg cost augmentin canada

  • ManuelLitle
    (2023-03-22 01:48:39Z)

    Nicely put. Cheers!
    do my essay essay help me write an essay for free can i pay someone to do my essay write my essay online for free
    thesis editing services help me write a thesis example thesis informative thesis statements
    esl essay writing

  • Patrickhar
    (2023-03-22 05:37:01Z)

    With thanks. I like it!
    buy essay online writing service thesis writing service uk cheap research paper writing service essay writing service american writers

  • ManuelLitle
    (2023-03-22 19:26:55Z)

    You actually explained it very well.
    dissertation writing services reviews dissertation help service general data analysis dissertation dissertation editing services reviews
    buy a literature review paper buying college papers online top paper writing service welcome to our custom paper writing service
    guidelines for writing an essay

  • Patrickhar
    (2023-03-22 19:49:14Z)

    Amazing stuff, Thanks a lot.
    term paper writer cheap term paper writing service writing research paper service research proposal apa

  • Tzqllv
    (2023-03-23 17:40:41Z)

    provigil 200mg brand provigil 200mg canada lopressor online

  • Jzpabo
    (2023-03-24 00:05:40Z)

    buy vibra-tabs generic acyclovir over the counter order acyclovir

  • Andrewnit
    (2023-03-25 06:36:04Z)

    Incredible lots of awesome material.
    dissertation help service uk dissertation writing service buy a dissertation online help buy a dissertation online

  • BrandonBuh
    (2023-03-25 11:51:25Z)

    Nicely put. Appreciate it.
    what are good essay writing services essay help service law enforcement resume writing service best paper writing service
    dissertation writers phd proposal writing service uk custom dissertation writing services dissertation schreiben
    dissertation wiki

  • Ecatqg
    (2023-03-25 17:03:27Z)

    purchase avodart generic cost avodart xenical 60mg cost

  • BrandonBuh
    (2023-03-26 10:35:29Z)

    Nicely expressed without a doubt! !
    professional dissertation help dissertation abstracts database dissertation for bachelor degree dissertation spss help
    do i underline the title of my essay essay on how do i spend my summer vacation hire writer for essay how i became a better writer essay
    essay about myself for college

  • Znbxno
    (2023-03-26 10:45:17Z)

    inderal 20mg over the counter order fluconazole 200mg generic order carvedilol generic

  • Urkyvs
    (2023-03-26 22:37:32Z)

    order ditropan 5mg for sale ditropan pills trileptal drug

  • Andrewnit
    (2023-03-27 04:25:43Z)

    With thanks, An abundance of knowledge!
    buy cheap papers customized paper best paper writing services student paper writing service

  • Zfprgs
    (2023-03-27 15:37:39Z)

    azathioprine pills purchase micardis online cheap buy naprosyn 500mg pill

  • Andrewnit
    (2023-03-28 03:10:11Z)

    You have made your point very nicely!!
    write my paper please write my paper for money how to write a reflective paper paper writers college

  • Ktpqfb
    (2023-03-28 20:23:41Z)

    zocor 20mg without prescription purchase sildalis generic sildenafil 50mg

  • Andrewnit
    (2023-03-29 02:02:01Z)

    Good content. With thanks!
    cant do my homework anymore fiverr do my homework alexa do my homework svg do my business homework

  • Mmoixw
    (2023-03-29 09:38:53Z)

    omnicef online buy order lansoprazole generic order pantoprazole 20mg pill

  • Wlywws
    (2023-03-30 16:26:14Z)

    order uroxatral 10mg without prescription order desyrel for sale cost diltiazem

  • Andrewnit
    (2023-03-31 00:19:31Z)

    Incredible tons of beneficial knowledge.
    phd research proposal buy a research paper cheap research paper writer buy custom term papers

  • Oihdar
    (2023-03-31 03:41:38Z)

    buy avlosulfon 100 mg generic buy asacol 400mg generic buy generic atenolol for sale


Top News: Business