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Following the Hindenburg report that accused Adani group of stock manipulation, OCCRP has released a report alleging millions of dollars of investment in Adani stocks via opaque Mauritius funds

Mauritius based opaque funds invested in Adani stocks, alleges OCCRP

Following the Hindenburg report that accused Adani group of stock manipulation, OCCRP has released a report alleging millions of dollars of investment in Adani stocks via opaque Mauritius funds

The Organised Crime and Corruption Reporting Project has released a report alleging that millions of dollars were invested in some publicly traded Adani stocks via opaque Mauritius funds. The report mentioned that these Funds were invested by close aides of the promoters of the company that happens to be the Adani family.
The report cites reviewing various files including files from multiple tax havens, bank records, and internal Adani Group emails and has found at least two cases where the investors bought and sold Adani stock through offshore structures.
Also Read: <a href="https://www.editorji.com/business-news/george-soros-backed-global-investigative-journalists-collective-plan-expos-on-indian-company-1692955963113">George Soros backed Global investigative journalists collective plans expos&egrave; on Indian company</a>
OCCRP names two Mauritius based investors - Nasser Ali Shaban Ahli and Chang Chung-Ling who have longtime business ties to the Adani family. The report also mentions that they have also served as directors and shareholders in Adani Group companies and companies associated with one of the family&rsquo;s senior members, Vinod Adani.
The OCCRP alleges that through the Mauritius funds, they spent years buying and selling Adani stock through offshore structures that obscured their involvement &mdash; and made considerable profits in the process.
The report further adds that it has to be ascertained wheather Ahli and Chung-Ling acted on behalf of the promoters to prove that there has been a violation of the laws. If so, it would mean that insiders altogether owned more than the 75% allowed by law in Adani stake.
Meanwhile, Adani Group spokesperson has told OCCRP that he Mauritius funds investigated by reporters had already been named in the Hindenburg report. The Spokesperson further added that all the Adani Group&rsquo;s publicly listed entities are in compliance with all applicable laws including the regulation relating to public share holdings.
&ldquo;In light of these facts,these allegations are not only baseless and unsubstantiated but are rehashed from Hindenburg&rsquo;s allegations. Further, it is categorically stated that all the Adani Group&rsquo;s publicly listed entities are in compliance with all applicable laws including the regulation relating to public share holdings&rdquo;, Adani Spokesperson wrote to OCCRP.
The OCCRP article comes after U.S.-based short-seller Hindenburg Research in January accused Adani Group of improper business dealings, including the use of offshore entities in tax havens such as Mauritius from where it said certain offshore funds "surreptitiously" owned stock in Adani's listed firms.
Adani group had called the Hindenburg's claims misleading and without evidence and said it always complied with laws.
Meanwhile, the Supreme Court has postponed the hearing in the Adani-Hindenburg case while SEBI had submitted its status report on the investigation on August 25&nbsp;

Indian regulator agencies are keeping a close eye on the possible impact of the yet-to-come report as OCCRP is planning to expose a certain corporate in India

George Soros backed Global investigative journalists collective plans exposè on Indian company

Indian regulator agencies are keeping a close eye on the possible impact of the yet-to-come report as OCCRP is planning to expose a certain corporate in India

Months after a US short seller shook markets with a damning report on the Adani group, the Organised Crime and Corruption Reporting Project (OCCRP) - an organisation funded by likes of George Soros and Rockefeller Brothers Fund - is said to be planning another 'expose' on certain corporate house in India, sources said.
OCCRP, which calls itself "an investigative reporting platform formed by 24 nonprofit investigative centres... spread across Europe, Africa, Asia and Latin America, may publish a report or a series of articles, three sources with knowledge of the matter said.
Also Read: <a href="https://www.editorji.com/business-news/adani-hindenburg-case-sebi-tightens-disclosures-norms-for-fpis-to-bring-transparency-1692945512982">Adani-Hindenburg case: SEBI tightens disclosures norms for FPIs to bring transparency</a>
An email sent to OCCRP seeking comments remained unanswered.
Founded in 2006, OCCRP claims to specialize in reporting on organized crime and largely publishes these news articles through partnerships with media houses.
On its website, it identifies the Open Society Foundations of George Soros, a financier with a penchant for funding radical causes around the world, as one of the institutional donors. Others include Ford Foundation, Rockefeller Brothers Fund and Oak Foundation.
Sources said the 'expose' may involve overseas funds investing in the stocks of the corporate house.
The identity of the corporate house wasn't immediately known but agencies are said to be keeping a tight vigil on the capital market.
Hindenburg Research in a January 24 report alleged accounting fraud, stock price manipulation and improper use of tax havens, triggering a stock market rout that had erased close to USD 150 billion in the market value at its lowest point.
Adani Group has denied all allegations.
In May this year, a Supreme Court-appointed expert committee to investigate claims in the Hindenburg Report stated that there was evidence of a build-up in short positions on Adani Group stocks ahead of the release of the Hindenburg report. Profits were earned from squaring off positions after prices crashed post-publication of the damning allegations.
Financial crime-fighting agency Enforcement Directorate (ED) "found intelligence about potentially violative and concerted selling by specific parties just ahead of the publication of the Hindenburg report, and this may lead to credible charges of concerted destabilisation of the Indian markets, and Sebi ought to be probing such actions under securities laws," it had said citing a response from ED.
Suspicious trading was observed on the part of six entities. Of these, four are FPIs, one body corporate and one individual, it had said.
Soon after the Hindenburg report, Soros had stated that the turmoil at Gautam Adani's business empire may weaken Prime Minister Narendra Modi's hold on the government - a statement which was strongly countered by BJP as an attack on Indian democracy.

Pawar said that the opposition gave more importance to the report given by a firm.

Adani JPC demand: Sharad Pawar differs with Congress; backs court probe

Adani JPC Demand: Sharad Pawar disagrees with Congress; backs court probe


Pawar said that the opposition gave more importance to the report given by a firm.

The opposition, which has been demanding a JPC probe into the Adani-Hindenburg case, has suffered a major setback. Nationalist Congress Party (NCP) chief Sharad Pawar, a key ally of Congress, has said that JPC is not required in this matter, it is not important. The truth will come in front of the country from the committee of the Supreme Court.
The remarks by Pawar were made in a special conversation with NDTV. Pawar said that the opposition gave more importance to the report given by a firm. No one knows the background of this firm, we have not even heard its name. It seems that an industrial group was targeted in this case, Pawar said to NDTV.&nbsp;

The last announcement of prepayment of share-backed financing of Rs 7,374 crore on March 7 was followed by more shares belonging to companies of the group being pledged as security for loans taken by the group's flagship firm

Adani repays $2.15 bn loan taken pledging shares, prepays another $500 mn loan for Ambuja cement 

The last announcement of prepayment of share-backed financing of Rs 7,374 crore on March 7 was followed by more shares belonging to companies of the group being pledged as security for loans taken by the group's flagship firm

Embattled Adani Group said it has repaid loans aggregating USD 2.65 billion to complete a prepayment programme ahead of the March 31 deadline to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller.
In a statement, Adani group said it has repaid USD 2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms and also another USD 500 million in loans taken for the acquisition of Ambuja Cement.
The announcement comes within days of the group saying it has pre-paid Rs 7,374 crore (about USD 902 billion) loans that were taken pledging shares in four group companies. This has now been scaled up to USD 2.15 billion.
While Adani group has not detailed the source of money for repayment of loans, these came within days of the promoters selling minority stakes in four listed companies to US-based GQG Partners for Rs 15,446 crore.
"In continuation of promoters' commitment to repay the promoter leverage, Adani has completed full prepayment of margin linked share backed financing aggregating to USD 2.15 billion, well before the committed timeline of March 31, 2023," it said. "In addition to above, promoters have also prepaid a USD 500 million facility taken for Ambuja acquisition financing." This, it said, was in line with promoters' commitment to increase equity contribution and promoters have now infused USD 2.6 billion out of total acquisition value of USD 6.6 billion for Ambuja and ACC.
"The entire prepayment program of USD 2.65 billion has been completed within 6 weeks, which testifies the strong liquidity management and access to capital at sponsor level, supplementing the solid capital prudency adopted at all portfolio companies," the statement said.
The last announcement of prepayment of share-backed financing of Rs 7,374 crore on March 7 was followed by more shares belonging to companies of the group being pledged as security for loans taken by the group's flagship firm.

Budget Session, which began on January 31, is likely to conclude on April 6. Parliament is meeting after a month-long recess which allows various parliamentary panels to scrutinise allocations made in the Union Budget for different ministries.

Second leg of Budget session from today, Opposition leaders to meet at Kharge's office in Parliament

Budget Session, which began on January 31, is likely to conclude on April 6. Parliament is meeting after a month-long recess which allows various parliamentary panels to scrutinise allocations made in the Union Budget for different ministries.

The second leg of the Budget session will commence on Monday with the government asserting that its priority is to pass the Finance Bill and the Opposition planning to raise issues like the action of central agencies against the BJP's political rivals and allegations against the Adani group.
Leader of Opposition in Rajya Sabha and Congress President Mallikarjun Kharge asserted that they want to play a constructive role in making the government accountable and sought a discussion in the House on "every burning issue facing the nation".
The opposition parties will meet on Monday morning to evolve their strategy in both Houses of Parliament after protests by them on the Hindenburg-Adani issue overshadowed most of the first half of the Budget session.
The session, which began on January 31, is likely to conclude on April 6. Parliament is meeting after a month-long recess which allows various parliamentary panels to scrutinise allocations made in the Union Budget for different ministries.
Also Watch: <a href="https://www.editorji.com/india-news/vice-president-dhankhar-s-personal-staff-on-rajya-sabha-committees-uproar-among-opposition-1678290755439">Vice-President Dhankhar's personal staff on Rajya Sabha committees, uproar among Opposition</a>

Adani-Hindenberg row: ex-Australian PM says the group created wealth, jobs in Australia

Adani-Hindenberg row: ex-Australian PM Tony Abbott says the group created wealth, jobs in Australia

Furthermore, he credited the Adani group for creating ample jobs and wealth in Australia.&nbsp;

Tony Abbott, Australia's ex- PM has dismissed allegations of fraud by Hindenburg Research against the Adani group as just that, allegations, reported the NDTV on Saturday.&nbsp;
The NDTV quoted Abbott as saying, "It's easy to make allegations. Just because something has been alleged, doesn't make it true, adding that one is innocent until proven guilty,".&nbsp;
Referring to Adani investments in Australia, the former PM said if there is anything, the regulators will look into it and probe, adding that he is grateful for the faith Adani group has shown in Australia.&nbsp;
Furthermore, he credited the Adani group for creating ample jobs and wealth in Australia.&nbsp;

We will continue to ask questions on Adani-PM relation: Rahul Gandhi at Cong's plenary

He also said that the party will continue to ask questions on the relationship between Prime Minister Narendra Modi and Adani.

Congress leader Rahul Gandhi on Sunday said the party will keep asking questions about Gautam Adani till the truth comes out, as he flayed BJP leaders for coming out in support of the industrialist in Parliament.
"When we asked in Parliament what is the prime minister's relation with Adani our entire speech is expunged. We will ask in Parliament thousands of times till the truth of Adani ji is out, we will not stop," he said at the 85th plenary session of the Congress here amid applause.
"I want to tell Adani that his company is 'hurting' the country and is 'snatching the entire infrastructure of country," the former Congress president charged.
Also watch: <a href="https://www.editorji.com/india-news/politics/sonia-gandhi-explains-retirement-hint-congress-leader-reveals-what-party-ex-chief-told-her-1677400201463">Sonia Gandhi explains retirement hint: Congress leader reveals what party ex-chief told her</a>
He also said that the party will continue to ask questions on the relationship between Prime Minister Narendra Modi and Adani.

Reserve Bank of India (RBI) is keeping a close eye on loans to the Adani group: report 

RBI eyes Adani's loans closely 

Reserve Bank of India is keeping a close eye on loans to the Adani group: report&nbsp;

The Reserve Bank of India is closely monitoring loans given out to Adani group of companies. As per a report by Mint, lenders have been asked to provide weekly updates on their financial exposure to the group.&nbsp;
Last month, RBI asked banks to share data on exposure to the Adani group after US-based short seller Hindenburg Research alleged accounting fraud and stock manipulation at its companies.
Its been a month since US-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation on Adani Group. Accusations which the group has strongly denied. However, the conglomerate has shed more than $120 billion in market value since the allegations were made on 24 January.&nbsp;

How is the Adani group fighting back after facing its biggest crisis ever? We take a look in this episode of The India Story 

The India Story | Tracking the Adani Group Saga 

This week on The India Story, we take a look at the row around the Adani group, which is currently facing its greatest crisis ever. Triggered by an attack from a New-York based short-seller, the Hindenburg group, its stock value has plunged down and it’s lost around 110 billion dollars. The impact of this event, which was being felt by the markets already, has now also made it’s way to the parliament with a war of words taking place between in the Centre and the Opposition. 

In this episode, we’ll investigate some crucial questions - how is the Adani group fighting back, where does it stand and what impact will this have on India’s growth and place in the world. 

Also turning our gaze to the devastating earthquakes in Turkey and Russia, and the history of India-Turkey relations in regards to aid missions. 

On the show tonight, Vikram Chandra speaks with Nilesh Shah, Managing Director of Kotak Mahindra Asset Management on the Adani saga, the state of the markets and much more.

How is the Adani group fighting back after facing its biggest crisis ever? We take a look in this episode of The India Story&nbsp;

This week on The India Story, we take a look at the row around the Adani group, which is currently facing its greatest crisis ever. Triggered by an attack from a New-York based short-seller, the Hindenburg group, its stock value has plunged down and it&rsquo;s lost around 110 billion dollars. The impact of this event, which was being felt by the markets already, has now also made its way to the parliament with a war of words taking place between in the Centre and the Opposition.
In this episode, we&rsquo;ll investigate some crucial questions - how is the Adani group fighting back, where does it stand and what impact will this have on India&rsquo;s growth and place in the world.
Also turning our gaze to the devastating earthquakes in Turkey and Russia, and the history of India-Turkey relations in regards to aid missions.
On the show tonight, Vikram Chandra speaks with Nilesh Shah, Managing Director of Kotak Mahindra Asset Management on the Adani saga, the state of the markets and much more.

Adani issue: SC says not going to issue any injunction to media

A bench headed by Chief Justice DY Chandrachud declined the plea of advocate M L Sharma who mentioned the matter.

The Supreme Court on Friday rejected a plea seeking to gag the media from reporting on the Adani-Hindenburg issue till the court pronounces its order.
The apex court had reserved its order on February 20 on a batch of PILs on the recent Adani Group shares crash triggered by Hindenburg Research's fraud allegations.
A bench headed by Chief Justice DY Chandrachud declined the plea of advocate M L Sharma who mentioned the matter.
&ldquo;We are not going to issue any injunction to the media", the bench also comprising Justices PS Narasimha and JB Pardiwala said.
The top court on Monday had refused to take on record the suggestion of one of the petitioners and a report published by Forbes in a batch of PILs.
Also Watch: <a href="https://www.editorji.com/india-news/tax-officials-inspect-adani-group-facility-in-himachal-reports-1675940485017">After reports of raids, Adani Wilmar clarifies, says it was a 'routine inspection'</a>

The value LIC's investments into Adani group companies have turned negative after falling below their purchase value. 

Adani Row: LIC Investment in Adani Group Stocks turn negative

Adani Group - Hindernburg row: LIC Investment in Adani Group Stocks ‘Turn Negative’

The value LIC's investments into Adani group companies have turned negative after falling below their purchase value.&nbsp;

For the first time, the value of LIC's holdings into the Adani group companies has fallen below the price it was purchased.&nbsp; As per an Indian Express report, the market value of LIC's holdings in Adani group companies (excluding Ambuja and ACC cements) stood at Rs 29, 861 crore as of Thursday, which is close to 11% lower than the purchase value of Rs 30,127 crore.&nbsp;&nbsp;
Earlier, in January, LIC had disclosed that the value of its investments in the Adani Group stood at Rs 56,142 crore while the purchase value was Rs 30,127 crore. LIC had said its exposure in the Adani group was less than 1% of its portfolio.&nbsp;
Adani group companies' market capitalisation was over Rs 19 lakh crore on January 24, just a day before the Hindenburg research report was released. Since then, the group's market cap has been eroded by over 60%.&nbsp;
The Adani group stocks have been battered ever since the Hindenburg report was released nearly a month ago. The report alleged "stock manipulation and accounting fraud", accusations which were strongly denied by the Adani group.&nbsp; &nbsp;

A private Vinod Adani-controlled Singaporean entity pledged Adani promoter stakes for $240m in loans from a Russian bank

Adani's brother borrowed $263 mn on back of Adani stocks: Forbes

A private Vinod Adani-controlled Singaporean entity pledged Adani promoter stakes for $240m in loans from a Russian bank: Forbes

It's not been even a month of the Hindenburg Research report, which triggered a sell-off in Adani Group stocks that another controversy seems to have broken out involving Vinod Adani, the elder brother of Gautam Adani.&nbsp;
Forbes has identified previously unreported transactions involving offshore funds with ties to Vinod Adani that appear designed to benefit the Adani group as a whole.
According to Forbes, billionaire Gautam Adani's brother Vinod Adani's firm Pinnacle Trade and Investment borrowed $263 million from Russia's VTB Bank on back of Adani Group firms' shares.Pinnacle, which Vinod indirectly controls, offered Afro Asia Trade and Investments Limited and Worldwide Emerging Market Holding Limited as loan's guarantors. Both funds together hold $4 billion in Adani stocks.

Adani row: Smriti Irani slams George Soros; TMC MP Mahua Moitra says, at 6pm sharp today...

Billionaire philanthropist George Soros earlier in the day said the turmoil at Gautam Adani's business empire may weaken PM Modi's hold on the government

Taking an apparent dig at Union Minister Smriti Irani for calling upon each and every Indian to respond to US billionaire George Soros's controversial comment on Prime Minister Narendra Modi, Trinamool MP Mahua Moitra in a tweet said, &ldquo;Every Indian urged by Hon&rsquo;ble Cabinet Minister to give fitting reply to George Soros. Please bang your thalis at 6 pm sharp today,&rdquo;
Billionaire philanthropist George Soros earlier in the day said the turmoil at Gautam Adani's business empire may weaken PM Modi's hold on the government - a statement which was strongly countered by BJP as an attack on Indian democracy.
Retorting to Soros's comment BJP leader Smriti Irani alleged that Soros wants to destroy Indian democracy and wanted some "hand-picked" people to run the government here. "We have defeated foreign powers earlier too and will do so again," she asserted.
Also watch: <a href="https://www.editorji.com/india-news/adani-hindenburg-row-modi-govt-accuses-us-billionaire-george-soros-of-conspiring-against-indian-democracy-1676617638995">Adani row: Modi govt accuses US billionaire George Soros of conspiring against Indian democracy</a>
(With PTI Inputs)

Adani row: SC refuses to accept Centre's suggestion on panel of experts in sealed cover 

"We will not accept the sealed cover suggestion by you because we want to maintain full transparency," the bench said.

The Supreme Court on Friday refused to accept in a sealed cover the Centre's suggestion on a proposed panel of experts for strengthening regulatory measures for the stock market.
Observing that it wants to maintain full transparency in the interests of investors, a bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said it would rather not accept the Centre's suggestion in a sealed cover.
"We will not accept the sealed cover suggestion by you because we want to maintain full transparency," the bench said.
On February 10, the top court had said the interests of Indian investors need to be protected against market volatility in the backdrop of the Adani Group stock rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanism.
Till now, four PILs have been filed in the top court on the issue by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and activist Mukesh Kumar.
Adani Group stocks have taken a beating on the bourses after the Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.
The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.&nbsp;

Adani crisis unlikely to spill over to other Indian conglomerates as they fare well on key business parameters

Why the Adani crisis is likely to leave India’s other conglomerates unscathed

Why Adani crisis likely to leave India’s other conglomerates unscathed

Adani crisis unlikely to spill over to other Indian conglomerates as they fare well on key business parameters

The dramatic fall in the Adani Group company shares following allegations by Hindenburg Research is unlikely to spill over to other Indian conglomerates as they fare well on key business parameters, according to Bloomberg Economics. Most major companies, including Reliance Industries Ltd. and the Tata Group, scored higher than the ports-to-power conglomerate in a BE analysis of governance, liquidity and leverage conditions at India&rsquo;s top 17 business houses. Economists Abhishek Gupta said Adani is an outlier, not representative of India Inc. as a whole. Economists further added that India&rsquo;s conglomerates do not yet rank among global majors like Apple and Tesla. But neither are they about to collapse in a heap of governance failures.&nbsp;
The embattled Adani Group on Monday attempted to calm the market as a rout in its shares continued, saying its growth plans are intact, business plans are fully funded and it remains confident of delivering returns to shareholders.
Market value of the group's seven listed companies has halved since a January 24 report by US-based short-seller Hindenburg Research alleged that Adani pulled "the largest con in corporate history" using offshore tax havens and stock manipulation.
The Group has denied all allegations, calling them "malicious", "baseless" and a "calculated attack on India". It called Hindenburg the "Madoffs of Manhattan", referring to the late financier and fraudster Bernie Madoff.

Adani row: Centre agrees to set up panel of experts on regulatory mechanism

&ldquo;The government has no objection to forming a committee. But, the remit of the committee, we can suggest. We can provide names in a sealed cover,&rdquo; the law officer said.

The Centre has no objection to a proposal for setting up a panel of domain experts to look into strengthening the regulatory mechanisms for the stock market, the Supreme Court was told on Monday while it was hearing pleas relating to the Adani stocks rout after the Hindenburg report.
The central government, however, told a bench headed by Chief Justice DY Chandrachud that it wanted to give the names of the domain experts for the committee and the scope of its mandate in a sealed cover in larger interest.
Solicitor General Tushar Mehta, appearing for the Centre and SEBI, said that the market regulator and other statutory bodies are equipped to deal with the present situation arising out of the Hindenburg report.
&ldquo;The government has no objection to forming a committee. But, the remit of the committee, we can suggest. We can provide names in a sealed cover,&rdquo; the law officer said.
Also watch: <a href="https://www.editorji.com/india-news/pm-modi-meets-mass-layoff-viral-video-star-1676290802694">PM Modi meets mass layoff viral video star</a>
Mehta apprehended that any &ldquo;unintentional&rdquo; message on setting up of the panel may have some adverse impact on the inflow of money.
The top court has now listed two PILs, alleging exploitation of innocent investors and "artificial crashing" of the Adani Group's stock value, for hearing on Friday.

Supreme Court sought inputs from the Finance Ministry and SEBI on various issues, including on making the regulatory mechanism robust to protect the interests of investors in the market where capital flow is seamless in modern times

Supreme Court seeks views of govt, SEBI on Hindenburg report on Adani firms

Supreme Court sought inputs from the Finance Ministry and SEBI on various issues, including on making the regulatory mechanism robust to protect the interests of investors in the market where capital flow is seamless in modern times

The Supreme Court Friday said there should be a robust mechanism to ensure that the interests of Indian investors are protected in the stock market and sought views of the Centre and market regulator SEBI on PILs alleging exploitation of innocent investors and "artificial crashing" of the Adani Group's stock value.
Adani row in Supreme Court
A bench headed by Chief Justice D Y Chandrachud sought inputs from the Finance Ministry and others on various issues, including on making the regulatory mechanism robust to protect the interests of investors in the market where capital flow is seamless in modern times.
The bench, also comprising justices P S Narasimha and J B Pardiwala, suggested forming a committee of domain experts and others, besides putting in place "robust practices to protect investors".
The Solicitor General, appearing for the Securities and Exchange Board of India (SEBI), said the market regulator and other statutory bodies were doing the needful.
The court said it was &ldquo;just thinking aloud&rdquo; and not making any observation on the merits of the case as &ldquo;the stock markets usually run on sentiments&rdquo;.
It then listed the two PILs, seeking various reliefs including a probe into the Hindenburg report, for hearing on February 13.
One of the PILs, filed by lawyer Vishal Tiwari, has sought a direction to the Centre to constitute a committee monitored by a retired apex court judge to inquire and investigate into the Hindenburg Research report which has made a slew of allegations against the business conglomerate led by industrialist Gautam Adani.
Another PIL, filed by advocate M L Sharma, seeks prosecution of short-seller Nathan Anderson of the US-based Hindenburg Research and his associates in India and the US for allegedly exploiting innocent investors and the "artificial crashing" of the Adani Group's stock value in the market.

Latest development in the battle between the Adani group and Hindenburg research is that the former has hired U.S legal firm Wachtell, Lipton, Rosen and Katz, which is one of the most expensive law firms in the U.S. 

Adani Vs Hindenburg: Adani group hires U.S based law firm 

Latest development in the battle between the Adani group and Hindenburg research is that the former has hired U.S legal firm Wachtell, Lipton, Rosen and Katz, which is one of the most expensive law firms in the U.S.&nbsp;

Adani group has hired a U.S based law firm, Wachtell in its battle against Hindenburg Research.&nbsp;
According to a Financial Times report, senior lawyers at the law firm will advise it on how to step the crisis facing the conglomerate since Hindenburg accused it of accounting fraud and stock price manipulation. Accusations which Adani group completely denied in a 400 page rebuttal, calling them baseless and discredited. However, since Hindenburg's report came out, the Adani group has seen a massive erosion in market capitalisation.&nbsp;
As per the Financial Times, ''Wachtell, Lipton, Rosen and Katz, is one of the most expensive law firms in the U.S and has been one of the most sought after advisors by besieged corporate boards at some of the largest US companies trying to fend off activist investors or hostile takeovers.''
Meanwhile, MSCI said that that they would reduce the amount of freely tradable shares of the group, with a cut in the weightings of 4 Adani stocks. In addition to Adani enterprises, MSCI will also reduce the weighting of Adani Total Gas and Adani transmission. These changes will be effective 28th of February. This development led to another fall in the Adani group stocks.&nbsp;
&nbsp;

Life Insurance giant LIC will soon meet the management of the Adani group to better understand how the conglomerate is dealing with the crisis. However, LIC has no plans to reduce its exposure to the Adani group currently. 

LIC: No plans to cut exposure, but will meet Adani management

Life Insurance giant LIC will soon meet the management of the Adani group to better understand how the conglomerate is dealing with the crisis. However, LIC has no plans to reduce its exposure to the Adani group currently.&nbsp;

Chairman of the country's largest insurer, Life Insurance Corporation, said that LIC officials will soon meet the Adani group management over the crisis that the conglomerate is facing. He also added, that there are no plans currently to reduce LIC's exposure to the Adani group companies.&nbsp; "Though our investor team has already sought clarifications from the Adanis, we are soon going to call them to meet us and explain. We want to understand what is happening in the market and in the group, and how they are managing the whole crisis." LIC chairman told reporters at the earnings conference on Thursday.
In a recent statement, LIC had said that the total purchse value of their equity exposure was over Rs 36,000 crore and the market value as on January 27th, was Rs 56,142 crore rupees.&nbsp;
LIC has been facing criticism over its exposure to the Adani group companies. Since the scathing report by the U.S based short seller, Hindenburg, made a slew of allegations, the Adani group has seen a massive erosion in market cap.&nbsp;
&nbsp;

Rahul Gandhi was speaking to reporters outside parliament after the prime minister's reply to the Motion of Thanks to the President's address in Lok Sabha

'It reveals the truth, PM protecting his friends': Rahul Gandhi on PM's address in Lok Sabha

Rahul Gandhi was speaking to reporters outside parliament after the prime minister's reply to the Motion of Thanks to the President's address in Lok Sabha

Congress MP Rahul Gandhi on Wednesday accused the prime minister of protecting his friends in the parliament. Speaking to reporters after the PM Modi's reply to the motion of thanks, Gandhi slammed him for not calling for a probe into the allegations against the Adani group.
Earlier in the Lok Sabha, the prime minister without naming the congress MP took a jibe at the &ldquo;ecosystem and supporters&rdquo; over their reaction to Rahul Gandhi's speech in Lok Sabha.&nbsp;

adani hindenburg row

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