Hindenburg, the research team that famously went after top firms claiming to have conducted detailed research, recently posted a tweet on India that went viral. “Something big soon India”, wrote Hindenburg Research in its recent tweet that has gone viral and elicited a range of responses.
The tweet hints the next bombshell. Earlier in January last year, Hinderburg Research published a report criticising the Adani Group just before the planned share sale of Adani Enterprises. The report led to an $86 billion decline in the market value of Adani Group’s stocks and triggered a significant sell-off its overseases listed bonds.
Later, the Supreme Court declined intervention in the Adani-Hindenburg case, supporting SEBI’s ongoing probe. Justices DY Chandrachud, JB Pardiwala, and Manoj Misra stated there was no basis to shift the investigation from SEBI to an SIT.
The case involved allegations of stock price manipulation by the Adani Group. The bench addressed four petitions, delivering a verdict that emphasized the court’s limited authority within SEBI’s regulatory domain.
Highlighting the restrained role, the bench expressed, “The power of this court to enter the regulatory framework of SEBI is limited.” It dismissed calls to direct SEBI to revoke its amendments on FPI (Foreign Portfolio Investors) and LODR (Listing Obligations and Disclosure Requirements) regulations, asserting that these regulations were sound.
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