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Fully cooperating with probe, says Adani after Sebi's extension request

A US-based short seller named Hindenburg report charged Adani Group with financial wrongdoings in its investigation on February 25

Adani, Adani Group

Photo: Bloomberg

BS Web Team New Delhi

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Adani Group has released a statement saying that it is "fully cooperating" with Sebi's probe into allegations made by the short-seller Hindenburg Research against it.

The Securities and Exchange Board of India (Sebi) on Saturday requested the Supreme Court for additional six months to complete its probe, citing complex transactions involving listed, unlisted and offshore entities that required detailed investigations.

May 2 was the initial deadline for the Sebi to file a status report to the apex court.

Adani Group's statement stated that it welcomed the investigation, which represents a fair opportunity for everyone to be heard and for all issues to be addressed. The statement further affirmed that the Group headed by billionaire Gautam Adani is fully compliant with all laws, rules and regulations and is confident that truth will prevail. 

"We are fully cooperating with Sebi and will continue to provide all our support and cooperation," the statement said.

The statement also noted that the application filed by Sebi in the Supreme Court on Saturday had no conclusion of any alleged wrong-doing and instead only cited the allegations made against the group by short-seller's report that are still under investigation.

"We understand that Sebi has approached the Hon'ble Supreme Court for more time to conclude its investigation," the statement added.

The statement also made an appeal to the media to avoid needless speculation at this time and wait for Sebi and the Expert Committee appointed by the Hon'ble Supreme Court to complete their work and submit their findings

The New York-based short seller's report came in January. The report accused the Adani Group of accounting fraud and stock price manipulation. This led to a stock market decline that wiped almost $145 billion from Group's market worth.

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First Published: Apr 30 2023 | 7:45 AM IST

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