Page 17 - Adani

Rahul Gandhi slams govt over Hindenburg allegations, says JPC probe must

Leader of Opposition in the Lok Sabha Rahul Gandhi on Sunday said the integrity of SEBI has been "gravely compromised" by the allegations against its chairperson and asked whether the Supreme Court would look into this matter suo motu once again. His remarks came after US short-seller Hindenburg Research on Saturday alleged that market regulator SEBI chairperson Madhabi Buch and her husband had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal. In a post on X, Gandhi said, "The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson." "Honest investors across the country have pressing questions for the government: Why hasn't SEBI Chairperson Madhabi Puri Buch resigned yet? If investors lose their hard-earned money, who will be held accountable -- ?PM Modi, the SEBI Chairperson, or Gautam Adani?" the former Congress chief ...

Hindenburg row: Congress interested in anarchy, controversies, says Scindia

Union Communications Minister Jyotiraditya Scindia on Sunday accused the Congress of spreading anarchy and controversies over the Hindenburg Research's allegations against SEBI chairperson Madhabi Buch. A political firestorm erupted after the US short-seller alleged that it suspects SEBI's unwillingness to act against the Adani group may be because its head Madhabi Puri Buch had stakes in offshore funds linked to the conglomerate. "Congress's work is only to spread anarchy and entangle the country in controversial matters," said Scindia while responding to reporters' query on the Hindenburg Research report. The Guna MP said PM Narendra Modi and BJP workers are carrying the torch of development and progress, whereas the Congress has been trying to mislead the country and keep it in the dark for years. The SEBI has slammed Hindenburg Research's allegations as "baseless" while the Adani group said it never had any commercial relations with Buch. Madhabi Puri Buch and her husband Dhav

Hindenburg attacking Sebi's credibility, say Madhabi and Dhaval Buch

US-based short seller Hindenburg Research is attempting to attack Sebi's credibility and indulging in character assassination of its chairperson, Sebi chief Madhabi Puri Buch and her husband Dhaval said on Sunday. In a detailed statement issued on Sunday evening in response to allegations made by Hindenburg, the Buchs said their investment in a fund promoted by IIFL Wealth Management was as Singapore-based private citizens, and made two years before Madhabi joined Sebi as a whole-time member. They said Dhaval, a senior advisor at Blackstone since 2019, is not associated with the real estate side of the private equity major. The statement also said that Madhabi's two consulting companies immediately became "dormant" on her appointment at Sebi in 2017 as a whole-time member. "Hindenburg has been served a show cause notice for a variety of violations in India. It is unfortunate that instead of replying to the Show Cause Notice, they have chosen to attack the credibility of the SEBI an

TMC demands immediate suspension of Sebi chair Buch after Hindenburg report

The TMC on Sunday demanded that SEBI chairperson Madhabi Puri Buch should immediately be suspended in the wake of US short-seller Hindenburg Research's allegation that she and her husband had stakes in obscure offshore funds linked to Adani group. Hindenburg accused Buch and her husband of having undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. Reacting to the development, senior TMC leader Sukhendu Sekhar Ray said, "SEBI chief should be suspended in no time, and lookout notices must be issued to all airports to prevent her and her husband from leaving the country." The head of the Securities and Exchange Board of India (SEBI) termed the allegation as "baseless" while Adani group said it never had any commercial relations with Buch. TMC MP Mahua Moitra said, "One simple point - Chairperson who has invested in

Buch issues fresh details, says Blackstone on her 'recusal list' with Sebi

Amidst allegations from Hindenburg, the couple stated that they never had exposure to Adani firms

'Didn't give time': Group clarifies Gautam Adani's succession plan comment

Adani Enterprises clarified that Chairman Gautam Adani's succession comments were misquoted, and no date for his retirement or transfer of control to his sons was given

Adani Energy Solutions raises $1 billion, gets bids from US investors

The issue received bids from utility-focussed U.S. investors entering India for the first time along with sovereign wealth funds, Indian mutual funds, and insurance companies, Adani Energy said

The Adani heirs: Meet the future leaders of a $213 billion empire

The future of the Adani dynasty rests in the hands of his two sons, Karan and Jeet, along with their cousins Pranav and Sagar

Gautam Adani plans to step down at 70, to cede control to family in 2030s

When Adani retires, his four heirs - sons Karan and Jeet, and their cousins Pranav and Sagar - will become equal beneficiaries of the family trust

INQ Holdings, SBI funds, Citigroup big buyers in Adani Energy's $1 bn QIP

A unit of Qatar Investment Authority, SBI Mutual Fund, and foreign investment funds Nomura and Citigroup were the biggest buyers of shares in Adani group's power transmission unit's USD 1 billion QIP, according to a stock exchange filing by the company. The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of Adani Energy Solutions Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business. Billionaire Stanley Druckenmiller's family office-led investment firms were among the companies that sought shares of AESL in the QIP. AESL in the filing said its board has approved allocation of over 8.57 crore shares to eligible qualified institutional buyers at the issue price of Rs 976 per share, reflecting a discount of Rs 51.11 (4.98 per cent) to the floor price of Rs 1,027. Giving details of allottees who got more than 5 per cent of shares, it said INQ Holdings LLC, a

Dharavi redevelopment gets new boost as resident body supports govt survey

In a shot in the arm for redevelopment of Asia's biggest slum, a newly formed association of residents of Dharavi and its vicinity has lent its support to ongoing state government-led survey of informal tenements, a precursor to the USD 3-billion project by the Adani group that promises to transform lives of an estimated one million residents. "We request the survey be conducted at the earliest possible time to ensure that the redevelopment can move forward without further delays," Citizen and Society Development Welfare body of Dharavi residents wrote to SVR Srinivas, CEO Dharavi Redevelopment Project/Slum Rehabilitation Authority (DRP/SRA), of government of Maharashtra, on July 30. Representatives of Citizen and Society Development Welfare, who have given the slogan of Dharavi Banao Andolan, met Srinivas and submitted a memorandum seeking expedition of the survey being conducted in Dharavi. The survey, which began on March 18, 2024, has so far completed 10,000 tenements via door t

Adani Energy's $1-bn QIP subscribed 6 times with Rs 50k cr demand

Billionaire Stanley Druckenmiller's family office-led investment firms have made their maiden bet on Adani group, seeking shares of the conglomerate's power transmission unit in an institutional sale that was oversubscribed six-times and fetching demand of over Rs 50,000 crore against an issue size of USD 1 billion. Duquesne Family Office and two other US-based long-only funds - Driehaus Capital Management and Jennison Associates - invested in the qualified institutional placement (QIP) of Adani Energy Solutions, sources with direct knowledge of the matter said. The Rs 8,340 crore (USD 1 billion) issue saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business. Sources said the issue marked the debut of highly prestigious long-only investors Duquesne Family Office, Driehaus Capital Management and Jennison Associates which are known for their strong performance. These investors are known for investing only in companies wi

Adani Group planning investment in two airports in Vietnam: Report

The Group plans to expand its collaboration with Vietnamese partners in the aviation and logistics sectors through the development of Long Thanh and Chu Lai airports

Adani Wilmar posts Rs 313 cr profit in June quarter on higher income

Edible oil major Adani Wilmar on Monday reported a consolidated net profit of Rs 313.20 crore for the first quarter of this fiscal on higher income. The company had posted a net loss of Rs 78.92 crore in the year-ago period. The total income rose to Rs 14,229.87 crore during the April-June period this fiscal from Rs 12,994.18 crore in the corresponding period of the previous year, according to a regulatory filing. Adani Wilmar, a joint venture between Adani Group and Singapore's Wilmar, is into edible oil, food & FMCG and industry essentials businesses. The company sells most of its products under the 'Fortune' brand.

Adani Group to commission first phase of $4 bn petchem project by Dec 2026

The Adani Group will commission the first phase of a USD 4 billion PVC project by December 2026, making its foray into the petrochemicals sector that is marked by a mismatch between domestic demand and supply, sources said. Polyvinyl chloride (PVC) - the third-most common synthetic plastic polymer made worldwide - is used to make products such as raincoats, shower curtains, window frames, pipes for indoor plumbing, medical equipment, wire & cable insulation, bottles, credit cards, and flooring. India's annual PVC demand is roughly 4 million tonne but domestic production capacity is only about 1.5 million tonne, resulting in a supply-demand mismatch. With this disparity between domestic output and consumption expected to widen with an increase in consumption, Adani Group is looking to tap into the sector. Adani Enterprises, the group's flagship firm, is setting up a petrochemical cluster in Mundra in Gujarat. Within this cluster, it aims to set up a PVC plant with a capacity of 2 ..

Adani Energy posts Rs 823 cr net loss in Q1 amid Dahanu divestment decision

Operational earnings before interest, taxation, depreciation and ammortisation (Ebitda), the company said, rose 30 percent to Rs 1628 crore

Adani Group submits investment proposal for Nairobi airport upgradation

Kenya Airports Authority (KAA) on Wednesday said it has received an investment proposal from the Adani Group for the upgradation of the airport in Nairobi. The investment proposal under the public-private partnership has been submitted by Adani Airport Holdings Ltd (AAHL) for Nairobi's Jomo Kenyatta International Airport (JKIA). Currently, AAHL manages seven airports in India and is also developing the Navi Mumbai airport. In a statement, JKIA Managing Director and Chief Executive Officer Henry Ogoye said the proposal came following the Kenyan government approving a medium-term investment plan for the upgradation of the passenger terminal building, runway, taxiway and apron at the Nairobi airport. "Kenya Airports Authority (KAA) received an investment proposal under the Public Private Partnerships Act 2021 from the Adani Airport Holdings Limited, a key airport operator, to invest in a new passenger terminal building, second runway and refurbishment of the existing facilities at JKI

Adani Group eyes Jaypee Group's cement assets amid insolvency proceedings

Adani Group's cement arm, which includes ACC and Ambuja Cement holding, is India's second-largest cement producer

Adani-Hindenburg row: SC quashes plea seeking review of Jan 3 verdict

The plea said Sebi had only updated the court about the status of its 24 investigations after the allegations, without disclosing any details of action taken

Sebi has a strong case against US-based Hindenburg Research, say lawyers

On June 26th, the Sebi issued show-cause notices to Hindenburg Research LLC, US-based hedge fund manager Mark E Kingdon, and four others