50 days since the Hindenburg expose Adani. No investigation by India Govt yet

> The Securities and Exchange Board of India (SEBI) in written note before a bench headed by Chief Justice DY Chandrachud, which was hearing two PILs relating to the recent Adani Group shares crash, described what short-selling is and what the Hindenburg Research did but did not once name the Adani Group in the 20-page document.

That reads more like an investigation of Hindenburg Research than an investigation of Adani Group.

It was actually Supreme Court that directed SEBI to probe Adani issue. [1]

While Adani's son’s father in law is still on SEBI committee for corporate governance & insider trading!

Cyril Shroff, who runs a corporate law firm Cyril Amarchand Mangaldas, is the father-in-law of Gautam Adani's son Karan. Apart from offering legal advise to the Adani Group, Cyril Shroff also a member of the Indian stock market's regulator's (SEBI) committee, which looks at offences such as insider trading. [2]

And SEBI will probe Adani for any conflicts of interest? I guess irony died.

[1] https://www.business-standard.com/article/companies/supreme-...

[2] https://www.freepressjournal.in/business/adanis-relative-on-...

This is not true. In the US, something of this magnitude, even if it was entirely a question of financial irregularities would trigger multiple investigations by multiple entities. Congress rarely gets involved, but the Justice department, which is the govt’s prosecutorial arm, often does (Congress getting involved would be the equivalent of a Parliamentary investigation in India…the Justice Dept investigation would be similar to the CBI, because I don’t believe India has a direct equivalent to the Justice dept).

For example, Hindenburg’s claims against Nikola motors, which was a much more straightforward case led to complete investigations by the SEC and the Justice Department. There was also an investigation by the Southern District of NY, which is the primary financial irregularities investigator in the US system.

The SEBI investigation was driven by a court request. In fact, when the courts were deliberating what steps they should require (since the govt wasn’t acting), the govt’s position was that the court should actually be requiring an investigation of Hindenburg.

But Hindenburg’s report wasn’t a simple allegation of financial fraud, but also deep political connections with the Modi govt. Allegations of that nature would have triggered not just a separate Justice dept investigation, but also likely led to separate House and Senate investigations as well.

What India is doing is clearly a joke, and the reason it’s a joke is because nothing Hindenburg has alleged was not known to pretty much everyone in India. If you tried to do any business with the Indian govt their lackeys would openly question your choice to partner with Infosys or Tata, and ask why didn’t you approach Adani instead.

It’s a blatant scam, and Adani and Modi are in an obvious and blatant unholy and corrupt alliance with each other.

If you live in India and claim that’s not true I’m sorry for your incredible naïveté. Go talk to pretty much anyone who does business with the govt in the country, or even trades regularly on the markets.

Yeah, you can't really expect the Enforcement Directorate to investigate this. They are really busy dealing with the opposition: https://wap.business-standard.com/article/current-affairs/ed...

I don't know why people choose to pretend that investigative agencies in India are independent or that they are not used by executive for political ends.

But I do know why people like to pretend that Adani doesn't have a nexus with current dispensation.

Spot on!! The above assumption/question is simply an out and out lie - This has been peddled by the INC and AAP parties, both of who are obviously trying to capitalize on a non-issue - they have done this before. All the issues they've peddled in the past have died away with zero result.

I see no reason for an investigation just because some unknown third-party publishes some report - with obviously ulterior motives (of shorting the stock). Look at this one by AAP for example: https://www.financialexpress.com/india-news/adani-companies-... Quoting: "...(AAP) spokesperson Sanjay Singh claimed that Adani Enterprise Limited (AEL) took the money for the generation and operation of electricity from the Maharashtra government and also pocketed the profit." Adani took money for generating and operating the electrical generation system AND pocketed the profits. OF COURSE he will pocket the profit. THAT is why he has taken the outsourcing contract of the electrical generation system. This is the right of whoever wins the outsourcing tender. I mean, this is bullshit of the highest order - The Adani's of this world are in business to make profits not donate to the world cause.

On the other hand he's lost orders too.

Why do I call the Adani/Hindenberg a non-issue?

* NSE DID put a short term surveillance which it lifted and Adani shares surged subsequently: https://www.financialexpress.com/market/adani-stocks-surge-u...

* Look at their Balance sheet https://www.google.com/finance/quote/ADANIENT:NSE - yes their D/E ratio is high (I think they are over-leveraged) but that is the decision that is the right of the CEO/Board so long as they are within limits. Their D/E ratio is less than 100%, their income, EBTDA, net profits all have been growing. They have enough assets to cover the debt they have taken.

* They have prepaid their share backed loans: https://www.msn.com/en-us/money/companies/adani-founders-pre... - NO ONE who's running out of money will prepay their loan amounts.

* Adani has sued Hindenburg. Let's see what comes out of that one.

Yes, Adani shares are lower than what they were but the overall Indian stock market has fallen given the SVB blues.