: Hidenburgs Adani report: RBI, SEBI should probe charges #WorldNEWSAll We fully understand the close relationship between the Adani Group and the current government. But we urge SEBI and RBI to play
Hidenburgs Adani report: RBI, SEBI should probe charges #WorldNEWSAll
We fully understand the close relationship between the Adani Group and the current government. But we urge SEBI and RBI to play their roles as stewards of the financial system.
Normally a political party should not be reacting to a research report on an individual company or business group prepared by a hedge fund. But the forensic analysis by Hindenburg Research of the Adani Group demands a response from the Congress party.
This is because the Adani Group is no ordinary conglomerate: it is closely identified with Prime Minister Narendra Modi since the time he was Chief Minister.
Furthermore the high exposure of financial institutions such as the Life Insurance Company of India (LIC) and the State Bank of India (SBI) to the Adani Group has implications for financial stability and for the crores of Indians whose savings are stewarded by these pillars of the financial system. It is worth noting that earlier reports had described the Adani Group as “deeply over leveraged”.
The allegations require serious investigation by those who are responsible for the stability and security of the Indian financial system, viz. the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).
The Hindenburg report alleges “brazen stock manipulation” and “accounting fraud” by the Adani Group via “a vast labyrinth of offshore shell entitiep'KH] ][ۈ[[][ۈو[Xx&[[X[X] [H H NNLH YܛZ[YY [ ݙH [[H[ ][ H ^Z[Y[܈YX[ܙZYۈ[ܜˈ] XYX[ H Y [ܙXH H [[Hو[[X[[ H[ H8% ][ [ ] [[[ۙ^K[][[HXܜ ][[ YHܚ[Z[[ ܚ [[H[ Y8%[ Y XH[[HۈٙܙH ^][ˈ܈[] [X]X[ۙ^K H[HݙY[[ H[^YH ؙ [X]X]]YH] ]ݚ]H[ܛ HH ]ZY ][[PH[Y]H H[Y][ۜ H[[[[YOH[Y][ۜو[[X[X[X[H [HY[Y ] ] ܜH ] H[HݙY[X^H]H^ Y[Xx&[[X[ [H [ZX Y HX[[Y[ [ HY[HܛXYHH ]YX ]H[]YZHPВH[ XX X܈[ˈ]][HY[BH[] ][ۜ]HX[ H[[Y HY[Hܛ][ Z ]]H X܈[ ]H[ ]Y[[X]Hوۘٛݙܜܘ]Hݙ[H[[XYˈ]X HوP( 2WVG76WG2VFW"vVVBVFrFvvF27Vb(+sB7&&R&RF6W2B6&6RG26V6B&vW7BFr
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