The Adani Group has faced a series of allegations and controversies that have unfolded over the past year, starting with a major report by Hindenburg Research. Below is a timeline of the key events:
January 24, 2023: Hindenburg Research, a US-based hedge fund, published a report accusing the Adani Group of stock price manipulation and poor corporate governance. The report wiped out over $100 billion of investor wealth.
February 1, 2023: The Adani Group called off its Rs 20,000 crore follow-on public offering (FPO) for Adani Enterprises. Despite being fully subscribed, the offering attracted minimal interest from retail investors. On the same day, Credit Suisse reported that US investors were unwilling to accept bonds from Adani companies as collateral for margin loans.
March 1, 2023: A plea was filed in the Supreme Court, requesting the formation of a committee to investigate the claims made by Hindenburg Research.
March 2, 2023: The Supreme Court set up a three-member committee to investigate the allegations, with former judge AM Sapre as the head. It also directed the Securities and Exchange Board of India (Sebi) to complete its investigation within two months.
May 8, 2023: The committee submitted its report, which found no evidence of price manipulation in the Adani Group's stock.
May 17, 2023: The Supreme Court allowed Sebi an extension until August 14 to complete its investigation.
August 14, 2023: Sebi requested an additional 15 days to submit its report.
August 25, 2023: Sebi informed the court that it had completed 24 investigations, 22 of which were final, and 2 interim. It was still waiting for information on foreign portfolio investors who had invested in Adani stocks.
December 5, 2023: The US government’s Development Finance Corporation stated that the allegations by Hindenburg Research did not apply to Adani Ports.
June 2024: By this time, the Adani Group had recovered all the losses it had suffered during the 2023 stock rout.
July 2, 2024: Hindenburg Research revealed it had received a notice from Sebi accusing it of violating Indian laws.
August 10, 2024: Hindenburg Research made further allegations, claiming that Sebi's chairperson, Madhabi Puri Buch, had stakes in offshore entities linked to the alleged Adani money siphoning scandal.
November 21, 2024: US authorities indicted Gautam Adani and several others in a $265 million bribery case connected to solar energy contracts in India.
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