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SEBI hid facts to shield Adani, petitioner claims in Supreme Court

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New Delhi The Securities and Exchange Board of India (Sebi) not only concealed several facts about previous investigations against the Adani Group but also tweaked the regulations to keep the group’s regulatory contraventions and price manipulations undetected, one of the petitioners demanding investigations into allegations of stock manipulation and accounting fraud against the Adani Group made by US short-seller Hindenburg Research, has claimed in the Supreme Court.

A petitioner claims in the Supreme Court that Sebi hid facts against Adani group in stock manipulation probe. (HT Archive)
A petitioner claims in the Supreme Court that Sebi hid facts against Adani group in stock manipulation probe. (HT Archive)

In an affidavit filed two days ago, Anamika Jaiswal alleged that the market regulator did not apprise the court of an investigation initiated by the directorate of revenue intelligence (DRI) against the Adani group of companies over alleged overvaluation of import of equipment and machinery by various entities of the Adani Group from a UAE-based subsidiary.

Also Read: Why is PM not ordering a probe into Adani row: Rahul Gandhi

In January 2014, DRI sent a letter to the then Sebi chairperson, UK Sinha, alerting him that there may be stock market manipulation by the Adani group of companies, said Jaiswal’s affidavit, adding this letter was also accompanied by a CD containing evidence of siphoning of 2,323 crore. According to the petitioner, Sinha chose to close the investigation instead of acting on DRI’s inputs. It pointed out that Sinha, who retired as Sebi chairperson in March 2017, is now a non-executive director of NDTV, which was acquired by the Adani Group in 2022.

Jaiswal further said that the Central Bureau of Investigation (CBI) also had to shut its probe in the matter after the Maharashtra government did not grant sanction for prosecution.

Also Read| ’22 out of 24 matters probed’: SEBI submits status report to SC in Adani case

“It is shocking that SEBI has not disclosed the receipt of the said letter (DRI letter) and evidence from the DRI till date before this Hon’ble Court,” stated the affidavit, citing Sebi’s previous statements to the court that it started investigation against the Adani group only in June-July 2020. The affidavit said that Sebi’s conduct amounts to perjury.

Referring to the latest status report submitted by Sebi in the court earlier this month, Jaiswal said that though the market regulator claimed that 22 out of 24 investigations arising out of the Hindenburg report were final in nature, outcomes of these investigations have been kept under wraps by Sebi.

The affidavit also alleged a conflict of interest in Sebi conducting investigation into the matter. It said that Cyril Shroff, managing partner, Cyril Amarchand Mangaldas law firm, has been a member of Sebi’s committee on corporate governance, which looks at offences like insider trading. “Cyril Shroff’s daughter is married to Karan Adani, son of Gautam Adani, showing clear conflict of interest,” claimed Jaiswal, stressing that 5 of the 24 Sebi investigation reports are on insider trading allegations against the Adani group.

HT reached out to Shroff and the law firm for a response to Jaiswal’s allegations, but the attempts remained unsuccessful.

To be sure, the committee on corporate governance was constituted by Sebi in 2017 and it has 23 other members, which include bankers, entrepreneurs, chartered accountants, business executives, senior bureaucrats and corporate lawyers.

Jaiswal’s affidavit also referred to certain new reports by international papers that reportedly incriminate the Adani Group for contravening an array of regulations. It further maintained that Sebi brought amendments into the regulations relating to foreign portfolio investors (FPIs) and listing obligations and disclosure requirement (LODR) were in 2014 and 2015 respectively only to benefit the Adani group.

The Supreme Court is expected to take up the matter on September 15.

Hindenburg’s report published in January claimed “brazen accounting fraud” and “stock manipulation” by the Gautam Adani-led group. Though the conglomerate rejected the report as “unresearched” and “maliciously mischievous”, it triggered a massive rout of Adani Group stocks, which lost over $140 billion in days and forced the cancellation of a 20,000 crore share sale in the group’s flagship.

Acting on a clutch of petitions demanding a probe into the matter, the Supreme Court on March 2 set up a six-member panel, led by retired Supreme Court judge AM Sapre, to look into regulatory failure by Sebi and alleged breach of laws by the Adani Group.

In its report submitted in May, the committee said the allegations of stock price manipulation or violation of MPS norms by Adani Group companies cannot be proved “at this stage”.

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Colgate-Palmolive CEO Shifts Focus to Science and Innovation in India’s Growing Market – Flaunt Post

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Colgate-Palmolive’s CEO, Noel Wallace, has openly acknowledged that the company allowed itself to be distracted by the allure of Patanjali’s Ayurvedic products, a deviation from its traditional focus on scientific credentials and technical superiority. Wallace, though, has made a strategic turn and now stresses the significance of going back to its basics. This change in strategy emphasises the company’s dedication to utilising India’s enormous talent pool and strong digital infrastructure to foster innovation and growth.

India, the third-largest market for oral care goods, has a special position in Colgate’s global strategy. Colgate-Palmolive recognises India as a pillar of its ambitions as it looks toward its 2025 vision. Notably, India has developed into a crucial innovation hub for business, not just for creating new products but also for creating cutting-edge technological platforms and applications. India has changed dramatically during the last five to ten years. It has become a hub for innovation and technical development, creating an ideal environment for businesses like Colgate-Palmolive to flourish. A thriving online market has been made possible by the government and private sector of India’s investments in digital infrastructure, and the nation’s enormous skill pool is still expanding tremendously. India has become established as a global talent outpost for innovation and development as a result of this combination of circumstances.

Wallace’s vision for Colgate in India revolves around a growth mindset. He emphasises the necessity of premiumization, enhancing the quality and appeal of Colgate’s goods, and boosting sales. India’s distinct market dynamics offer both possibilities and challenges. For instance, 80% of urban consumers only brush once a day, and more than half of the rural population in India does not brush every day. These figures show the market’s untapped potential in India, which Colgate-Palmolive intends to tap into with its new strategic direction.

In conclusion, Colgate-Palmolive’s CEO, Noel Wallace, recognises the need to return to the company’s roots, emphasizing its scientific prowess and technical excellence in India. India is a major priority for the company’s growth objectives because of its strategic relevance as a hub for markets and innovation. India has a growing talent pool and a cutting-edge digital infrastructure, making it a perfect location for businesses trying to spur innovation and win in this competitive market.

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Pixel 8 vs. Pixel 8 Pro: Choosing Your Perfect Google Smartphone – Flaunt Post

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Google’s most recent smartphones, the Pixel 8 and Pixel 8 Pro, have caused a lot of discussion in the rapidly changing world of smartphones. These flagship phones accommodate various preferences and price ranges with a variety of new features and enhancements. To assist you in determining which one best meets your needs, we’ll compare the Google Pixel 8 and Pixel 8 Pro in this article.

PRICE TAG:

Let’s start by discussing the cost. Google’s Pixel series has received accolades in the past for providing flagship features at a more affordable pricing. But this time, the costs of both phones have gone up. The cost of the Pixel 8 is ₹58,000, while the Pixel 8 Pro is ₹83,000. The Pixel 8 can be your best option if you’re on a tight budget because it still has excellent capabilities without being too expensive.

CAMERA CAPABILITIES:

The camera settings on these two phones are one of their most striking distinctions. In this regard, the Pixel 8 Pro leads the way. With a 48MP ultrawide lens and a 48MP Quad PD telephoto camera, it promises a more sophisticated camera configuration. A must-have for photographers, this telephoto lens offers 5x optical zoom and Super Res Zoom up to 30x. However, while lacking the zoom capabilities of its pro sibling, the 50MP wide camera on the Pixel 8 offers a good photographic experience. If you are passionate about photography, the Pixel 8 Pro’s camera capabilities may be the deciding factor.

DISPLAY SIZE AND QUALITY:

Your smartphone experience can be dramatically impacted by display size. The largest screen, at 6.7 inches, belongs to the Pixel 8 Pro, giving it the best choice for multitasking and watching video. The Pixel 8 boasts a smaller 6.2-inch display in comparison. In addition, the Pixel 8 Pro has a screen that is brighter and clearer than the Pixel 8, with a resolution of 1,384 x 2,992 pixels as opposed to 1,080 x 2,400 pixels. Additionally, the Pro model has a broader range of changeable refresh rates (1Hz to 120Hz), which improves the fluidity of your interactions.

BATTERY LIFE:

Particularly for people who use their phones continuously throughout the day, battery life is an important consideration. With a bigger 4,950mAh battery than the smaller 4,355mAh battery of the Pixel 8, the Pixel 8 Pro has the advantage in this area. The Pixel 8 Pro can complete your everyday chores without frequently needing to be recharged due to its increased capacity.

SPECIAL FEATURES:

Both phones use Google’s Tensor G3 chip and Titan M2 security coprocessor, which improve security and AI-powered functionality. However, the larger battery and more sophisticated camera capabilities of the Pixel 8 Pro make it more suitable for undertaking more difficult AI jobs. A game-changer for some users, the Pro model also includes features like the Audio Magic Eraser, Super Res Zoom, and enhanced Call Screen.

In conclusion, your priorities and finances ultimately determine whether you choose the Google Pixel 8 or Pixel 8 Pro. The Pixel 8 is a great alternative if you’re searching for a low-cost device with good capabilities and a more manageable size. The Pixel 8 Pro is a worthwhile purchase if you’re a photography enthusiast who values a larger, high-quality display and longer battery life. Whatever you decide, both phones provide a glimpse into the future of smartphone technology as well as the prominent Google experience.

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Noida International Airport Projects Skyrocketing Growth Amidst Air Travel Resurgence – Flaunt Post

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The Noida International Airport in Jewar has altered its passenger traffic predictions in a surprising change of events that reflects the amazing increase in air travel. The airport’s initial goals for its first year of operation were accommodating 4.1 million passengers. However, according to the most recent estimate, it now expects to host an astounding 6.5 million visitors. This long-awaited aviation hub, which is owned by Zurich Airport and skillfully built by Tata Projects, is set to open its doors in 2024.

Christoph Schnellmann, the CEO of Noida Airport, is the main reason behind this assurance. He credits the swift recovery of Indian air travel as well as the sizeable aircraft orders made by Indian carriers for this optimistic prediction. The domestic aviation industry in India has recovered at an astounding rate and has been nothing short of a success story. According to Airbus’s far-sighted forecast, India would welcome a staggering 685 million passengers by the year 2042, solidifying its position as the world’s third-largest civil aviation market, behind China and the United States.

What further underscores India’s aviation prowess is the revelation by a Barclays report that Indian carriers hold the world’s second-largest order backlog, contributing nearly 7% to the global aviation industry’s total backlog, second only to the United States. This is a testament to the robust growth and potential of the Indian aviation sector.

A fascinating investor presentation offers an intriguing picture of a bustling airport that will welcome 12 million passengers in its first three years of operation. The Noida airport, which has a single runway and an incredible 28 aircraft stand, will pull off this amazing accomplishment. The runway, which measures an impressive 3,900 metres, can accommodate up to 28 aircraft at once. A vast passenger terminal with a huge area of 100,000 square metres complements this infrastructure.

However, reaching 12 million passengers just signals the start of a bold expansion strategy. The airport’s long-term goal is to serve an estimated 70 million people a year, securing its position as a significant aviation centre in the area. Instead of relying on overflow traffic from Delhi Airport, Noida International Airport has made a firm commitment to building its own distinct client base. This unique strategy highlights the airport’s confidence in its capacity to draw travellers from the neighbouring areas in addition to Delhi.

Noida International Airport’s potential is further enhanced by its advantageous location. It is ideally positioned to serve as the entryway to the renowned tourist spots, including those in close proximity to Agra, Mathura, and Barsana. A consistent flow of business travellers is also guaranteed by its proximity to industrial centres like Ghaziabad, which is home to electronics giants like Samsung, LG, and Vivo. Furthermore, the airport has set its sights on fostering international connections with SAARC and Middle Eastern countries. This ambitious endeavor is expected to bolster the airport’s global reach and make it a crucial international transit point.

The International Air Transport Association (IATA) recently assigned the Noida International Airport the three-letter code “DXN” in an important strategic move. This code symbolises the airport’s strategic location, serving not only Noida but also Delhi and western Uttar Pradesh. This multi-state accessibility is set to make Noida International Airport a convenient and preferred choice for travellers.

Noida International Airport stands as a tribute to India’s aviation rebirth as the countdown to its 2024 opening continues. The airport is poised to change air travel in northern India and make a lasting impression on the world of aviation as a result of ambitious growth estimates, a dedication to building its client base, and a strategic position that connects business and pleasure.

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