Business
SEBI hid facts to shield Adani, petitioner claims in Supreme Court
![](https://flauntpost.com/wp-content/uploads/https://www.hindustantimes.com/ht-img/img/2023/09/11/1600x900/A-petitioner-claims-in-the-Supreme-Court-that-Sebi_1694455460385.jpg)
[ad_1]
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.
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”.
Business
How Coin Masters is the Best Bookkeeping Service in Ottawa Simplifies Financial Management
Bookkeeping can be a daunting task for many businesses, but it doesn’t have to be. In Ottawa, Coin Masters is the best bookkeeping service in Ottawa, revolutionizing the way businesses handle their financial records by offering simplified and efficient bookkeeping services.
The Importance of Simplified Bookkeeping
For businesses to thrive, it’s essential that financial records are not only accurate but also easy to manage. Simplified bookkeeping helps in:
- Better Decision-Making
With clear and concise financial records, business owners can make informed decisions quickly. - Time Savings
By outsourcing bookkeeping tasks to Coin Masters, the best bookkeeping service in Ottawa, businesses save time that can be better spent on core activities. - Reduced Errors
Simplified processes reduce the chances of errors, ensuring that all financial information is accurate and reliable.
Coin Masters’ Approach to Simplified Bookkeeping
Coin Masters is the best bookkeeping service in Ottawa because they understand the challenges businesses face when it comes to bookkeeping. Here’s how they simplify the process:
- User-Friendly Software
Coin Masters is the best bookkeeping service in Ottawa because they use the latest bookkeeping software, making it easy for businesses to access their financial information in real time. - Comprehensive Services
From transaction recording to tax preparation, Coin Masters is the best bookkeeping service in Ottawa offering a full suite of services, so businesses don’t have to juggle multiple providers. - Personalized Support
Every client is assigned a dedicated bookkeeper who provides personalized support, ensuring that all their specific needs are met. This is another reason why Coin Masters is the best bookkeeping service in Ottawa. - Efficient Onboarding
Coin Masters is the best bookkeeping service in Ottawa offering an efficient onboarding process, allowing businesses to start benefiting from their services within 24 hours.
Conclusion
Coin Masters is the best bookkeeping service in Ottawa making bookkeeping easier for local businesses by offering simplified, efficient, and personalized services. If you’re looking to streamline your financial management, Coin Masters is the best bookkeeping service in Ottawa and the partner you need.
Business
Coin Masters: Sunny Khosla’s Vision for Financial Innovation and Business Growth
In the ever-evolving world of finance, innovation is key to staying ahead of the competition and ensuring long-term business success. Sunny Khosla, already established as a leading CFO, recognized this need and founded Coin Masters—a company dedicated to delivering innovative financial solutions that empower businesses to optimize their strategies, manage cash flow effectively, and achieve sustainable growth. Under Khosla’s visionary leadership, Coin Masters has quickly become a trusted partner for companies looking to navigate the complexities of modern finance.
The Genesis of Coin Masters: Filling a Critical Gap
The idea for Coin Masters emerged from Khosla’s extensive experience in corporate finance. Throughout his career, he encountered numerous businesses struggling with the same core issues: inefficient financial strategies, poor cash flow management, and a lack of long-term planning. Khosla realized that there was a significant gap in the market for a company that could provide comprehensive financial solutions tailored to the unique needs of each business.
With this in mind, Khosla founded Coin Masters, aiming to create a platform that offers businesses the tools and expertise they need to succeed. His vision was to go beyond traditional financial consulting, offering a holistic approach that combines cutting-edge technology, strategic insight, and practical financial management. Coin Masters quickly gained a reputation for its ability to deliver results, helping businesses streamline their operations, reduce costs, and maximize profitability.
Innovative Financial Solutions: Tailored to Business Needs
One of the key differentiators of Coin Masters is its commitment to providing innovative, customized financial solutions. Khosla understands that no two businesses are alike, and a one-size-fits-all approach to finance simply doesn’t work. Coin Masters offers a range of services designed to meet the specific needs of each client, from small startups to large multinational corporations.
At the heart of Coin Masters’ offerings is its advanced financial analytics platform. This platform uses state-of-the-art technology to provide businesses with real-time insights into their financial performance. By analyzing a wide range of data points, the platform helps companies identify inefficiencies, forecast future financial trends, and make informed decisions that drive growth.
In addition to its analytics platform, Coin Masters offers expert consulting services. Khosla and his team of financial professionals work closely with clients to develop and implement strategies that address their unique challenges. Whether it’s optimizing cash flow, managing debt, or planning for future growth, Coin Masters provides the guidance businesses need to achieve their financial goals.
Driving Business Growth Through Strategic Planning
A cornerstone of Khosla’s approach at Coin Masters is his emphasis on strategic planning. He believes that businesses can only achieve sustainable growth if they have a clear, well-thought-out plan in place. Coin Masters helps companies develop comprehensive financial strategies that align with their long-term objectives, ensuring that every decision made is part of a larger, cohesive plan.
One of the key areas where Coin Masters excels is in helping businesses manage their cash flow. Cash flow is the lifeblood of any business, and poor management in this area can lead to significant problems down the line. Coin Masters works with clients to develop cash flow management plans that ensure they always have the liquidity needed to operate smoothly, even during challenging periods.
Another important aspect of strategic planning at Coin Masters is risk management. Khosla understands that every business faces risks, whether from market volatility, regulatory changes, or unexpected disruptions. Coin Masters helps companies identify potential risks and develop strategies to mitigate them, ensuring that they are prepared for whatever challenges may come their way.
Empowering Businesses with Financial Literacy
Beyond providing financial solutions, Khosla is passionate about empowering businesses with the knowledge they need to succeed. He believes that financial literacy is crucial for long-term success and that every business leader should have a solid understanding of their company’s financial health.
To this end, Coin Masters offers a range of educational resources designed to enhance financial literacy among business leaders and their teams. These resources include workshops, webinars, and personalized training sessions that cover a wide range of topics, from basic financial principles to advanced financial strategy. By equipping business leaders with the knowledge they need, Khosla and his team at Coin Masters are helping to build stronger, more resilient businesses.
Looking to the Future: Innovation and Growth
Sunny Khosla’s vision for Coin Masters is one of continuous innovation and growth. As the financial landscape continues to evolve, he is committed to ensuring that Coin Masters remains at the forefront of the industry, providing businesses with the tools and insights they need to thrive.
Khosla is particularly excited about the potential of new technologies to revolutionize the way businesses manage their finances. He is exploring the use of artificial intelligence, machine learning, and blockchain technology to further enhance Coin Masters’ offerings, making them even more powerful and accessible to businesses of all sizes.
Looking ahead, Khosla is confident that Coin Masters will continue to play a vital role in helping businesses navigate the complexities of modern finance. His unwavering commitment to innovation, combined with his deep understanding of corporate finance, ensures that Coin Masters will remain a trusted partner for businesses seeking to achieve sustainable growth in an increasingly competitive world.
Business
Coin Masters – Your dedicated finance team, from bookkeeping to the boardroom.
In today’s fast-paced business environment, effective financial management is key to achieving success. Coin Masters offers a complete suite of financial services designed to streamline your operations and provide strategic insights that drive growth.
Holistic Financial Management
Coin Masters delivers a comprehensive range of financial services tailored to meet the needs of businesses at various stages of growth. Our holistic approach ensures that all aspects of your financial management are covered, allowing you to focus on core business activities.
- All-Inclusive Services: We handle crucial financial functions such as accounts payable/receivable, payroll, HST, bank reconciliation, and budget variance reporting. Our team is dedicated to managing these tasks with accuracy and efficiency.
- Customized Solutions: Our flexible subscription plans are designed to meet your specific needs and budget. From foundational bookkeeping services to advanced financial analysis, we provide solutions that align with your business goals.
Strategic Financial Expertise
Coin Masters offers more than just financial management; we provide strategic insights through our experienced virtual CFOs. Our virtual CFOs bring a wealth of knowledge to your business, offering high-level guidance that supports your long-term objectives.
- Expert Guidance: Our virtual CFOs deliver strategic advice and feedback, helping you make data-driven decisions and implement effective financial strategies. Their expertise is crucial in navigating complex financial landscapes and achieving growth.
Partner with Coin Masters to elevate your financial strategy and achieve excellence in financial management. Contact us to explore how our tailored services and strategic expertise can support your business’s success and drive sustainable growth.
-
Featured10 months ago
Online Threats for Jewish Students in Cornell University – Flaunt Post
-
Entertainment3 months ago
Samantha Gabronino, Katwalk Doll Queen, Wins Miss Freedom of the World Grand Prix Title
-
Featured11 months ago
Supreme Court Delays Verdict in Manish Sisodia’s Corruption Case, Legal Battle Continues – Flaunt Post
-
Sports12 months ago
WATCH: Virat Kohli Shakes A Leg On ‘Lungi Dance’ Song During India Vs Sri Lanka Asia Cup 2023 Super 4 Match
-
Featured4 months ago
Serena Novikov: Modeling Success in the Digital World
-
Featured11 months ago
Nobel Prize 2023: Celebrating Outstanding Achievements in Science, Medicine, and Literature – Flaunt Post
-
Featured11 months ago
ED’s “Red Rose” in Rajasthan: Political Turmoil Ahead of Assembly Elections – Flaunt Post
-
Featured11 months ago
PDA Takes Center Stage: Akhilesh Yadav Hints at Independent Path Amidst Alliance Uncertainty – Flaunt Post