While markets regulator Sebi’s investigation on claims made by the Hindenburg report isn’t over yet, embattled billionaire Gautam Adani has already reclaimed the No.1 spot as India’s richest man to beat Mukesh Ambani.In the Bloomberg Billionaires Index, the 61-year-old college dropout is now at the No.12 list with a net worth estimated at $97.6 billion. RIL chairperson Mukesh Ambani is behind at No.13 in the world list and No.2 in India list with a fortune of $97 billion.
In pre-Hindenburg days, Adani’s wealth saw a gravity-defying one-way movement that took him to the position of the world’s second richest man for a brief period. However, life changed after US-based short-seller Hindenburg Research brought out an explosive report on January 24 claiming that the Adanis were indulged in the biggest con in corporate history.At one point last year, almost 60% of Adani’s wealth was wiped off following the non-stop selling of Adani stocks. The combined market
Adani vs Hindenburg sagaEarlier in the week, the Supreme Court ruled out the possibility of handling the investigation to SIT or CBI from Sebi. While noting that Sebi has completed 22 out of the 24 investigations into the allegations levelled against the Adani Group, the court asked the regulator to complete its probe into two pending cases within 3 months.
The court further asked the government and Sebi to look into infractions of the law, if any, by Hindenburg on short-selling.
While acting on PILs made in the aftermath of the Hindenburg report, the apex court had formed a six-member panel headed by former Supreme Court judge Justice AM Sapre that filed a report in May saying it cannot conclude whether there was any regulatory failure on the part of Sebi.The report submitted by the six-member committee stated that it was not possible to conclude regulatory failure on the part of the Securities and Exchange Board of India (Sebi) in the stock price manipulation case.
The apex court had later asked the capital market regulator to submit its investigation report on the allegations made against the group. In August, SEBI submitted its report to the Supreme Court.The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
