Corporate Behaviour and Free Speech

Adani Update – Our Response To India’s Securities Regulator SEBI  https://hindenburgresearch.com/adani-update-sebi/ July 1, 2024 To this day, Adani has still failed to address the allegations in our report, instead providing a response that ignored every key issue we raised and has offered blanket denials of subsequent media allegations....SEBI seems more interested in pursuing those who expose such practices. This stance is broadly in line with the actions of other elements of Indian government which have sought to arrest 4 journalists for writing critical articles about Adani and expelled members of parliament who were critical of Adani.

..Much of the notice seemed designed to imply that our legal and disclosed investment stance was something secret or insidious, or to advance novel legal arguments claiming jurisdiction over us...

Buried all the way down on page 24 of the 46-page notice, SEBI finally touched on the substance of our research, where it made the nebulous allegation that our report “contained certain misrepresentations/inaccurate statements” meant to “mislead readers.”

As far as alleged “inaccuracies” with our research, that was all SEBI came up with: nothing. We encourage readers to review the notice for themselves and draw their own conclusions.

SEBI’s job as a securities regulator is to detect and stop the types of malfeasance that we exposed.[4]

In our view, SEBI has neglected its responsibility, seemingly doing more to protect those perpetrating fraud than to protect the investors being victimized by it.

These actions send a clear message to every public company in India: Are you having a difficult time with your quarterly results? Do you want your stock price to be higher? (Who doesn’t?) Simply have your brother or another relative set up an offshore shell empire to buoy up the stock or rosy up your financials.

The incentives are clear: The gains from fraudulent activities outweigh the small risks of a potential ’slap on the wrist’ fine from regulators. And based on the hundreds of tips and leads we received following the Adani report, Adani is by no means the only lurking and ongoing issue SEBI has failed to address.

 अदाणी मामला: सेबी से भिड़ा हिंडनबर्ग | Adani row: Hindenburg vs SEBIhttps://www.youtube.com/watch?v=sdlg79Gmt1Q 

Adani saga heads for a messy closure https://economictimes.indiatimes.com/markets/stocks/news/adani-saga-heads-for-a-messy-closure/articleshow/111444852.cms Adani saga heads for a messy closure 3-7-24. 

The Adani story has moved beyond Adani: it's now turning into a skirmish, playing out in full public glare, between Hindenburg - the American researcher and short-seller - and capital market regulator SEBI https://www.youtube.com/watch?v=u6Po-qqw9PA   सेबी ने हिंडनबर्ग को कारण बताओ नोटिस जारी किया था, उसी का जवाब देते हुए हिंडनबर्ग ने सेबी का पूरा नोटिस और अपना जवाब सार्वजनिक कर दिया है। हिंडनबर्ग ने सेबी पर कई आरोप लगाए हैं। वीडियो रिकॉर्ड करने तक इन आरोपों पर सेबी की ओर से कोई जवाब नहीं आया है। 

Adani-Hindenburg Saga, SEBI Challenges Alleged Misrepresentation Report | Kotak Bank Involved? https://www.youtube.com/watch?v=Njg6gXpi3l0 

'Why Will We Say Anything On Adani?,' SEBI https://www.youtube.com/watch?v=ET6Ann60Qco  . 30th March 20023 . SEBI says that it will not comment on "identity specific" issues and that since the matter is also sub-judice it would be inappropriate to comment on it. Chairperson Madhabi Puri Buch Laughs addressing the media after a meeting on market reforms., she said I don't know why all of you expect that. Why will we say anything on the Adani Hindenburg matter? SEBI ends practice of permanent board seats at listed companies.
Comments: PAUL VARGHESE Only one question. India is a member of IOSCO & SEBI is the implementation agency. As per the protocol, SEBI has to necessarily establish the beneficial ownership of the Mauritius based companies who invested in Adani companies to manipulate share prices. Why did SEBI in this? Your laughter is not enough, the retail investors want an answer. It no way adversely affects the case in Hon. Supreme Court.

Adani suspected of fraud by selling low-grade coal as high-value fuel https://www.ft.com/content/7451f2de-91fa-49f3-acb3-e83ab5c00eff  

Invoices show that in January 2014 Adani purchased an Indonesian shipment of coal said to contain 3,500 calories per kilogramme. The same shipment was sold to the Tamil Nadu Generation and Distribution company (Tangedco) as 6,000-calorie coal, one of the most valuable grades. Adani appears to have more than doubled its money in the process, after transport costs. ..The FT has also matched documentation for a further 22 shipments in 2014 involving the same parties that indicates a pattern of grade inflation in the supply of 1.5mn tonnes of coal.

..Adani denies allegations of fraud. A spokesperson for the group said the quality of the coal was independently tested at the point of loading and discharge, as well as by customs authorities and Tangedco scientists: “With the supplied coal having passed such an elaborate quality check process by multiple agencies at multiple points, clearly the allegation of supply of low-quality coal is not only baseless and unfair but completely absurd.”

..“Given the market power of coal suppliers, [utilities] often don’t have a choice but to accept grade slippage,” said Rohit Chandra, assistant professor of public policy at IIT Delhi. “Third-party testing has done very little to address these concerns.”

अदाणी का कोयला कांड | Adani's Coal Connection https://www.youtube.com/watch?v=VeYUhRxS_ts Ravish Kumar Official
May 22, 2024 
प्रधानमंत्री मोदी ने जिस टेम्पो का ज़िक्र किया था कि उसमें नोट भर कर अंबानी और अदाणी कांग्रेस को भेज रहे थे, लगता है वो टेम्पो मिल जाएगा। फाइनेंशियल टाइम्स में जो ख़बर छपी है उसे पढ़ कर इस बात की कल्पना की जा सकती है कि वो टेम्पो घटिया क्वालिटी का कोयला ढोने में लगाया गया होगा। खराब कोयला बेच कर सरकार से बढ़िया क्वालिटी का दाम लिया जा रहा था। इस रिपोर्ट में यह भी दावा किया गया है कि ख़राब क्वालिटी का कोयला बेचने के कारण भारत के अलग अलग शहरों में वायु प्रदूषण बढ़ा है, और सरकारी ख़ज़ाने को चूना लगाया गया है। हम अपनी तरफ़ से आरोपों की पुष्टि नहीं करते हैं, पर आप फाइनेंशियल टाइम्स की रिपोर्ट यहाँ पढ़ सकते हैं -

How Adani Became India's Richest Man https://www.youtube.com/watch?v=RuesKlOfVaM Soch by Mohak Mangal

https://docs.google.com/document/d/1NhDsNEhgajm6q0NVuKLvoBNCWYrFb3aX9ORCqLARDkQ/edit

https://time.com/6238075/india-ndtv-gautam-adani-narendramodi/
https://www.indiatoday.in/magazine/nation/story/19770415-during-the-emergency-only-three-newspapers-put-up-a-semblance-of-resistance-818860-2015-04-22