SEBI slaps show cause notice on Hindenburg, U.S. firm terms it 'nonsense'
The Hindu
Hindenburg Research receives show cause notice from SEBI over Adani allegations, denies claims, and criticizes regulator's actions.
U.S. short-seller Hindenburg Research, which had rocked the Adani Group with allegations of stock market manipulation and accounting fraud, on July 2 said it has received a show cause notice from Indian capital market regulator SEBI over alleged violations in placing bets on the conglomerate stocks.
Hindenburg termed the show cause notice as "nonsense" and "concocted to serve a pre-ordained purpose: an attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India."
The New York-based firm, in a statement, said it had while putting out the report that alleged "brazen stock manipulation and accounting fraud scheme over the course of decades" at the Adani group, disclosed that it was short on Adani (meaning it had anticipated a fall in the value of stock and thus traded on it).
Watch | What is the Adani-Hindenburg saga all about?
It disclosed that Kotak Bank created and oversaw an offshore fund structure that was used by its "investor partner" to be against the conglomerate but hastened to add that it may "barely come out above breakeven" on its trade.
Without disclosing the name of the investor, Hindenburg said it made $4.1 million in gross revenue through "gains related to Adani shorts from that investor relationship" and just $31,000 through its short position of the conglomerate's U.S. bonds.
Adani group has repeatedly denied all allegations.
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