Report Wire

Tag: stock manipulation

  • Congress reiterates need for JPC to probe allegations in the direction of Adani group

    By PTI

    NEW DELHI: The Congress on Monday alleged that the Supreme Court-appointed skilled committee and the SEBI have “hit walls” whereas investigating the Adani group’s transactions and burdened the need for a joint parliamentary committee probe to unravel the fact inside the matter.

    The Congress’ assertion comes after a report by the Supreme Court-appointed skilled committee talked about it has found no proof of stock price manipulation in Adani group firms, whereas a separate SEBI probe into alleged violation in money flows from offshore entities has “drawn a blank.”

    Taking to Twitter, Congress primary secretary Jairam Ramesh tagged a media report which claimed that the Registrar of Companies (Gujarat), in a ruling earlier this month, has held that Adani Power and its officers had violated provisions of the Companies Act, 2013, by not reporting related-party contracts and transactions inside the register of contract.

    “As the Modani brigade desperately tries to spin the Supreme Court Expert Committee’s report as a ‘clean chit’ (it isn’t), more evidence emerges that Adani has engaged in multiple related-party transactions aimed at duping minority shareholders and unfairly enriching the promoters,” Ramesh talked about.

    “The Registrar of Companies in Gujarat recently ruled that Adani Power had violated the Companies Act, 2013, by hiding related-party contracts and transactions. It imposed penalties on Gautam Adani, Rajesh Adani and Vineet Jain,” he talked about.

    Meanwhile, the Supreme Court Committee and even SEBI have “hit walls” when investigating the Adani group’s transactions, Ramesh claimed.

    “This is why we need a JPC to unravel the Modani MegaScam,” he talked about.

    The Congress has been demanding a Joint Parliamentary Committee (JPC) probe into the allegations in the direction of the Adani Group. The Adani Group has dismissed the allegations as baseless.

    NEW DELHI: The Congress on Monday alleged that the Supreme Court-appointed skilled committee and the SEBI have “hit walls” whereas investigating the Adani group’s transactions and burdened the need for a joint parliamentary committee probe to unravel the fact inside the matter.

    The Congress’ assertion comes after a report by the Supreme Court-appointed skilled committee talked about it has found no proof of stock price manipulation in Adani group firms, whereas a separate SEBI probe into alleged violation in money flows from offshore entities has “drawn a blank.”

    Taking to Twitter, Congress primary secretary Jairam Ramesh tagged a media report which claimed that the Registrar of Companies (Gujarat), in a ruling earlier this month, has held that Adani Power and its officers had violated provisions of the Companies Act, 2013, by not reporting related-party contracts and transactions inside the register of contract.googletag.cmd.push(carry out() googletag.present(‘div-gpt-ad-8052921-2’); );

    “As the Modani brigade desperately tries to spin the Supreme Court Expert Committee’s report as a ‘clean chit’ (it isn’t), more evidence emerges that Adani has engaged in multiple related-party transactions aimed at duping minority shareholders and unfairly enriching the promoters,” Ramesh talked about.

    “The Registrar of Companies in Gujarat recently ruled that Adani Power had violated the Companies Act, 2013, by hiding related-party contracts and transactions. It imposed penalties on Gautam Adani, Rajesh Adani and Vineet Jain,” he talked about.

    Meanwhile, the Supreme Court Committee and even SEBI have “hit walls” when investigating the Adani group’s transactions, Ramesh claimed.

    “This is why we need a JPC to unravel the Modani MegaScam,” he talked about.

    The Congress has been demanding a Joint Parliamentary Committee (JPC) probe into the allegations in the direction of the Adani Group. The Adani Group has dismissed the allegations as baseless.

  • Govt should clear air over allegations in opposition to Adani Group: BSP supremo Mayawati

    By PTI

    LUCKNOW: BSP supremo Mayawati on Saturday stated the central authorities ought to clear the air over monetary irregularities allegations levelled by Hindenburg Research in opposition to the Adani Group.

    Hindenburg Research, a US-based funding analysis agency that specialises in activist short-selling, has alleged that Adani Group was “engaged in a brazen stock manipulation and accounting fraud”, a cost the conglomerate described as malicious, unsubstantiated, one-sided and having performed with malafide intention to damage its share-sale.

    Mayawati stated, “For the past two days, a negative report of American firm Hindenburg in relation to Adani Group and its effects on the stock market etc is in discussions more than the Republic Day. The hard-earned money of crores of people of the country is involved but the government is silent.”

    “After the allegation of cheating etc in shares, Adani’s property and world ranking has decreased, but people are more worried about what will happen to the huge investment made by the government in his group. What will happen to the economy? Restlessness and worry are natural. The solution is needed,” she stated in a collection of tweets.

    The BSP chief requested the federal government to clear the air by issuing an announcement to “address the worries of the people.”

    “At the beginning of the budget session of Parliament starting from January 31, the government should issue a detailed statement on this matter in both the Houses so that the restlessness, especially among the urban middle class, is reduced,” she added.

    Hindenburg stated its two-year investigation reveals that “the Rs 17.8 trillion (USD 218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.”

    Adani Group stated it was shocked to see the report that got here out with none try and contact it to get the factual matrix.

    “The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts,” the ports-to-energy conglomerate stated in an announcement.

    LUCKNOW: BSP supremo Mayawati on Saturday stated the central authorities ought to clear the air over monetary irregularities allegations levelled by Hindenburg Research in opposition to the Adani Group.

    Hindenburg Research, a US-based funding analysis agency that specialises in activist short-selling, has alleged that Adani Group was “engaged in a brazen stock manipulation and accounting fraud”, a cost the conglomerate described as malicious, unsubstantiated, one-sided and having performed with malafide intention to damage its share-sale.

    Mayawati stated, “For the past two days, a negative report of American firm Hindenburg in relation to Adani Group and its effects on the stock market etc is in discussions more than the Republic Day. The hard-earned money of crores of people of the country is involved but the government is silent.”

    “After the allegation of cheating etc in shares, Adani’s property and world ranking has decreased, but people are more worried about what will happen to the huge investment made by the government in his group. What will happen to the economy? Restlessness and worry are natural. The solution is needed,” she stated in a collection of tweets.

    The BSP chief requested the federal government to clear the air by issuing an announcement to “address the worries of the people.”

    “At the beginning of the budget session of Parliament starting from January 31, the government should issue a detailed statement on this matter in both the Houses so that the restlessness, especially among the urban middle class, is reduced,” she added.

    Hindenburg stated its two-year investigation reveals that “the Rs 17.8 trillion (USD 218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.”

    Adani Group stated it was shocked to see the report that got here out with none try and contact it to get the factual matrix.

    “The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts,” the ports-to-energy conglomerate stated in an announcement.

  • To curb manipulation, BSE levies add-on worth bands to small caps

    With worth manipulation changing into rampant in small-cap shares, the BSE has levied extra curbs on securities completely listed on its platform with market cap of lower than Rs 1,000 crore. The curbs will cowl solely scrips which might be a part of X, XT, Z, ZP, ZY and Y teams and quote at greater than Rs 10 per share and with a market capitalisation of lower than Rs 1,000 crore.
    Under the brand new rule, the change has capped the upside and the draw back for a inventory throughout a selected time interval. The directive coincided with a decline within the small and midcap inventory, stoking fears that buyers and merchants have been panic promoting on account of the round.
    The add-on worth bands might be along with the relevant each day worth bands of such securities. A safety positioned in add-on worth band will stay within the framework for a minimal interval of 30 calendar days and might be eligible to maneuver out if it doesn’t qualify the provisions of the above framework thereafter. Price manipulation is small shares are principally unnoticed and several other penny shares have been just lately manipulated by merchants for beneficial properties within the ongoing bull run, stated an analyst.
    For the inventory to be put beneath watch, they should have moved both six instances within the final six months or 12 instances in as many months or 20 instances in two years or 30 instances in three years.

    The new framework might be along with all different prevailing surveillance measures being imposed by the exchanges once in a while, the BSE stated. The new guidelines will come into impact from August 23, 2021.
    VK Vijayakumar, chief funding strategist at Geojit Financial Services, stated, “BSE’s new surveillance framework with add-on price bands for specified stocks listed exclusively on BSE is a timely initiative to curb excessive speculative activity in these stocks.”