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Adani Group was given a clean chit by the Supreme Court regarding the probe being done by SEBI on Hindenburg Research’s allegations. Delivering the judgement, the bench said there are no grounds to transfer the probe from SEBI to Special Investigation Team (SIT) and rejected the Organised Crime and Corruption Reporting Project (OCCRP) report on the grounds of it being a third-party organization report with no verification basis. In the last hearing, SEBI had said that it had completed looking into 22 of the 24 cases of suspected transactions and information was awaited from agencies abroad for the remaining two. A separate committee appointed by the Supreme Court had also given a clean chit to Adani Group in May last year.
Adani bonds traded stable with its 4.375% 2029s at 87 cents on the dollar, yielding 7.3%. However its shares jumped by 3-5%.
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