India’s market regulator has asked for a six-month extension to complete its probe into possible lapses in securities market laws and regulatory disclosures by billionaire Gautam Adani's business conglomerate, according to a court document seen by Reuters.
The Securities and Exchange Board of India filed its request with the Supreme Court on Saturday, citing complex transactions involving the conglomerate's listed, unlisted and offshore entities that require deeper investigations.
The Supreme Court asked the regulator to conduct an inquiry into Adani after US-based short-seller Hindenburg Research raised concerns around its governance practices in a January report.
The group, whose main business is infrastructure, said Hindenburg's report was baseless and called its allegations "unsubstantiated speculations".
The court had given the regulator until May 2 to submit its report.
In its application, the regulator said it needed more time "to conduct a proper investigation and arrive at "verified findings".
It is investigating alleged breach of related party transaction rules, public shareholding norms and share price manipulation.
Related party transaction rules lay down practices to be followed when two connected parties are involved in a transaction, while public shareholding norms set out the minimum shareholding of an exchange-listed company required to be held by the public.
The Sebi in its application said that further investigations are necessary in cases where preliminary findings point to violations of securities laws.
The application does not disclose details of the violations.
The regulator said that it had received information from several Adani group entities. However, this needs to be independently verified and additional information has been sought from offshore regulators, since some of the transactions under scrutiny involve offshore entities, it said in the court document.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
Match info
Manchester City 3 (Jesus 22', 50', Sterling 69')
Everton 1 (Calvert-Lewin 65')
Voy!%20Voy!%20Voy!
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
Champion%20v%20Champion%20(PFL%20v%20Bellator)
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Fifa%20World%20Cup%20Qatar%202022%20
%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
