SC says 6 months too much, may give additional 3 months to Sebi on Adani probe

The Supreme Court on Friday said that it may grant SEBI a three-month extension to probe into allegations of stock price manipulation by the Adani Group and lapses in regulatory discourse. Although SEBI had sought a six-month extension. The matter has been now listed for Monday, May 15 for consideration of SEBI’s plea seeking an extension of time. In further setbacks for the Adani group, two group firms,  Adani Transmission and Adani Total Gas, have been dropped from the MSCI India index. The order will be effective at the close of trading on May 31. The global index took the decision as part of its quarterly comprehensive index review, while the market was expecting that the weightage of only these companies would be reduced. Meanwhile, Adani Enterprises announced that the company’s board will meet on May 13 to approve the proposal of raising funds. The group is expected to raise $ 2-2.5 billion from Middle East and European investors.  Three companies – Adani Enterprises, Adani Transmission and Adani Green Energy are likely to raise the funds. Meanwhile, Abu Dhabi conglomerate International Holding Company (IHC) says it has no intention of participating in any potential equity or bond sales by the Adani group.

Zee-Sony merger to face fresh roadblock
Shares of Zee Ent fell by 6.6% on Friday, May 12. However, there was a good recovery in the stock from the day’s low and the stock closed with a decline of about 3%. The stock also touched an intraday low of Rs 179.30 during the session. The reason behind the fall in the stock is the talks between the two exchanges i.e. BSE, NSE and NCLT. Actually BSE and NSE have informed NCLT that SEBI has asked them to sell Shirpur Gold Refinery and has asked to share details of the order with NCLT… On 26th April we had told you on Corporate Central that SEBI has seized Shirpur Gold Refinery, ex-chairman Amit Goenka, promoter Jayneer Infrapower and Multiventures and 5 other entities and issued an order-cum-show-cause notice. Let us also tell you that hearing regarding Zee-Sony merger is also going on in NCLT. and possibly that’s why negative sentiment has been created in the market regarding Zee Ent’s stock.