Company Outsider: Sc Upholds Sebi’s Supremacy in Adani Investigation
byPunjab Host-
As expected, the Supreme Court in its final judgment on the Adani Hindenburg case rejected the key demands of petitioners who had filed public interest petitions seeking to derail the ongoing Securities and Exchange Board of India (Sebi) investigation into the allegations raised.
Vietnamese auto firm VinFast Auto, which has shed over 80% of its market cap over the last six months, listed on Nasdaq in August last. What was special about its debut?
Good Morning
The News in Summary
In the Adani-Hindenburg case, the Supreme Court refused to intervene in the ongoing investigation by Sebi into the charges leveled by the US short-seller against the Indian conglomerate. Elsewhere, Vedanta Resources heaved a sigh of relief after its bondholders voted in favour of a plan to defer and restructure its mounting debt, while the fight between the Burmans and Religare’s chairperson Rashmi Saluja intensified over the allotment of the company’s stock options to the latter. Meanwhile, a Bengaluru city civil court asked Wipro to take its dispute with its former CFO Jatin Dalal to arbitration, while the Bombay High Court directed Cyquator Media, a promoter company of Zee Entertainment, to deposit Rs 61.64 crore, after it defaulted on loan repayments to Axis Finance.
Sc Upholds Sebi’s Supremacy in Adani Investigation
As expected, the Supreme Court in its final judgment on the Adani Hindenburg case rejected the key demands of petitioners who had filed public interest petitions seeking to derail the ongoing Securities and Exchange Board of India (Sebi) investigation into the allegations raised. A bench comprising Chief Justice D.Y. Chandrachud and justices J.B. Pardiwala and Manoj Misra dismissed relying on a third-party report, and affirmed faith in Sebi's handling of the case. It also asked the government and the regulator to look into any infraction of law by the short-sellers acting on the report. The top court had reserved its judgment pertaining to the same case in November last year, though its remarks on that occasion had indicated it wasn’t in favour of appointing a separate investigation team without there being evidence of lapses on the part of the Sebi, which has now been given a further three months to conclude the same.
Court Tells Wipro and Its Ex-CFO to Seek Arbitration
For such a low-key company, Wipro can’t suddenly stay off the news headlines. After the IT major took its former chief financial officer Jatin Dalal to court over the issue of alleged violation of a non-compete clause in the latter’s employment contract, a Bengaluru city civil court has now asked both parties to take their dispute before arbitration. The IT major had earlier ignored Dalal’s request to do so. The resignation of the Wipro veteran was made public on 21 September but all hell broke loose when a week later, Cognizant announced that Dalal would join as its CFO. This provoked Wipro to file a complaint in the city court in Bengaluru alleging that Dalal had not adhered to his employment contract that restricted him from working with its rivals for a period of up to one year and seeking Rs 25 crore in damages for the alleged contract breach. The development comes at a time when Wipro’s performance has been lagging, turning the lens on its CEO Thierry Delaporte under whose watch the company has lost nearly two dozen of its top tier executives in the last few years.
Jatin Dalal, Wipro’s ex-CFO who’s now moved to Cognizant is suddenly in the eye of a storm. The soft-spoken Wipro veteran is usually only heard on the day of his company’s results. Here’s an old interview with the man:
Zee’s Promoter Company Told to Make Deposit on Loan Default to Axis Finance
Indians shopping for electric cars will soon have more choice if Vietnamese company VinFast Auto goes ahead with its plans to enter the market currently dominated by Tata Motors. The seven-year-old firm, which listed on Nasdaq last August, has signed an agreement with the Tamil Nadu government to invest as much as $2 billion to set up an integrated electric vehicle facility. Coming close on the heels of Tesla’s ongoing conversations with the Indian government, it shows that the country’s rapidly growing market for EVs is gearing up for increased choice and competition.
Answer to the Question
VinFast Auto, a Vietnamese automaker made a real splash on its Wall Street debut, with its market capitalization briefly rising above that of industry giants such as Volkswagen and Ford as its shares skyrocketed 270% on their first day of trading. Sadly, the bubble burst soon after, and much of those gains have disappeared.
