'Something big soon India': Hindenburg message raises eyebrows

News Network
August 10, 2024

Hindenburg Research, the entity which shorted Adani stocks and led to a massive crash in the conglomerate's market value, has posted a cryptic message on social media platform X, wherein it said, "Something big soon India".

Their post has already started garnering a lot of attention, with many X users slamming the short seller based on the recent Sebi show cause notice to the firm regarding the Adani issue.

"Tool kit activated to distract more from Bangladesh," one user commented.

"Like the actual Hindenburg, I find your India coverage to be mostly hot air," another said.

Adani Enterprises had decided not to proceed with a debut retail bond offering of up to Rs 1000 crore last year after US-based short-seller Hindenburg Research accused the group of improper use of offshore tax havens and stock manipulation.

Adani Group denied Hindenburg's allegations, but shares of its group companies lost more than $100 billion in value before recovering in late 2023.

Hindenburg Research had shared an advance copy of its damning report against Adani group with New York-based hedge fund manager Mark Kingdon about two months before publishing it and profited from a deal to share spoils from share price movement, according to market regulator Sebi.

The Securities and Exchange Board of India (Sebi), in its 46-page show cause notice to Hindenburg, detailed how the US short seller, the New York hedge fund and a broker tied to Kotak Mahindra Bank benefited from the over $150 billion routs in the market value of Adani group's 10 listed firms post-publication of the report.

Sebi charged Hindenburg of making "unfair" profits from "collusion" to use "non-public" and "misleading" information and induce "panic selling" in Adani Group stocks.

Hindenburg, which made public the Sebi notice, in its response, has described the show cause as an attempt to "silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India" and revealed that the vehicle used to bet against Adani's flagship firm Adani Enterprises Ltd belonged to Kotak Mahindra (International) Ltd, a Mauritius-based subsidiary of Kotak Mahindra Bank Ltd. 

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News Network
September 16,2024

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In a heart-breaking incident, 19-year-old Shaun D'Souza, a native of Vittalwadi in Udupi's Kundapur taluk, tragically lost his life in the UAE due to heat stroke.

Shaun, the beloved son of Elias Cyril D'Souza and Pramila D'Souza, originally from Hosabettu, Moodbidri, had been pursuing his college education in the UAE.

He was admitted to a hospital in Ras Al Khaimah, approximately 115 km from Dubai, after collapsing from heatstroke. Despite receiving immediate medical attention, Shaun breathed his last on Sunday, September 15. 

He is deeply mourned by his parents and two siblings. The family, who had been residing near St. Mary's Church in the UAE, are grappling with the profound loss. Shaun’s father, Elias, works as a manager for a private company, while his mother, Pramila, is an accountant.

The local community has come together to offer their support and condolences in this time of sorrow.

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News Network
September 12,2024

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Mysuru: More than 50 people have been arrested in connection with the riots between two groups of different faiths, at Nagamangala town, Mandya district, over the Ganesha idol procession, on Wednesday night.

High drama prevailed in front of the Nagamangala town police station on Thursday morning, with women belonging to both Hindu and Muslim communities staging a protest against the arrest of their family members and demanding their release.

The two groups started arguing over the Ganesha idol procession on the Mysuru-Nagamangala road, near a 'dargah'. This soon turned violent with stone being pelted. Reports said that around 25 shops were also set on fire.

Several vehicles were damaged and torched by the mob. However, police intervened and brought the situation under control, deploying additional police forces.

Holiday has been declared to schools and colleges in Nagamangala town until further notice. Police have imposed section 144 till 12 noon of September 14.

SP Mallikarjuna Baladandi, IGP (Southern Range) Boralingaiah, DC Kumar and other officials visited the spot.

District incharge Minister N Chaluvarayaswamy visited the spot on Thursday morning and took stock of the situation. Speaking to reporters he said, the incident was unfortunate.

"The clash which started around 9 pm on Wednesday, flared up with miscreants setting fire, damaging shops and vehicles in the town. There is no need for anxiety. Additional police forces have been deployed in the town and the situation is under control now," he said.

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News Network
September 9,2024

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New Delhi: A man who recently travelled from a country experiencing mpox transmission has tested positive for the disease, the Union Health Ministry said on Monday.

"The previously suspected case of mpox has been verified as a travel-related infection. Laboratory testing has confirmed the presence of mpox virus of the West African clade-2 in the patient," it said.

The ministry said that it is an isolated case, similar to the earlier 30 cases reported in India from July 2022 onwards. It is not a part of the current public health emergency reported by WHO which is regarding clade 1 of mpox, it underlined.

"The individual, a young male who recently travelled from a country experiencing ongoing mpox transmission, is currently isolated at a designated tertiary care isolation facility. The patient remains clinically stable and is without any systemic illness or comorbidities," the ministry said.

The case aligns with earlier risk assessments and continues to be managed according to established protocols, it said, adding that public health measures, including contact tracing and monitoring, are actively in place to ensure the situation is contained.

"There is no indication of any widespread risk to the public at this time," the health ministry stated.

The World Health Organisation (WHO) last month declared mpox a Public Health Emergency of International Concern (PHEIC) for the second time in view of its prevalence and spread across many parts of Africa.

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