New Delhi, June 12 -- Five offshore funds that were named in the January 2023 Hindenburg Research report have reportedly approached the Securities Appellate Tribunal (SAT), challenging adjudication proceedings initiated by the Securities and Exchange Board of India (SEBI). The matter is scheduled to come up for hearing before the appellate tribunal on Friday, as per media reports.

The funds involved in the case are Albula Investment Fund, LTS Investment Fund, Cresta Fund, Asia Investment Corporation Mauritius and APMS Investment Fund. According to the reports, the funds have questioned SEBI's decision to proceed with adjudication without providing the reasons that led to the initiation of the proceedings.

The legal challenge comes after...