The Adani group’s listed corporations misplaced greater than $100 billion in market worth earlier this yr after US -based Hindenburg Research raised a number of governance issues and steered the group had made improper use of tax havens. The group has denied wrongdoing.
The Securities and Exchange Board of India (SEBI) stated it has been investigating 24 transactions involving the group’s listed corporations, and has accomplished its work on 22 of them.
It stated it examined 13 Adani group dealings for attainable violations of related-party transaction guidelines.
The regulator in Friday’s report additionally stated its investigation on some offshore offers coated 12 international portfolio buyers who have been public shareholders of Adani group corporations.
But since some entities associated to those buyers are situated in tax haven jurisdictions, “establishing the economic interest shareholders of the 12 FPIs remains a challenge”, the regulator stated, including that it has sought data from 5 international international locations on this challenge.
SEBI “shall take appropriate action based on outcome of the investigations,” it stated.
Following the Adani group corporations’ share value losses earlier this yr, the Supreme Court requested SEBI to look into the Hindenburg allegations and submit its findings to a six-member panel shaped in March, which included a retired decide and veteran bankers.
The courtroom appointed panel stated in May that the regulator had to this point drawn a clean in its investigations and its ongoing pursuit of the case is a “journey without a destination” however gave the regulator extra time to finish its probe.
Possible actions by the market regulator embrace financial penalties and directives towards the Adani group corporations and its administrators.