Key Points
India's markets regulator will tell the country's top court why it paused, then restarted investigations into the Adani Group after a tip in 2014 amid questions around regulatory delays, according to two people with direct knowledge of the matter...
The Securities and Exchange Board of India (SEBI) will say for the first time that India's customs authority alerted it to an alleged misuse of offshore funds by Adani Group companies in 2014 but that the initial investigation did not yield anything and was paused in 2017, the sources said.. SEBI restarted investigations into the group this year after U.S.-based short-seller Hindenburg Research raised governance concerns - allegations Adani Group has denied...
DRI in the alert to SEBI had alleged Adani Group companies over-valued equipment and machinery imported from a United Arab Emirates (UAE)-based entity, according to court documents...
DRI suspected some of the funds used in those transactions may have found their way back into the Adani Groups listed companies, according to a letter from DRI to SEBI in January 2014, seen by Reuters...
In a status report in August, SEBI said it had nearly completed its probe, but continues to investigate possible violation of public float rules by Adani Group using offshore funds and irregular trading before the Hindenburg report was published, according to court filings..
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