Adani’s problems are not reducing, SEBI is now probing deals in foreign companies

Gautam Adani: Adani Group’s troubles are not over yet. After the Hindenburg report came, the Adani group had to suffer huge losses, after which there was pressure on the Adani group to repay the loan. Then Ken’s report gave a big trouble to Adani and now the market regulator SEBI is going to investigate the deals of Adani Group.

The Reuters report states that the Indian market regulator is probing the deals of three companies with the Adani group, which are related to Gautam Adani’s brother. SEBI is probing violations of transactions with these entities.

SEBI probe angle Vinod Adani is director or owner

Sources in the know of the matter said the three entities allegedly carried out several investment transactions with unlisted units of billionaire Gautam Adani’s port-to-power group over the last 13 years. According to the report, SEBI has kept an angle in its investigation saying that Vinod Adani is either a beneficial owner or director of those three companies. SEBI is probing the violation of ‘Related Party Transaction’ norms.

What is the ‘Related Party Transaction’ rule?

‘Related Party Transaction’ means a company transacting with its own company, then it is considered a violation of this rule.

The company has told Vinod Adani as the promoter

SEBI’s e-mail information has not been given by Adani Group. SEBI Chairperson Madhabi Puri Buch refused to comment on the Adani probe at a press conference on Wednesday. At the same time, in a statement given by Adani Group, it was said that Vinod Adani is only the promoter of Adani Group.

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