India's market regulator is investigating possible violation of 'related party' transaction rules in the Adani Group's dealings with at least three offshore entities that have links to the brother of the conglomerate's founder, two people said.
The three entities allegedly entered into several investment transactions with unlisted units of the ports-to-power conglomerate founded by billionaire Gautam Adani over the last 13 years, said the sources with direct knowledge of the matter.
A promoter group is defined as an entity that has a large shareholding in a listed company and can influence company policy. An Adani Group spokesperson said Vinod Adani is a member of the Adani family and is part of the promoter group, but he does not hold any managerial position in any of the listed Adani entities or their subsidiaries.
The probe comes after U.S. short-seller Hindenburg Research's Jan. 24 report alleging improper use of tax havens and stock manipulation by Adani Group, among other things - charges it has denied. While SEBI investigations are continuing, top regulatory officials are due to give a status report to a court-appointed panel on Sunday, the two sources said, speaking on condition of anonymity as investigations are private.Hindenburg in its January report alleged that Vinod Adani entities have collectively moved "billions of dollars" into Adani's publicly listed and private entities, often without required disclosure of the related party nature of the deals.
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