5 Minutes Read
Adani Group shares mostly gain amid report of SEBI finding disclosure rule violation by some offshore funds
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
Sources told Reuters that earlier this year, the SEBI had sent notices to around 12 Adani group’s offshore investors outlining changes and telling them to explain their positions on the violations and breach of investment limits.
Adani Group shares were trading mixed on Tuesday, April 23. Both Adani Enterprises and Adani Ports are trading with gains of 0.5% each. On the other hand, Adani Power, Adani Green Energy and Adani Wilmar traded with gains between 0.7% to 2%.
This comes after the report by news agency Reuters, citing two people directly in the know of the matter, which stated that the Securities and Exchange Board of India (SEBI) found that a dozen offshore funds invested in Adani Group companies were in violation of disclosure rules and in breach of investment limits.
However, the SEBI and Adani Group had not yet responded to the news agency’s email requests for comment.
The Reuters report further stated that the market regulator was also looking into the group’s relation with the on the fund to determine whether it could be acting in “concert” with the conglomerate’s essential shareholders, an accusation which the company has rejected in the past, Reuters said.
The sources told the news agency that earlier this year, the SEBI had sent notices to around 12 Adani group’s offshore investors outlining changes and telling them to explain their positions on the violations and breach of investment limits.
The sources added that eight of the offshore funds have approached to SEBI via written request to settle the charges by paying a penalty without admitting guilty.
Also Read: Tejas Networks shares jump 40% in two sessions to a record high post Q4 profit
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
Daily Newsletter
