Once again the Adani Group has come under the radar of SEBI, as the market regulator has launched an investigation into the possible violation of ownership rules. Adani Group is currently facing several legal problems including the allegation of violating the ownership rule of the Securities and Exchange Board of India. Meanwhile, the market regulatory body of India has started a probe to find possible violations of ownership rules. It is said that the Securities and Exchange Board of India has launched a probe into Adani Group’s tie with Gulf Asia Trade & Investment and the British Virgin Islands. Since SEBI announced an investigation, netizens have been scrambling to the web to unfold more details. Keep reading this article and go through it till the end.
Reuters reported that data shown by the Organised Crime and Corruption Reporting Project (OCCRP) claims the amount invested in many listed companies of the Adani Group as it suspects possible violation of ownership rules. Kindly note that this investigation launched by SEBI is an integral part of the ongoing probe into the allegations of accounting fraud and stock manipulation which were levied on Adani Group by the Hindenburg Research, a US-based short seller. Explore more details about this. Continue reading this article.
According to the reports, the allegations alleged against the conglomerate by Hindenburg Research also alleged that offshore shell companies surreptitiously owned stocks of Adani Group which is a possible violation of ownership rules. Meanwhile, the market regulator SEBI has launched an investigation to figure out whether the fund’s ties with the conglomerate amount to acting in concert with shareholders of Adani Group. Reportedly, the Organised Crime and Corruption Reporting Project has observed that Gulf Asia Trade & Investment has tied with the Adani Group.
The OCCRP alleged that Nasser Ali Shaban Ahli, the owner of the Gulf Asia Trade and Investment has longtime business ties with Gautam Adani. The report also claims the Gulf Asia Trade and Investment bought and sold Adani shares by using offshore entities from 2013 to 2018. As per the report of OCCRP, Gulf Asia started investing in the listed firms of Adani Group after SEBI asked several entities to raise the number of shares held by the public to at least two percent in 2013. However, the Adani Group has declined the allegations and said there was a transparent use of funds by partners to invest in Adani companies.