Some recent revelations about the Adani Group have again raised questions about the financial dealings of the group and the handling of the charges against it by the Securities and Exchange Board of India (SEBI). The revelations, which have come into the public domain as a result of media investigations, should be seen as a follow-up of the disclosures made by the US-based Hindenburg Research earlier this year. An investigation conducted by the Organised Crime and Corruption Reporting Project (OCCRP), a consortium of journalists, found that Mauritius-based funds with investments from two persons, Nasser Ali Shaban Ahli of the UAE and Chang Chung-Ling of Taiwan, have invested and traded in Adani companies’ shares. The two have been revealed to be associates of Gautam Adani’s brother Vinod Adani. There are also reports of other shell companies abroad investing in Adani companies. These would violate the rules about promoters’ shareholding in companies and other regulations. Read More