Adani Group wants to settle the case: Listed companies of Adani Group have approached SEBI to settle cases related to violation of public shareholding rules. Four listed companies, including Adani Group’s flagship company Adani Enterprises, were accused of wrongdoing. Now Adani companies have presented a proposal to settle the matter of these allegations.
Adani Group’s troubles are showing no sign of abating. SEBI had issued show cause notices to Adani Enterprises and Emerging India Focus Funds last September. In which it has been said that a compromise application will be given as part of the proceedings. The regulator will soon give its decision in the matter. Notably, the company can apply for settlement within 60 days in response to the show cause notice sent to the corporate.
What is the matter?
Emerging India Focus Funds is a Mauritius based FPI. It is alleged that Gautam Adani’s elder brother Vinod Adani is managing it. EIFF Rs. Rs 28 lakh has been offered to settle the case. While Vinay Prakash and Amit Desai, current and former directors of Adani Enterprises, paid Rs. It has been proposed to settle it for Rs 3 lakh each. He is accused of violating public shareholding rules.
Show cause notice to 26 other companies
Market regulator SEBI has issued show cause notices to Adani Group and 26 other companies for violating such norms. These include Adani Group Chairman Gautam Adani, his nephew Pranab Adani and his brothers Vinod, Rajesh and Vasant Adani.
Clouds of crisis over Adani Group!
For the last two years, clouds of crisis have been looming over Adani Group. First of all Hindenburg accused Adani Group of stock manipulation. Adani Green was charged with bribery and fraud by the US Department of Justice and the US SEC. Opposition leader Rahul Gandhi has also made many allegations against Adani Group and demanded a fair investigation.
