SEBI drops shareholding case against Vinod Adani, finds no proof he controlled offshore funds

Markets regulator SEBI said it could not establish that Vinod Adani, brother of Adani Group Chairman Gautam Adani, controlled two offshore funds that invested in four group companies, and therefore dropped minimum public shareholding (MPS) and fraud allegations against him and 11 other noticees.

In an 81-page final order, the Securities and Exchange Board of India (SEBI) said its investigation had failed to establish that Mr. Vinod Adani directed the investment decisions of the two foreign portfolio investors (FPIs), Emerging India Focus Funds (EIFF) and EM Resurgent Fund (EMR), or controlled Opal Investments' investment in Adani Power Ltd.

"The investigation has not been able to prove that Mr. Vinod Adani controlled the decision of investment of two FPIs," SEBI Whole-Time Member Kamlesh Chandra Varshney said in the order.