SEBI Rejects Settlement Bids From Adani Group Overseas Investors

The Securities and Exchange Board of India rejected settlement applications from 13 overseas portfolio investors holding significant stakes in Adani Group companies. The regulator informed representatives of the funds last week that their proposed terms were insufficient, citing a refusal by some funds to provide necessary information and a resistance by others to disgorge money.

The investigation dates back to 2020 and aims to determine if these funds were genuine public shareholders or entities acting on behalf of the Adani Group founders. This probe was previously highlighted in a 2023 report by Hindenburg Research, which alleged corporate malpractice within the conglomerate.

The Adani Group has denied any links to the funds, including Albula Investment Fund and Cresta Fund, and has repeatedly denied the broader allegations of malpractice.