SEBI to inform SC: Adani enquiry started in 2014, hit dead end

06 Oct 2023 CW Team

India's top court will be informed by the country's markets regulator about the reasons behind the pause and subsequent resumption of investigations into the Adani Group.

The Securities and Exchange Board of India (SEBI) will reveal for the first time that India's customs authority had alerted them to a potential misuse of offshore funds by Adani Group companies in 2014. However, the initial investigation did not yield any substantial findings, leading to a pause in 2017.

The investigations were revived by SEBI earlier this year following governance concerns raised by Hindenburg Research, a US-based short-seller, allegations that the Adani Group vehemently denied.

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