Markets regulator Sebi has held that allegations of minimum public shareholding violations and fraudulent trade practices against Vinod Adani and a group of offshore investors were not established, bringing an investigation into shareholdings in four Adani group companies to a close.
In a final order, Sebi said the regulator's investigation failed to produce adequate evidence showing that Vinod Adani exercised effective control over two foreign portfolio investors, Emerging India Focus Funds (EIFF), and EM Resurgent Fund (EMR), which invested in Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone and the erstwhile Adani Transmission.
