Market regulator Sebi told the Supreme Court that it has concluded its investigations into the 13 instances of Adani Group’s alleged failure to disclose related party transactions.
Submitting its final status report to the court on the 24 investigations it had carried out following US short-seller Hindenburg’s report that led to meltdown of Adani Group shares, Sebi said the related party transactions include those between Adani group companies with Adani Infrastructure Management Services; between Krunal and Sunbourne in 2008-09 and subsequent transaction between Sunbourne and Adani Enterprises; between Bardenia Trade and Investment with Adani Infra and loan transaction between Adani Infra and Adani Enterprises and Adani Power Mundra (APML); Rehvar Infrastructure and Milestone Tradelinks and Adani Infra as well as loan transaction between Adani Infra, Adani Enterprises and APML.
“Transactions with regard to PMC Projects; between Adani Power and Growmore Trade and Investment; loan transaction between Emerging Market Investment DMCC and Adani Power; between Carmichael Rail and Port Singapore Holdings and Adani Mining and Adani Global in 2013-14-15; between Adani group and NQXT; awarding of coal supply contract to an opaque Singaporean entity controlled by former Adani group company director (Pan Asia) and over in-voicing; between Vakoder Investments and Adani Estates; and, audit qualifications in Adani Power for FY 2020-21.”
Market norms require disclosure of related party transactions since they could influence the profit or loss and financial position of an entity.