Vinod Adani, the older brother of Gautam Adani, resigned from his position as director of three businesses in late February as concerns mounted and the value of the Adani Group's stock plummeted. These businesses were linked to the family's coal mine in Australia, which it has staked billions of dollars in. He continues to serve on the board of Abbot Point Port Holdings in Singapore.
An Adani Group representative said Vinod, aside from being a shareholder of certain entities, had no management role in the development of the Carmichael mine or its related infrastructure. Adani Group didn’t address a question about the resignations.
Hindenburg’s January 24 report said dozens of shell companies controlled by Vinod had moved billions of dollars in and out of Adani Group companies, seemingly to embellish shares and results.
Vinod is a member of the promoter group, which Adani Group confirmed and claimed it disclosed as needed. Because the brother is not a manager at the group's publicly traded companies or their subsidiaries, it largely rejected inquiries about his business affairs.
Bloomberg reported he has a cabin in the Dubai office of Adani Global - a commodity distributor owned by one of the family’s listed firms - and spends two or three hours daily there. When asked about this, an Adani Group representative repeated that such queries were “of no relevance”.