India threatens two naval boxes abroad carrying Adani shares with penalties, documenting the document

By jayshreey p upadhyy

Mumbai (Reuters) -The market organizer in India has threatened the funds based in Mauritus with investments in the Adani Group that they may face sanctions and cancel licenses because the details of the contributor are not shared despite repeated requests over two years, according to a document reviewed by Reuters.

Adanyi and its 13 maritime investigation have faced the investigation by the Securities Council and the Stock Exchange (Sebi) since Hindenburg research in 2023 claiming the intimate use of tax havens by the group, which led to the sale of shares. The group has repeatedly denied any violations, and its shares have been regained since then.

Indian regulations require that public shareholders retain at least 25 % of the shares of listed companies, but the Hindenburg Group has violated these rules because some external boxes with Adani Companyments were linked to the bloc.

Elara Elara Boxes, which are based on Elara India India Fund and Vespera – since 2023, have been submitted “Love Disclosure” to all its shareholders because they “have focused positions” in the Adani group, according to the SEBI document on March 28, which was reviewed by Reuters.

The document said: “So far, this has not been provided by these FPIS (foreign portfolios investors) to Sebi … and they have not provided any reasons,” adding that such delays have hindered the investigation of the compliance of the Adani group with the minimum general contribution standards. “

Elara Capital and Seebi in India did not respond to Reuters. Adani group also did not respond.

The SEBI document noted that Elara money did not make disclosure of its own acquisitions for some Adani shares that exceed 5 % – as required by Indian regulations. He did not specify the accurate contribution.

Although the money is based in Mauritius, it is registered with Sebi as FPIS, which makes it under the criteria for compliance and scrutiny of the Indian organizer.

Two sources of workers on Sibi to settle the matter without admitting guilt and paying a fine, said that two sources with direct knowledge of the issue, and refused to call them because the investigation is confidential.

It was not clear what sanctions could ultimately face.

In November, the American authorities accused the president of the group Gotam Adani and some other executives, claiming that they had paid bribes to secure Indian energy supplies and mislead American investors while collecting money. Adani denies violations, and says the allegations are baseless.