The Security Exchange Board of India (SEBI) has come under surveillance on the Adani group. SEBI is probing Adani’s links with Mauritius companies. SEBI has asked the banks to provide details in this regard. The magazine Morning Contact said that SEBI has asked for details of the company’s foreign portfolio and investors.
The magazine said that SEBI is specifically looking into the relationship between two Mauritius-based companies, The Great International Tusker Fund, and Ayushmat Limited, which participated in Adani Enterprises’ $2.4 billion public offer.
US-based Hindenburg Research released a report last month alleging stock manipulation, accounting irregularities, and fraud at the Adani Group. The company said it stopped selling shares after the report came out.
According to the data held by the Corporate and Business Registration Department in Mauritius, five of the 13 companies have many similarities, including directors, addresses, and management bodies. All five companies revealed that they had links with Jayechund Jingri of Mauritius who was the director of Adani Group’s local subsidiary 20 years ago.