- To find if lack of disclosure violated 'related party transaction' norms
MARKET REGULATOR SECURITIES and Exchange Board of India (Sebi) is investigating possible violation of 'related party' transaction rules in the Adani Group's dealings with at least three offshore entities that have links to the brother of the conglomerate's founder, two people said.
The three entities allegedly entered into several investment transactions with unlisted units of the ports-to-power conglomerate founded by Gautam Adani over the past 13 years, said the sources with direct knowledge of the matter.
Vinod Adani, Gautam Adani's brother, is either a beneficial owner, director or has links with those three offshore entities, said the two sources, adding that Sebi is probing if lack of that disclosure violated 'related party transaction rules.
Under the law, direct relatives, promoter groups and subsidiaries of listed companies are considered related parties. A promoter group is defined as an entity that has a large shareholding in a listed company and can influence company policy.
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