Economy
SEBI Drops Minimum Public Shareholding and Fraud Case Against Vinod Adani
The Hindu1h
THE BRIEF
1
Markets regulator SEBI has dropped minimum public shareholding and fraud allegations against Vinod Adani and 11 other noticees, citing insufficient evidence of control over offshore funds.
2
The 81-page final order stated that the investigation failed to prove Vinod Adani directed the investment decisions of foreign portfolio investors Emerging India Focus Funds and EM Resurgent Fund.
3
SEBI imposed Rs 20 lakh penalties on two noticees for withholding information but found no violation of public shareholding requirements.