The financial regulator of Mauritius had, in May 2022, revoked licences of the controlling shareholder of two overseas investors in the Adani Group, The Indian Express reported on Saturday. Also read: SEBI knew about allegations against Adani Group since 2014, letter showsWhen asked about the revocation of licences of Emerging India Fund Management, the Adani Group told The Indian Express that that the conglomerate will not be able to comment on matters related to its “independent individual shareholders”. Notably, the alleged irregularities in Emerging India Fund Management were not part of the report published by American firm Hindenburg Research in January. The report had alleged that the Adani Group was pulling off the “largest con in corporate history”. The Adani Group had rejected these allegations but the report still pummeled the stocks of the conglomerate’s listed companies.

Source: Indian Express September 16, 2023 11:27 UTC