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Economy & Business

Adani group claims Vinod Adani is promoter

The Hawk
March16/ 2023

New Delhi: When issues were raised over Vinod Adani's standing as the elder brother of Adani group founder Gautam Adani, the conglomerate has stated that he is part of the promoter group. This comes after short seller Hindenburg Research prominently named him in its damning report on the Adani group.

Adani Enterprises, the company's parent company, said in a stock exchange filing on Thursday that Gautam Adani and Rajesh Adani are individual promoters of several listed firms within the Adani group and that Vinod Adani is an immediate relative of the people promoters.

According to Indian law, "Vinod Adani is part of the promoter group" of several different companies under the Adani umbrella. After Hindenburg raised concerns about 74-year-old Vinod Adani's involvement in the apples-to-airport conglomerate, Adani responded in January by saying that "Vinod Adani does not hold any managerial position in Adani listed entities or their subsidiaries and has no role in their day to day affairs." We reaffirm that all transactions between Adani portfolio companies and any related party have been properly identified and disclosed as related party transactions in accordance with Indian laws and standards, and have been conducted on arm's length terms.—Inputs from Agencies