• March 21, 2023

The Financial Services Commission, the Mauritian equivalent of SEBI, has said it has not found any breach of law by the 38 global companies and 11 funds associated with the Adani Group.

“An initial assessment of all the entities related to that (Adani) group in Mauritius, and, up to now, based on the information submitted, we have not found any non-compliance with our rules,” the Chief Executive Officer of FSC, Dhanesswurnath Vikash Thakoor, told Business Standard.

Thakoor said this is their internal report which has not been shared with the SEBI, the report said. “SEBI requests specific information from time to time, for which we may go on their site and submit the report. That’s a separate channel, which continues.”

After short-seller Hindenburg’s report, listed Adani Group companies have lost more than $100 billion in market value. The research firm’s allegations included the Adani Group having a network of offshore shell companies, including in Mauritius. The group has called the accusations “malicious” and aimed at damaging the now-withdrawn follow-on offer of Adani Enterprises Ltd.

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