Investigation

News, The Morning Context

Swiss court ruling an indictment of SEBI, Indian courts in Adani affair

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A Swiss Federal Criminal Court ruling is seen as an indictment of SEBI and Indian courts in the Adani affair. The verdict is based on an appeal to unfreeze an entity’s bank accounts, which indirectly weighed on allegations that the Adani group’s promoters had sold/bought more shares than legally permissible, to inflate share prices. The alleged proxy is Sanilion, linked to Chang Chung-Ling. The court documents reference money laundering and embezzlement suspicions.

News, The Morning Context

Why do so many OfBusiness employees run other companies?

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The article asks why so many OfBusiness employees run other companies. It focuses on three companies, Zarielle Projects and Services LLP, Lendcierge Estate Pvt. Ltd, and Strike Infracon LLP, with links to employees. The existence of these related entities raises questions about whether they are used to overcount revenue or as a way to avoid or save on Goods and Services Tax (GST). This corporate structure is also linked to the company’s credit business.

Adani Watch, News

Contradictions and delays cast doubts on regulator’s probe into Adani’s transactions

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The investigations by the Securities and Exchange Board of India (SEBI) into transactions by Adani Group entities have been marred by controversy, raising questions about its ability to handle the high-stakes probe with transparency and efficiency. The Supreme Court of India stipulated a deadline of 2 May 2023 for SEBI to conclude its investigation. However, in May, in response to applications by SEBI, the court extended that deadline to 14 August 2023. SEBI’s floundering has brought the regulator under increased scrutiny.

News, The Wire

Pawan Hans Sale: Cayman Firm in Winning Bid Flayed By NCLT for Failure to Pay, Show Funding Plan

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The privatisation of Pawan Hans Limited – the Indian government-owned helicopter operator – is shrouded in mystery. The entity that has acquired a controlling stake in Pawan Hans is Star9 Mobility Private Limited, a consortium led by a Dubai-based company about which little information is available. Indian regulators had imposed sanctions on this company, which appears not to have satisfied the eligibility criteria.

Adani Watch, News

Is the Indian Government undermining its own agency’s pursuit of alleged over-invoicing by the Adani Group?

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An Indian government authority that investigates violations of customs law has alleged that three Adani Group companies have used intermediaries to artificially inflate the prices of imported coal-power goods. This practice, known as over-invoicing, enables companies to enrich a related third party and even to launder money, while passing on costs to consumers. The allegations against the Adani Group companies have bounced around inside the legal system for years, with little progress.

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