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Reuters
02-05-2025
- Business
- Reuters
Indian regulator accuses Adani nephew in insider trading case, he seeks to settle
MUMBAI, May 2 (Reuters) - India's markets regulator has alleged Pranav Adani, director of several Adani group companies and the nephew of the billionaire founder, shared price sensitive information and breached regulations aimed at preventing insider trading, according a document reviewed by Reuters. Adani, the nephew of Gautam Adani, was sent a notice by the Securities and Exchange Board of India (SEBI) last year which alleged he shared information about Adani Green's ( opens new tab 2021 acquisition of SoftBank-backed SB Energy Holdings with his brother-in-law before the deal was announced, according to a source and the document. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. The matter has not been previously reported. In an e-mailed response sent to Reuters, Pranav Adani said he was seeking to settle the charges "to put an end to the matter, without admission or denial of the allegations" and that "he has not violated any securities law". Settlement terms were being discussed, said the source with direct knowledge of the matter, who declined to be named as the matter is confidential. The scrutiny is the latest challenge for the Adani group. U.S. authorities last year indicted Gautam Adani and two Adani Green executives for allegedly paying bribes to secure Indian power supply contracts and misleading U.S. investors. The group has denied the charges and called them "baseless". Pranav Adani "communicated UPSI (unpublished price sensitive information) pertaining to the SB Energy acquisition" to his brother-in-law Kunal Shah and violated norms related to insider trading rules in 2021, said the SEBI document, which showed call records and trading patterns were reviewed in the investigation. Kunal Shah and Nrupal Shah, his brother, then traded in shares of Adani Green and made "ill-gotten gains" of 9 million rupees ($108,000), the document added. The Shah brothers said in a statement sent by their law firm that the trades were not executed with the "knowledge of any unpublished price sensitive information nor with any mala fide intent." "The information in question was already generally available in the public domain," the statement said. SEBI did not respond to Reuters requests for comment. Adani Green's acquisition of SB energy on May 17, 2021 at an enterprise value of $3.5 billion is the largest acquisition in the renewable energy sector in India so far. Pranav Adani became aware of the impending acquisition two-three days prior to May 16, 2021, when the deal was finalised, SEBI said. SEBI had proposed that Kunal and Nrupal Shah also settle, but the brothers chose to contest the allegations as they found the terms too onerous, the source added. Pranav Adani's settlement plea would be taken up after SEBI's ongoing review of its settlement process is over.
Reuters
10-03-2025
- Business
- Reuters
Over $13 billion in solar, wind investment at risk in Vietnam, industry letter says
HANOI, March 10 (Reuters) - More than two dozen foreign and Vietnamese investors, including Adani Green Energy ( opens new tab, have warned Vietnam's plans to retroactively change rules on subsidised prices for wind and solar energy could affect more than $13 billion of investments. In a letter to Vietnamese leaders dated March 5 and reviewed by Reuters, the investors expressed "deep alarm" about the possible end of favourable energy tariffs, noting the policy change could undermine broader financial stability and erode confidence in Vietnam at a time when the country plans to significantly expand its renewables capacity. Among the 28 signatories are private equity fund Dragon Capital, the Vietnamese subsidiary of Philippines' ACEN ( opens new tab energy group, and investors from Thailand, the Netherlands, Singapore and China. In recent years, the Southeast Asian country experienced a boom in renewable energy investments driven by generous feed-in tariffs, under which the state committed to buying electricity for 20 years at above-market prices. However, the high tariffs increased losses for Vietnam's state-owned power utility EVN, the only buyer of the generated electricity, and led to an increase in power prices for households and factories. Authorities have repeatedly tried to reduce the high tariffs. Now they are considering a retroactive review of the criteria set for accessing the feed-in tariffs, according to the investors' letter, even after the projects are producing power. "Such a move could result in equity write-offs of nearly 100% for the affected projects, jeopardizing approximately over US$13 billion in investment," the letter said. The letter did not clarify if all of the funds had been spent yet, and it was not clear how and when Vietnam intended to review existing rules. Vietnam's industry ministry and EVN did not immediately respond to requests for comment. RISKS FOR CREDITORS Investors said in the letter that EVN was already delaying payments or only partially paying for the electricity generated by renewable projects "without clear justification". As a result, "multiple projects (are) facing loan default to both local and international lenders," the letter said, warning that a permanent revision or end of agreed tariffs "risks undermining national banking stability and eroding confidence in Vietnam's regulatory framework." This comes as Vietnam is planning to greatly expand its capacity for solar and wind energy generation under a revised draft power plan for this decade seen by Reuters. Under the plan's base scenario, installed capacity from wind and solar farms would exceed 56 gigawatts by 2030, nearly one-third of the total planned installed capacity from all sources, including fossil fuels. Of the projects that could be hit by the retroactive reform, those funded by foreign investors have a combined capacity of nearly 4 GW, almost exclusively in solar energy, with an aggregate value of $4 billion, according to the letter.
Reuters
18-02-2025
- Business
- Reuters
US SEC seeks India's help in Adani fraud probe
Feb 18 (Reuters) - The U.S. Securities and Exchange Commission has requested assistance from Indian authorities in its investigation of Adani Group founder Gautam Adani and his nephew Sagar Adani over alleged securities fraud and a $265 million bribery scheme, a court filing showed on Tuesday. The SEC told a New York district court its efforts to serve its complaint to Gautam and Sagar Adani were ongoing and that it is seeking help from India's Ministry of Law and Justice to serve its complaint to Gautam and Sagar Adani. Neither man is in U.S. custody, and they are currently located in India. Adani Group didn't immediately respond to a Reuters request for comment. The Indian government could not be immediately reached outside regular business hours. Last year, federal prosecutors in Brooklyn unsealed an indictment accusing Adani of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy ( opens new tab, a subsidiary of his Adani Group conglomerate, and then misleading U.S. investors by providing reassuring information about the company's anti-corruption practices. Adani Group has called the allegations "baseless" and vowed to seek "all possible legal recourse."
Reuters
12-02-2025
- Automotive
- Reuters
MSCI adds Hyundai Motor India to key global index, removes Adani Green Energy
Feb 12 (Reuters) - MSCI added a lone Indian company, carmaker Hyundai Motor India ( opens new tab, to its Global Standard index late on Tuesday and removed Adani Green Energy ( opens new tab as part of its February 2025 index rejig. The change will come into effect on the market's close on February 28. In its previous index reconstitution in November, MSCI had added five domestic companies into the global standard index, lifting India's weightage to nearly 20% in the gauge that tracks emerging markets. The quarterly rebalancing, which was announced overnight, also saw 20 Indian stocks added to MSCI India Domestic Smallcap Index, including Ola Electric Mobility ( opens new tab, Sundaram Clayton ( opens new tab and Zaggle Prepaid Ocean Services ( opens new tab, among others. However, 17 stocks were deleted from the MSCI Smallcap index. According to IIFL Capital, the MSCI rejig could lead to a net passive inflow of about $850 million to $1 billion into Indian markets. Private lender IndusInd Bank ( opens new tab, which is already part of the global standard index, saw a weight increase, according to IIFL Capital. While MSCI added and removed one Indian stock from the global standard indexes, it added eight stocks from China and deleted 20 stocks from the world's second-largest economy. Overall, 23 securities will be added and 107 securities deleted from the MSCI global standard indexes as part of the review.
