Latest news with #PranavAdani
Scroll.in
04-05-2025
- Business
- Scroll.in
Will SEBI act on its insider trading charges against Pranav Adani, asks Congress
The Congress on Saturday asked whether the Securities and Exchange Board of India will act on its allegations of insider trading against Pranav Adani, the director of several Adani Group companies. A day earlier, a report in Reuters said that the markets regulator had accused Adani of sharing information about Adani Green's acquisition of SB Energy India with his brother-in-law Kunal Shah in 2021 before the deal was made public. This allegedly violated regulations that seek to prevent insider trading. Commenting on the report, Congress General Secretary Jairam Ramesh asked: 'Will SEBI once again let the Prime Minister's favourite business group off with a slap on the wrist? Or will it prosecute the case to the full extent of the law?' Ramesh said that citizens were still waiting for SEBI to complete the investigation into allegations that the Adani Group violated 24 counts of securities law. He noted that it had been 26 months since the Supreme Court told the agency to complete its investigation following the revelations by United States-based short seller Hindenburg Research. 'Meanwhile SEBI's US counterpart – the Securities and Exchange Commission [SEC] – has been much more proactive since it received evidence that, between 2020 and 2024, [Adani Group chairperson] Gautam Adani and seven associates offered Rs 2,000 crore in bribes to Indian officials to secure solar power contracts that would have yielded over Rs 16,000 crore in profits,' the Congress MP said. Ramesh said that the Narendra Modi government 'predictably' chose not to assist the Securities and Exchange Commission in serving a summons to Gautam Adani. The Modani Matter simply refuses to go away. Recently Gautam Adani's nephew - who is a director in several Adani Group companies - has been accused of insider trading by sharing unpublished, price-sensitive information with his brother-in-law which resulted in 'ill-gotten… — Jairam Ramesh (@Jairam_Ramesh) May 3, 2025 Pranav Adani, Gautam Adani's nephew, was sent a notice by the market regulator about the allegations of insider trading in 2024. SEBI alleged that Kunal Shah and his brother Nrupal Shah had traded shares of Adani Green and made 'ill-gotten gains' of Rs 91.1 lakh. Adani Green announced the acquisition of SB Energy India in May 2021 for $3.5 billion, making it the largest acquisition in the renewable energy sector in the country. In response to the Reuters report, Pranav Adani said that he has sought to settle the charges 'to put an end to the matter, without admission or denial of the allegations'. He claimed that 'he has not violated any securities law'.
India.com
03-05-2025
- Business
- India.com
Bad news for Gautam Adani as SEBI accuses nephew Pranav Adani of..., says he earned profit by...
SEBI has accused Gautam Adani's nephew, Pranav Adani, of insider trading. (File) In more troublesome news for billionaire Gautami Adani-led Adani Group, SEBI has accused his nephew, Pranav Adani, of indulging in insider trading and sharing sensitive/confidential information that breached regulations put in place by the markets regulator. Adani nephew accused of insider trading According to a Reuters report, the Securities and Exchange Board of India (SEBI) had sent a notice to Pranav Adani last year, in which the regulator had accused him of sharing confidential information about Adani Green's 2021 acquisition of SoftBank-backed SB Energy Holdings with his brother-in-law, Kunal Shah and his brother Nrupal Shah, before the deal was announced. The report, citing a SEBI document, Pranav Adani, the nephew of Gautam 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. The document also showed call records and trading patterns were reviewed in the investigation, it said. Shah brothers made 'ill-gotten' gains On May 17, 2021, Adani Green acquired SB energy for a staggering $3.5 billion, making it the largest acquisition in India's renewable energy sector. After finding out the impending acquisition a few days before the deal was finalised on May 16, 2021, SEBI shared the confidential info with the Shah brothers, who used the details to trade in Adani Green shares, and made 'ill-gotten gains' worth Rs 90 lakh ($108,000), the report said, citing an anonymous source. In a statement issued by their lawyers, the Shah brothers denied the accusation, claiming that trades were not conducted with 'knowledge of any unpublished price sensitive information nor with any mala fide intent', as the 'information in question was already generally available in the public domain'. Pranav Adani refutes allegations Queried about the SEBI charges, Pranav Adani refuted the allegation, and told Reuters in an emailed response that 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'. The report, citing a source with direct knowledge of the matter, said that settlement terms between Adani's nephew and SEBI were being discussed. The regulator had also proposed settlement to Kunal and Nrupal Shah, but the brothers turned down the offer, and chose to contest the allegations as they found the terms too onerous, the report added. The SEBI allegation is the latest in the long list of challenges faced by the Adani Group. Last year. US authorities last had indicted Gautam Adani and two Adani Green executives, including another Adani nephew, Sagar Adani, for allegedly paying bribes to secure Indian power supply contracts and misleading US investor. The Adani Group has vehemently refuted the charges as 'baseless', and vowed to fight them in US courts. (With inputs from agencies)
Indian Express
02-05-2025
- Business
- Indian Express
Insider trading case: SEBI accuses Adani nephew, he seeks to settle
The Securities and Exchange Board of India (SEBI) 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 to a document reviewed by Reuters. Adani, the nephew of Gautam Adani, was sent a notice by the SEBI last year which alleged he shared information about Adani Green's 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. 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. US authorities last year indicted Gautam Adani and two Adani Green executives for allegedly paying bribes to secure Indian power supply contracts and misleading US 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.
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Business Standard
02-05-2025
- Business
- Business Standard
Sebi accuses Adani's nephew in insider trading case, settlement talks on
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 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. 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. US authorities last year indicted Gautam Adani and two Adani Green executives for allegedly paying bribes to secure Indian power supply contracts and misleading US 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.
Business Recorder
02-05-2025
- Business
- Business Recorder
Indian regulator accuses Adani nephew in insider trading case, he seeks to settle
MUMBAI: 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 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. 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. India's Adani Group revives US investment plans, FT reports 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.
