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Bloomberg EXCLUSIVE : Trouble for Adani Group

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Published on Mar 9, 2012

In an Exclusive Bloomberg Report, Adani Group companies are expected to be probed for possible money laundering as The country's Enforcement Directorate imposed a penalty on Rajesh Adani, managing director of Adani Enterprises and Gautam's brother, for violating the Foreign Exchange Regulation Act and the Customs Act, according to the 2007 prospectus for the port unit's initial public offering. The penalty was set aside on appeal and the matter was returned to the Directorate. Also there have been mentions of violation of FEMA ( Foreign Exchange Management Act) / FERA (Foreign Exchange Regulation Act) in the Draft of Red Herring Prospectus (DRHP) filed at the time of Adani Power Ltd in year 2009 on Page # 14 and Page # 15 vide Vide Litigations against the Directors and Vide Litigations against the Promoters.

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