SEBI drops shareholding case against Vinod Adani, finds no proof he controlled offshore funds
The Securities and Exchange Board of India (SEBI) dropped allegations against Vinod Adani regarding shareholding and offshore fund control. The regulator found no evidence of his de facto control over the funds, although it imposed ₹20 lakh penalties on two other individuals for withholding information. This decision clarifies the standards for establishing control in such cases.