The Securities and Exchange Board of India (SEBI) will say for the first time that India s customs authority alerted it to an alleged misuse of offshore funds by Adani Group companies in 2014 but that the initial investigation did not yield anything and was paused in 2017, the sources said.
SEBI restarted investigations into the group this year after U.S.-based short-seller Hindenburg Research raised governance concerns - allegations Adani Group has denied.
Billionaire Gautam Adani's conglomerate is looking to raise about $3 billion through an equity share sale to institutional investors in the boldest comeback strategy after the ports-to-energy group was hit by a damning report of a US short seller.