Gautam Adani’s older brother Vinod stepped down as director of three companies — Carmichael Rail and Port Singapore, Carmichael Rail Singapore and Abbot Point Terminal Expansion – connected to the family’s coal mines in Australia, in late February as pressure mounted on Adani group. According to Bloomberg, the resignation happened just days before the Supreme Court ordered a committee to probe if regulators had failed to oversee Adani Group. Meanwhile, Sebi is examining whether some transactions between the group and Vinod Adani were properly disclosed. Hindenburg’s January 24 report said dozens of shell companies controlled by Vinod had moved billions of dollars in and out of the Adani Group companies, seemingly to embellish shares and results. The Adani Group acknowledged that Vinod is part of the promoter group and said it made all required disclosures. Until recently, few had heard of Gautam Adani’s 74-year-old brother. He’s believed to have made a fortune trading commodities and is worth at least $1. 2 billion and also runs a family investment office in Dubai.
Hinduja bids Rs 9,650 cr for Reliance Capital
Hinduja Group entity IndusInd International Holdings emerged as the sole bidder for Reliance Capital at an auction held by the creditors. The group offered Rs 9,510 crore in the first round which was raised to Rs 9,650 crore in the second round. Hinduja’s offer was Rs 1,000 crore more than what Torrent Investments offered in the first round in December. Meanwhile, Torrent Investments and Oaktree Capital, who had earlier indicated that they would participate in the process, did not submit any bids. As per reports, Torrent participated in the mock auction drill and the pre-auction discussions but did not submit a bid. The threshold for participation in the auction was kept at Rs 9,500 crore, with Rs 8,000 crore as upfront cash. Lenders had conveyed to the contenders that they would negotiate an improved offer only with the highest bidder, which in this case was the Hinduja group. In the first auction held in December, Torrent Investments made the highest offer of Rs 8,640 crore, followed by Hinduja Group at Rs 8,110 crore. Within 24 hours of that auction, Hinduja offered a revised bid of Rs 9,000 crore, which was then challenged by Torrent before the National Company Law Tribunal (NCLT).
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