As the climate warms due to the burning of fossil fuels, heatwaves are lasting longer and reaching greater peaks as average temperatures rise
India's markets regulator found a dozen offshore funds invested in Adani group companies were in violation of disclosure rules and in breach of investment limits, two people with direct knowledge of the matter said on Monday.
They declined to be named as they were not authorised to speak to media.
Securities and Exchange Board of India (SEBI) and the Adani Group did not immediately respond to emailed requests for comment.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Reuters had first reported that SEBI has uncovered violation of rules on disclosures by listed entities and limits on the holdings of offshore funds in August last year.
The regulator was also looking into Adani Group's ties with one of the funds to determine whether it could be seen acting "in concert" with the conglomerate's key shareholders, an accusation Adani has rejected in the past.
The regulator earlier this year sent notices to a dozen of Adani group's offshore investors outlining the charges and asking them to explain their positions on the disclosure violations and breach of investment limits, the sources said.
"The offshore funds were reporting their investment in Adani group companies at individual fund level. Regulator wanted the disclosure of holding at offshore fund group level," said the first of the two sources.
Eight of these offshore funds have approached the regulator via written request to settle the charges by paying a penalty without admission of guilt, the sources added.
ALSO READ:
As the climate warms due to the burning of fossil fuels, heatwaves are lasting longer and reaching greater peaks as average temperatures rise
Schools in Delhi-NCR that received threat emails closed as a precaution; children sent home
Around nine schools have received bomb threats so far, according to a Delhi Fire official; search operations underway
Demonstrators had vowed they would fight any eviction as they protested the soaring death toll from Israel's war with Hamas in the Gaza Strip
The vast archipelago nation, experiences frequent seismic and volcanic activity due to its position on the Pacific 'Ring of Fire'
Lawyers from two countries clashed at the court this month, with Nicaragua saying Germany was 'pathetic' for providing weapons to Israel and aid to Gazans
The US Secretary of State observed Jordan's efforts to bring in food and supplies
Earlier this month, the fast food chain agreed to acquire Alonyal, which owns 225 McDonald's restaurants in Israel which have been hit by calls for a boycott