Vinod Adani steps down from 3 companies linked to Australia coal mine

28 Apr 2023 CW Team

In late February, as questions mounted and Adani Group’s share prices plunged, 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 mine in Australia, on which it has staked billions of dollars. He remains on the board of Singapore-based Abbot Point Port Holdings.

These resignations, which haven’t previously been reported, happened just days before the SC 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 were properly disclosed.

An Adani Group representative said Vinod, aside from being a shareholder of certain entities, had no management role in the development of the Carmichael mine or its related infrastructure.

Hindenburg’s January 24 report said dozens of shell companies controlled by Vinod had moved billions of dollars in and out of Adani Group companies, seemingly to embellish shares and results. Adani Group acknowledged that Vinod is part of the promoter group and said it made all required disclosures. It largely rejected questions about the brother’s business affairs, saying they’re irrelevant given he’s not a manager at the group’s public companies or their subsidiaries.

Until recently, few had heard of Gautam’s 74-year-old brother. He’s believed to have made a fortune trading commodities and is worth at least $1. 2 billion. He runs a family investment office in Dubai. Over the years, he’s been involved in some of Adani Group’s largest undertakings, from acquisitions of cement companies to green energy. Carmichael is one of the longest-running examples.

Real Estate

04 Apr 2025

Varun Malik Joins ANAROCK as MD, Head of Capital Markets, APAC

ANAROCK Capital has appointed Varun Malik as Managing Director, Head of Capital Markets (APAC), marking a strategic move to expand its presence across Asia-Pacific. Based in Singapore, Malik will drive ANAROCK’s capital markets initiatives in the region.A real estate finance veteran, Malik brings over 18 years of experience in structuring complex cross-border transactions across South-East Asia and Australia. He has led debt and equity deals for REITs, fund managers, and developers, delivering strong returns and driving investor value.“We will redefine real estate capital solutions across ..

Patra Chawl lottery held, 663 families allotted homes

Mumbai's Siddharth Nagar (Patra Chawl) Co-operative Housing Society members in Goregaon (West) saw their 15-year wait come to a close as MHADA conducted a successful computerised lottery for 663 eligible members under its redevelopment scheme.The Mumbai Housing and Area Development Board conducted the draw using the RAT (Randomised Allotment of Tenement) system at Sardar Vallabhbhai Patel Hall. The lottery, overseen by Mr. Milind Borikar, Chief Officer of Mumbai Board, ensured transparency by digitally allotting each member a building, wing, and floor.The project, located on Plot R-9, received..

BLR Airport crosses 41 million passengers, 500,000 MT cargo

Kempegowda International Airport, Bengaluru (BLR Airport), has recorded key operational milestones in FY 2024-25, crossing 41.88 million passengers and handling 502,480 metric tonnes of cargo. This marks a year-on-year passenger growth of 11.6 per cent and a 14 per cent rise in cargo volumes.Domestic footfall reached 36.05 million, up 10 per cent, while international traffic saw a robust 25 per cent jump to 5.83 million, aided by Indigo’s global expansion and added frequencies by international carriers. BLR Airport now connects to 76 domestic and 33 international destinations, with Hanoi set..

Vinod Adani steps down from 3 companies linked to Australia coal mine

Varun Malik Joins ANAROCK as MD, Head of Capital Markets, APAC

Patra Chawl lottery held, 663 families allotted homes

BLR Airport crosses 41 million passengers, 500,000 MT cargo

Latest Updates

Advertisement

Recommended for you

Advertisement

Subscribe to Our Newsletter

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Modal Heading

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address

Modal Heading

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address