Adani's foreign funds + Jindal Poly Films' lawsuit

MYSTERY POST: Stories that couldn't happen

I’m in that hot air balloon seeking funny finance stuff to write about.

Last month, Reuters published a report which said that SEBI had found the foreign funds that invested in Adani guilty of disclosure violations.

Long-time readers may remember that I began my Boring Money journey by writing about Adani’s foreign funds. Since then, writing about Adani is somewhat of a “growth hack” because the name immediately attracts people’s attention for some reason. I mean, I don’t intentionally use him as a growth hack, but posts about Adani usually get more-than-usual readers. (Unrelated but any post on an RBI circular gets fewer-than-usual readers. Including the one last month.)

Anyway, the Adani thing. The accusation has always been that the shady foreign funds investing in Adani were just fronts for Adani himself. There’s a reasonable amount of evidence including a Financial Times investigation (which I have also written about.)

And now, Reuters reports that SEBI found the funds guilty? Umm… what about Adani?

These funds apparently want to settle with SEBI and some have written that if the settlement does happen, that would be the end of SEBI’s investigation. I don’t know if this is true or what will actually happen—but if this happens, it might make for a funny Boring Money post.¹

Next—last month was India’s first class action lawsuit?!² Congrats to us! Jindal Poly Films, a listed company, apparently sold some of its investments to one of the Jindals who run the company for a cheap price. A good old fraud accusation! Some shareholders discovered this and sued the company.