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

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. Adani Group didn’t address a question about the resignations. Vinod didn’t respond to emailed questions.

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.


Bloomberg reported he has a cabin in the Dubai office of Adani Global — a commodity distributor owned by one of the family’s listed firms — and spends two or three hours daily there. When asked about this, an Adani Group representative repeated that such queries were “of no relevance”.

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.