Gautam Adani’s elder brother resigns from 3 firms related to Adani's Australian Coal Mine

In late February, as pressure on the Adani group increased, Gautam Adani's older brother Vinod resigned as a director of three businesses linked to the family's coal mines in Australia: Carmichael Rail and Port Singapore, Carmichael Rail Singapore, and Abbot Point Terminal Expansion, according to a Bloomberg report.

He does, however, continue to serve on the board of Singapore-based Abbot Point Port Holdings.

Bloomberg claims that the departure took place just days before the Supreme Court mandated the formation of a committee to determine whether authorities adequately supervised the Adani Group. 

The article further stated that Sebi is investigating whether certain transactions between the group and Vinod were properly declared.

According to a Bloomberg story citing an Adani Group representative, Vinod played no management role in the construction of the Carmichael mine or the infrastructure surrounding it beyond being a stakeholder in a few firms.

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According to the Hindenburg investigation from January 24, hundreds of Vinod-controlled shell firms moved billions of dollars into and out of Adani Group entities, ostensibly to inflate shares and performance.

Vinod is a member of the promoter group, and Adani Group admitted this and claimed to have made all necessary disclosures. Questions concerning the brother's business dealings were mainly denied by the company, which claimed they were irrelevant because he wasn't a manager at any of the group's publicly traded companies or subsidiaries.

The 74-year-old brother of Gautam wasn't well-known prior to recently. He is reportedly wealthy at least $1. 2 billion and made a fortune trading commodities. In Dubai, he manages a family investment business.

He has contributed to several of the Adani Group's biggest projects over the years, including the acquisition of cement firms and the development of renewable energy. The longest-running example is Carmichael.

Vinod became wealthy by working as an Indian outside of India (NRI). Hurun named him the richest NRI in the world by the end of 2022. Vinod Adani reportedly added Rs 37,400 crore to his wealth in 2021–2022, increasing it by 38 per cent, according to a report from the previous year. It was calculated to increase by Rs 102 crore daily. In the previous five years, Vinod Adani's wealth increased by Rs 151,200 crore. The Economic Times stated that this represented a rise of Rs 850 per cent.