Another bomb has exploded on Adani Group. A media report has claimed that Adani Group invested millions of dollars in the stock exchange by secretly buying its own shares. After this news, there is a decline in the shares of the group in the stock market.
अडानी ग्रुप पर एक और आफ़त, गुपचुप तरीके से शेयर खरीद-लेनदेन का आरोप, स्टॉक्स धड़ाम
The Financial Times and The Guardian on Thursday revealed fresh evidence suggesting that people and associates close to Gautam Adani’s brother Vinod Adani secretly bought shares in Adani group companies. However, Adani Group has been denying Vinod Adani’s active role in the group till March this year. But documents that have emerged show that the group used this purchase to manipulate share prices.
This report of the Organized Crime and Corruption Reporting Project (OCCRP) has been shared with the English newspapers The Guardian and Financial Times. It claims to have disclosed about the transactions done by Adani Group in Mauritius. According to this report, the group companies secretly bought their shares between 2013 and 2018.
Non-profit media organization OCCRP claims to have seen the transactions routed through Mauritius and internal correspondence of Adani Group. He says that his investigation has revealed that there are at least two cases where investors have bought and sold shares of Adani Group through foreign companies.
The OCCRP report names two investors, Nasir Ali Shaaban Ahli and Chang Chung-ling. It has been claimed that both of them are old business partners of the Adani family. According to a Reuters report, OCCRP has claimed that there is no evidence that the money invested by Chang and Ahli was given by the Adani family, but it is clear from the reporting and documents that their investment in Adani Group was made by the Adani family. It was done in coordination with OCCRP has questioned whether or not this would be considered a violation. And the answer will be decided when it is known whether Ahli and Chang are working on behalf of the promoters or not.
Ahli and Chang have not yet responded to OCCRP’s report. In an interview with a reporter from The Guardian, OCCRP said Chang said he had no knowledge of secretly buying Adani Group shares.
Meanwhile, Adani Group has issued a statement denying these allegations. The group said that this seems to be the action of organizations run with the help of George Soros and a section of the foreign media is also fanning it so that the genie of the Hindenburg Report can be resurrected. These claims are based on cases that were closed a decade ago. The group has said that at that time allegations of over invoicing, transfer of funds abroad, related party transactions and investment through FPI were investigated. An independent adjudicating authority and an appellate tribunal had confirmed that there was no over-valuation and the transactions were in accordance with the laws. In March 2023, the Supreme Court gave a decision in our favor. Therefore these allegations have no relevance or basis.
It is noteworthy that earlier, American short selling firm Hindenburg Research had released a report about Adani Group in January. In this, serious allegations were leveled against Adani Group for manipulating the price of shares. Adani Group had denied these allegations. He said that he has always followed the rules. But due to this report, there was a huge fall in the shares of Adani Group and its market cap was reduced by $ 150 billion. However, the shares of the group have rallied in the recent past.
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