Adani News LIVE: Fresh sets of allegations of ‘stock manipulation’ against Adani Group by OCCRP has caused huge chaos in the Indian stock market today. In is latest report, the Organised Crime and Corruption Reporting Project (OCCRP) claimed that Gautam Adani’s family invested millions of dollars in its own companies via “opaque” Mauritius funds.
It also highlights the role of Vinod Adani, elder brother of Gautam Adani, in secretly investing in Adani Group’s firms via Mauritius funds. It is worth noting, that American short-seller, Hindenburg, made similar claims of ‘stock manipulation’ against the Indian conglomerate in January this year.
The company responded on the fresh claims by OCCRP and regarded them as “another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report.”
Despite rejection by Adani group, the OCCRP report on offshore funding impacted share value of Adani firms. All Adani group stocks tumbled within few minutes after market opening on Thursday.
Adani Power shares fell by 3 per cent during early trade, whereas, Adani Transmission share price plunged by 3.3 per cent in morning. Similarly, Adani Enterprises shares fell by 2.50 per cent. Continuing the downward trend, Adani Total Gas shares also fell by 2.50 per cent during Thursday deals.
In latest update, Congress has demanded the formation of Joint Parliamentary Committee to enquire the matter. Congress MP Rahul Gandhi will address media at 5 pm on Thursday in the matter.
Why is PM Modi silent, why doesn’t he get this investigated, asks Rahul Gandhi on Adani issue
It is very important that the Prime Minister of India Mr Narendra Modi clears his name and categorically explains what is going on. At the very least, A JPC should be allowed and a thorough investigation should take place. I don’t understand why the PM is not forcing an investigation? Why is he quiet and people who are responsible are put behind bars? This is raising very serious questions on the PM just before G20 leaders come here…It is important that this issue is made clear before they (G20 leaders) arrive “: Congress MP Rahul Gandhi on Adani group row, in Mumbai
Why is it in an economy like India this gentleman is being given a free ride: Rahul Gandhi
“Just before the leaders of G20 are coming here, they are going to be asking what is this special company that is owned by a gentleman close to the PM and why is it in an economy like India this gentleman is being given a free ride?”: Congress MP Rahul Gandhi on Adani group row, in Mumbai
Today morning, two global financial newspapers have raised a very important question: Rahul Gandhi
The current flavour is G20 and it is about India’s position in the world. What is very important for a country like India is that there is a level playing field and transparency in our economic environment and businesses that operate here. Today morning, two global financial newspapers have raised a very important question. These are not any random newspapers. These newspapers affect investment in India and the perception of India in the rest of the world…”
SEBI examined funds named by OCCRP in Adani probe- sources
India’s markets regulator has examined the funds named by a non-profit media organisation that were allegedly involved in investing millions of dollars in some publicly traded stocks of Adani Group, sources aware of the matter said on Thursday, reported Reuters.
According to the Organised Crime and Corruption Reporting Project (OCCRP), offshore structures based in Mauritius purchased between 8% and 14% of shares in four Adani Group units – Adani Power, Adani Enterprises, Adani Ports, and Adani Energy Solutions (formerly known as Adani Transmission).
“Questions raised by Rahul Gandhi relevant”: KC Venugopal amid fresh allegations against Adani Group
On a day when Organised Crime and Corruption Reporting, a body funded by billionaire global investor George Soros, levelled fresh allegations against the Adani Group, Congress general secretary KC Venugopal on Thursday said the questions raised by Rahul Gandhi with regard to the “unaccounted money in Adani shell companies” assume fresh relevance.
Adani News: Shares of Adani Enterprises down 3% by end of session
Shares of Adani Enterprises settled 3.72 per cent lower at ₹2,420 apiece on the BSE.
Adani News: ‘We are a simple business,’ Nasser Ali Shaban Ahli on allegation of his family ties link with Adani
The report alleges the involvement of Nasser Ali Shaban Ahli and Chang Chung-Ling in stock manipulation of Adani group.
The two persons didn’t respond to the OCCRP report. However, Ali told The Guardian that he didn’t know anything about any secret purchases of Adani stock. He didn’t even confirm whether he had bought any. He asked why journalists were not interested in his other investments. “We are a simple business,” he said, before ending the interview.
Adani News LIVE: How the OCCRP report claims Adani of stock manipulation?
Adani news: The report says that due to the close connections between Ahli and Chang and Adani group, they should be acting on behalf of Adani “promoters”. If this is so, their stake in the Adani Group would mean that insiders altogether owned more than 75 per cent allowed by law.
“When the company buys its own shares above 75 percent … it’s not just illegal, but it’s share price manipulation,” says Arun Agarwal, an Indian market specialist and transparency advocate, reported OCCRP.
Adani News: ‘Actual ownership of benami companies, SEBI has failed to identify, has been revealed,’ says Jairam Ramesh
Adani News LIVE Updates: Targetting the BJP government for saving Gautam Adani, Congress MP Jairam Ramesh said that the actual ownership of ‘two of the thirteen benami shell companies that SEBI has failed to identify, despite years of “investigation”, has been revealed.”
He also questioned the closure of investigation against the Adani Group in 2014, which was closed in 2017.
“Why did SEBI fail to disclose to the Supreme Court that the Directorate of Revenue Intelligence(DRI) had carried out investigations against the Adani Group in 2014, that were then closed by the Modi government in 2017,” he tweted on Thursday.
Adani News: Congress demands JPC amid offshore trading allegations
Adani News LIVE: Amid fresh claims made by OCCRP against Adani group, Congress has demanded the formation of a Joint Parliamentary Committee to investigate stock manipulation by Adani group, said Congress MP Jairam Ramesh.
Adani News LIVE: What’s the Vinod Adani connection in offshore funding?
Adani News: The OCCRP report claims that the two people linked with offshore funding, invested via a management company which used to seek advise from a Vinod Adani company on investments.
Adani News: Congress MP Rahul Gandhi to address media at 5 pm today on Adani issue
Adani NEWS LIVE: Amid fresh allegations and revelations in the Adani stock manipulation case, Congreess MP Jairam Ramesh said that Rahul Gandhi will hold a press conference at 5 pm today on the issue.
Adani News LIVE: What are the new revealations made against Gautam Adani’s firm?
Adani News: The new documents obtained by reporters reveal two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, who spent years trading hundreds of millions of dollars worth of Adani group stock. Both of them have close ties to the Adani family, including appearing as directors and shareholder in affiliated companies.
Adani News LIVE: ‘Finally, the loop is closed,’ Hindenburg reacts on the latest report
Adani News: Reacting on the OCCRP report, Hindenburg research tweeted, “Finally, the loop is closed. The Financial Times and OCCRP report that offshore funds owning at least 13% of the free float in multiple Adani stocks were secretly controlled by associates of Vinod Adani, masking the relationship with 2 sets of books.”
Adani News: ‘We reject these recycled allegations,’ Adani group on claims of offshore funding
Adani News LIVE: In response to another allegation of stock manipulation by associates, Adani group said, “We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report. In fact, this was anticipated, as was reported by the media last week.” (Read full report)
Adani News LIVE: From Adani Power to Adani Enterprise, shares fall report claims of offshore funding
Adani News LIVE Updates: Adani shares fell by over 3 per cent during morning deals on Thursday. On the other hand, Adani Transmission share price tumbled to the tune of 3.3 per cent in early morning session. Adani Enterprises share price fell by 2.50 per cent. (Read full report here)
Adani News: OCCRP alleges Gautam Adani’s firm of offshore funding
Adani News LIVE Updates: In its latest report, OCCRP has alleged Gautam Adani’s group of offshore funding. It accused the Adani family of using its associates to buy shares of its own companies via ‘opaque’ Mauritius funds.
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