Adani group responds to OCCRP report; calls it 'recycled allegations'

The Organised Crime and Corruption Reporting Project released a report alleging that millions of dollars were invested in some publicly traded Adani stocks via opaque Mauritius funds. The Adani group has now responded to the allegations.

Adani group in a statement categorically rejected what it called as "recycled allegations", calling them "yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report".

Also Read: Mauritius based opaque funds invested in Adani stocks, alleges OCCRP

"These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs. An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law. The matter attained finality in March 2023 when the Supreme Court of India ruled in our favour. Clearly, since there was no over-valuation, there is no relevance or foundation for these allegations on transfer of funds," it said.

The foreign portfolio investors named in the OCCRP report "are already part of the investigation by the Securities and Exchange Board of India (SEBI)", it said.

"As per the Expert Committee appointed by the Hon'ble Supreme Court, there is no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices." "These attempts are aimed at, inter alia, generating profits by driving down our stock prices and these short sellers are under investigation by various authorities. As the Supreme Court and SEBI are overseeing these matters, it is vital to respect the ongoing regulatory process," it said. "We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious - and we reject these reports in their entirety", the statement said.

Meanwhile, the stocks of Adani group fell on Thursday denting the group market capitalisation by over Rs 35,600 crore. Adani Power shares lost over 3% during morning deals whereas Adani Transmission share price tumbled to the tune of 3.3% in early morning session. Adani Enterprises share price lost to the tune of 2.50% while Adani Green Energy and Adani Total Gas lost to the tune of 2.25% during Thursday deals.