‘Blatantly Erroneous’: Adani Group Fraud News On NSDL freezing account of 3 FPI

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Adani Group Fraud News was vague as Adani on Monday clarified that the report on the National Securities Depository Limited  (NSDL) freezing account of 3 FPI is vague and termed it as ‘blatantly erroneous’. Adani Group also made a statement that it is done to forcefully mislead the investing community as the Adani Group Fraud News is vague

“With relation to the status of the Demat Account of the aforesaid funds and having their written confirmation via its email dated 14th June, 2021, clarifying that the Demat Account in which the aforesaid funds hold the shares of the Company are not frozen.” further added by Adani Ports and Special Economic Zone Ltd, in a BSE filing.

Making multiple statements, Adani Group also said “As for the report, the company further stated, “This is causing irreparable loss of economic value to the investors at large and reputation of the group.” & Adani Group Fraud News is making the chaos.

“We are issuing this letter in the larger public interest and for the protection of minority investors’ interest,” it added. 

But all these statements from Adani Group did not stop the meme-makers & one single tweet from Sucheta Dalel dumped every share of Adani Group to the lower circuit. The share price fell from 5% to 25% from the price of respective shares. Its steepest fall in nearly a decade.

NSDL has frozen the fund accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, the website shows without citing a reason for the freeze, reported Reuters. This might indicate false Adani Group Fraud News.

The three funds feature among the top twelve investors and owned about 2.1% to 8.91% stakes in five Adani Group companies as of March 31, 2020, annual investor presentations show.

The value of their stakes in Adani Power, Adani Enterprises, Adani Green, Adani Transmission and Adani Total Gas Ltd spiked over ten-fold since end-March 2020 to 569.32 billion rupees ($7.78 billion) as of Friday, according to Reuters calculations. 

This is the strong reason for a seamless rally in shares of Adani Group companies over the period that has made Chairman Gautam Adani the 2nd richest Asian, after Mukesh Ambani who is the owner of oil-to-telecom conglomerate Reliance Industries.

Shares of Adani Enterprises have risen over 10-fold in the past year to Friday, while Adani Transmission shares have gained more than 8-fold and Adani Total Gas Ltd shares have jumped 1,114%.

Adani Ports Ltd has jumped 148%, while Adani Green has grown 267% and Adani Power has risen around four-fold over the past year.

Adani spokesperson did not immediately respond to a request seeking comment to the venture guide. The question was related to Adani Group Fraud News On NSDL freezing account of 3 FPI. India’s securities regulator SEBI and NSDL did not respond to requests seeking comment made by them or the group.

Adani Group Statement

However, a report in the Economic Times said the freeze on the three accounts could be because of insufficient disclosure of information related to beneficial ownership.

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