The Adani Group has vehemently denied allegations that have resurfaced in the media after the OCCRP report. Labelling these claims as “recycled,” the conglomerate suggests that these reports are part of a concerted effort by certain interests to malign its reputation.
What Happened: Earlier today, George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP) levelled scathing allegations against the Gautam Adani-led conglomerate.
Responding to the accusations, the group has stated that these reports seem to be “another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report.”
The allegations in question pertain to cases from a decade ago, which were investigated by the Directorate of Revenue Intelligence (DRI). These cases revolved around claims of over invoicing, transfer of funds abroad, related party transactions, and investments through FPIs.
See Also: OCCRP Connects Adani Family to Opaque Mauritius Funds: Here’s All You Need to Know
However, both an independent adjudicating authority and an appellate tribunal had confirmed the legitimacy of the transactions. The Hon’ble Supreme Court of India further solidified this stance by ruling in the company’s favor in March 2023, the Group statement added.
Why It Matters: The statement emphasises that the allegations lack foundation, especially since there was no over-valuation confirmed. The FPIs in question are currently under investigation by the Securities and Exchange Board of India (SEBI).
The company’s statement also stated that an Expert Committee appointed by the Hon'ble Supreme Court found no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices.
The oil-to-media giant believes that these attempts are targeted strategies to drive down their stock prices for profit. At the time of writing all 10 listed group stocks were trailing in the red.
Read Next: Adani Group Stocks Plunge in Red as OCCRP Provides Fresh Insights into Stock Manipulation Allegation
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