Adani Group Rejects 'Recycled Allegations' In OCCRP Report

Adani Group categorically rejected "recycled allegations" of hidden foreign investors levelled by the Organised Crime and Corruption Reporting Project.

"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," the conglomerate said in a statement.

These claims made by OCCRP are "based on closed cases from a decade ago when the Directorate of Revenue Intelligence probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs," it said.

"It is vital to respect the ongoing regulatory process. 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 further read.

Adani Group said that 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 Supreme Court ruled had ruled in Adani Group's favour and the matter was closed in March 2023. "Clearly, since there was no over-valuation, there is no relevance or foundation for these allegations on transfer of funds," Adani Group said.

The FPIs in question are already part of the investigation by the Securities and Exchange Board of India, the ports-to-power conglomerate further clarified.

As per the expert committee appointed by the Supreme Court, there is no evidence of any breach of the Minimum Public Shareholding requirements or manipulation of stock prices, it said.

"It is unfortunate that these publications, which sent us queries, chose not to carry our response in full. 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," the group said.

Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.