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<ul><li>Hundreds of millions of dollars were invested in group stocks through opaque investment funds by partners of promoter family, says <keyword id="12406255" type="General" weightage="20" keywordseo="occrp" source="Orion">OCCRP</keyword>.</li><li>All the nine <keyword id="6367820" type="General" weightage="20" keywordseo="adani-group" source="Orion">Adani group</keyword> stocks opened in the red and continue to be under pressure.</li><li>The group rejected the ‘recycled allegations’ saying that SC and SEBI are overseeing these matters. </li></ul>Eight of nine Adani group stocks closed in the red on Thursday after George Soros funded Organised Crime and Corruption Reporting Project (OCCRP) made a fresh set of allegations on the group. The project which calls itself a ‘global network of investigative journalists’ said that hundreds of millions of dollars were <a href="https://www.businessinsider.in/business/corporates/news/hindenburg-2-0-occrp-alleges-mauritius-based-opaque-funds-invested-millions-of-dollars-in-adani-stock/articleshow/103228872.cms">invested in publicly traded group stocks through </a>Mauritius-based ‘opaque’ investment funds by partners of promoter family. Adani Green Energy slipped the highest while three other stocks shed over 3% in today’s trade. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><thead><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Stock </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Change </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Adani Enterprises </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-3.7% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Adani Green Energy </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-4.3% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Adani Ports &amp; SEZ </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-3.3% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Adani Power </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-2.2% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Adani Total Gas </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-2.6% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Adani Wilmar </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-2.5% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">ACC </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">0.4% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Ambuja </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-3.5% </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">NDTV </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-2.1% </th></tr></thead><tbody></tbody></table>Source: BSE The investigation run by the Organized Crime and Corruption Reporting, details of which have been shared with the <a href="https://www.ft.com/content/8d46b435-9725-46d4-80be-2cb3e276c4c9" data-type="tilCustomLink" target="_blank">Financial Times</a>, says that the Global Opportunities Fund based in Bermuda looks like any other fund, but on the inside two men were using the fund for a specific purpose – to amass shares of the Adani Group. The two men named in the investigation are – Nasser Ali Shaban Ahli from the United Arab Emirates and Chang Chung-Ling from Taiwan - who are close associates of Vinod Adani, the elder brother of Gautam Adani. The FT article says: “Their investments were overseen by a Vinod Adani employee, raising questions over whether they were front men used to bypass rules for Indian companies that prevent share price manipulation. Their intricate paper trail that shielded them from regulators and the public has been laid bare in documents shared with the Financial Times by Organized Crime and Corruption Reporting, a network of investigative journalists.” The new documents, based on which the articles have been written, identify Ahli and Chang as two most significant investors in the broader scheme outlined by <keyword id="191733" type="General" weightage="20" keywordseo="hindenburg" source="Orion">Hindenburg</keyword>. They outline a series of bespoke investment structures within the Global Opportunities Fund that were used by Ahli and Chang exclusively to trade in <keyword id="645971" type="General" weightage="20" keywordseo="adani-stocks" source="Orion">Adani stocks</keyword>, says the report by FT. According to documents in 2017, Ahli and Chang secretly controlled at least 13% of the free float – shares that are available with the public to trade – in three of the four publicly traded companies of the Adani Group. News reports say that the connection of these two men to Vinod Adani matters because they are associated with the promoter group. Both men began their investments in Adani stocks in 2013. FT goes on to say that were Sebi, the markets regulator in India, to treat Chang and Ahli as proxies for Vinod Adani then it would mean Adani Group breached the rules to prevent artificial inflation of share prices. Group refutes ‘recycled allegations’ The Adani group released a statement saying that the OCCRP report was aimed to generate profits by driving down its stock prices. “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,” the group statement said. The group said that 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. “Notably, these FPIs are already part of the investigation by the Securities and Exchange Board of India (SEBI). 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,” the group said. The case, based on a few public interest litigations (PILs) on stock manipulations is being heard in the Supreme Court. It has appointed a six-member expert committee and also asked the market regulator SEBI to submit a report on the same, <a href="https://www.businesstoday.in/latest/corporate/story/adani-group-probe-supreme-court-postpones-hearing-in-sebi-status-report-adani-hindenburg-396060-2023-08-29">which it did, on August 25</a>. The hearing of the case has been postponed. As the Hon’ble Supreme Court and SEBI are overseeing these matters, it is vital to respect the ongoing regulatory process, the group said. This is the second set of allegations on the group, after US-based Hindenburg Research had alleged stock manipulation and accounting troubles on the group in January this year. Hindenburg also added that it has taken short positions on the group stocks.

Adani stocks under pressure after OCCRP report; group calls it ‘recycled allegations’

Billionaire investor Geroge <keyword id="177967" type="General" weightage="80" keywordseo="soros" source="Orion">Soros</keyword> has weighed in on the ongoing Adani-Hindenburg row stating that Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> is "silent" on the issue and will have to "answer questions from foreign investors and in parliament." BJP was quick to lash out a the US tycoon stating that "George Soros an international entrepreneur has declared his ill-intention to intervene in democratic processes of India." Soros in a speech on Thursday said that Gautam Adis "accused of stock manipulation and his stock collapsed like a house of cards." "<keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Enterprises tried to raise funds in the stock market but failed," Soros said. <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> has been accused by US shortseller Hindenburg of engaging in "brazen stock manipulation and accounting fraud" over decades, a claim that Adani Group has stoutly denied. Terming Modi and Adani as "close allies," whose "fate is intertwined", the 92-year-old billionaire investor said, "This will significantly weaken Modi's stranglehold on India's federal government and open the door to push for much-needed institutional reforms." "I may be naive, but I expect a democratic revival in India," Soros said in his remarks delivered at the 2023 Munich Security Conference. US-based short seller, in its report on January 24, raised concerns about shares of Adani group companies having a possibility of declining from their current levels owing to high valuations, "brazen stock manipulation", and "accounting fraud", among others. After the report came out, share prices of companies in the Adani Group dropped significantly. The continued sell-offs in the group's stocks led its flagship firm, Adani Enterprises Limited, to cancel a fully subscribed Rs 20,000 crore follow-on public offer. In its response the Adani Group, on January 29, in a long 413-page report, said the report by Hindenburg Research was not an attack on any specific company but a "calculated attack" on India, its growth story, and ambitions. The Adani Group has attacked Hindenburg as "an unethical short seller" and stated that the report by the New York-based entity was "nothing but a lie". The Adani-Hindenburg row was also raised in Parliament with Opposition parties disrupting proceedings in the recent Budget Session wit their demands for a joint parliamentary committee probe into the matter Congress has written to Reserve Bank of India Governor and SEBI chairperson , in two separate letters, seeking an investigation on the allegations levelled against the Adani Group by Hindenburg Research. Earlier on Monday, the central government informed the Supreme Court that SEBI is competent to handle the situation and it has agreed to constitute a committee to protect investor interests, following Hindenburg's report on Adani Group. The Solicitor General Tushar Mehta informed a bench of Chief Justice DY Chandrachud that SEBI is completely equipped to deal with the situation and said that the government has no objection to appointing a committee to suggest ensuring investors are protected in the future. However, he said that the remit of the committee is important since it has an effect internationally. He also said that the government will provide names in a sealed cover. Last week, the Supreme Court sought a response from the Ministry of Finance and SEBI on how to ensure that Indian investors are protected in future against sudden volatility observing the recent crash due to the Hindenburg Research report. Meanwhile, in his Thursday speech, Soros termed India India an interesting case of democracy. "PM Modi maintains close relations with both open and closed societies. India is a member of the Quad (which also includes Australia, the US, and Japan), but it buys a lot of Russian oil at a steep discount and makes a lot of money on it," Soros said. The BJP attacked Soros as "a man who broke bank of England" and is "designated by nation an economic war criminal." "The pronouncements made by George Soros need to be understood. He makes such pronouncements to demolish Indian democracy so that his handpicked people run the government in the country," BJP leader and union minister <keyword id="6612" type="General" weightage="50" keywordseo="smriti-irani" source="Orion">Smriti Irani</keyword> said in a press conference today. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/govt-gives-in-principle-approval-to-nine-ethanol-blending-projects/articleshow/98005422.cms">Govt gives in-principle approval to nine ethanol blending projects</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-subscribers-as-vodafone-idea-continues-to-bleed-subscribers/articleshow/98006341.cms">Reliance Jio and Airtel add subscribers as Vodafone Idea continues to bleed subscribers</a>

George Soros wades into Adani-Hindengburg row, says PM Modi "silent"; BJP hits back

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Adani stocks under pressure after OCCRP report; group calls it ‘recycled allegations’

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