Vinod Adani, the little-known elder brother of Adani group founder Gautam Adani, is part of the promoter group, the group has said, raising questions on his position after short seller Hindenburg Research named him prominently in its scathing report on the Adani group. Were.
“We would like to state that Gautam Adani and Rajesh Adani are individual promoters of various listed entities within the Adani Group and Vinod Adani is an immediate relative of the individual promoters,” group head Adani Enterprises said in a stock exchange filing on Thursday.
Accordingly, as per applicable Indian regulations, “Vinod Adani is part of the ‘promoter group’ of various listed entities within the Adani Group.”
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In response to Hindenburg’s questioning of 74-year-old Vinod Adani’s role in the Adani Group, where it alleged “brazen stock manipulation and accounting fraud” and the use of offshore shell companies to prop up stock prices, the apples-to- The airport group said in January that “Vinod Adani does not hold any managerial position in Adani’s listed entities or their subsidiaries and has no role in their day-to-day affairs.”
“We reiterate that any transaction entered into by Adani portfolio companies with any related party has been duly identified and disclosed as a related party transaction in compliance with Indian laws and standards and arm’s length conditions.” but has been done,” it said.
Hindenburg Research had alleged that Vinod Adani was responsible for creating and managing a vast network of offshore shell entities for stock parking, market manipulation and money laundering to help group companies maintain the appearance of financial health. So to receive.
The group has denied all of Hindenburg’s allegations, calling them “malicious”, “baseless” and a “planned attack on India”.
Vinod Adani is widely reported to be operating out of Dubai in the United Arab Emirates. Regulatory filings show that he is a citizen of Cyprus.
When the Adani Group bought Swiss giant Holcim AG’s stake in Ambuja Cements and ACC, the deal was completed through a Mauritius-based entity called Endeavor Trade & Investment.
In the filing, Adani Group said Vinod Adani was part of the promoter group, in various disclosures submitted from time to time to Indian regulatory authorities.
Further, the fact that the acquirer of Endeavor Trade and Investment Limited (an entity controlled by Vinod Adani), ACC Limited and Ambuja Cements Limited, belong to the Adani Group, has been disclosed in the public offer document.
The text of this story is published from a wire agency feed without any modification. Only the headline has been changed.
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