Congress leaders KC Venugopal, Jairam Ramesh and other leaders addressing a press conference at the party office in New Delhi on February 19, 2023. Photo Credit: Sushil Kumar Verma
Congress made this allegation on 19 February 2023 Gautam Adani’s elder brother Vinod Adani is at the center of the financial flows that Adani uses from one group of assets to send loans to another group, and asked whether it was not worthy of scrutiny by SEBI and the Enforcement Directorate.
posing a set of three questions to Prime Minister Narendra Modi as part of the party’s ” Who are we from Adani?series, Congress general secretary Jairam Ramesh alleged that the Adani group had “misrepresented” Vinod Adani’s central role in its “nefarious activities”.
Recently, shares of the Adani group took a beating following allegations by US-based short seller Hindenburg Research against the trading group, including fraudulent transactions and share-price manipulation, that is headed by Gautam Adani.
Read also: Gautam Adani is no longer in the top 10 richest people in the world
The group has dismissed the allegations as false, adding that it complies with all laws and disclosure requirements.
“Just because the PM is ‘mouni baba’ on this issue (like Chinese intrusion) doesn’t mean we stop asking him questions. Here is HAHK (Hum Adanike Hain Koun)-14,” Mr Ramesh tweeted But said And posted another set of three questions to the Prime Minister.
In his statement addressed to Prime Minister Modi posted on Twitter, Mr Ramesh cited allegations made by Hindenburg Research to claim that Vinod Adani “manages a vast labyrinth of offshore shale entities” who “collectively have transferred billions of dollars to publicly listed and privately Indian Adani” entities, often without required disclosure of the related party nature of the deals”.
In its January 29 response to the allegations, the Adani Group said that “Vinod Adani does not hold any managerial position in any of Adani’s listed entities or their subsidiaries and has no role in their day-to-day affairs”, Mr. Ramesh pointed out.
Read also:Gautam Adani: Indian tycoon weathering stock market panic
“Despite the Adani Group’s claims of distancing itself from Vinod Adani, in repeated public filings the group has described Vinod Adani as an intrinsic part of the Adani Group. For example, this memorandum listed Rs 400 crore on the Bombay Stock Exchange in 2020 The private placement clearly states: ‘Adani Group means SB Adani Family Trust, Adani Properties Private Limited, Adani Tradeline LLP, Gautam Adani, Rajesh Adani, Vinod S. Adani and All companies and entities controlled directly or indirectly by SB Adani Family Trust or Adani Properties Private Limited or Adani Tradeline LLP or Gautam Adani or Rajesh Adani or Vinod S Adani, separately or collectively,” the Congress leader said in his statement. Claimed.
Questioning Prime Minister Modi, Ramesh asked why his “close friend is lying so much to investors and the public”.
“Are the various investigative agencies that you have freely deployed against political parties, media and non-subordinate businessmen, ever being used to investigate your cronies, even if they are caught red-handed Have you gone?” Ramesh asked.
He said that on September 16 last year, Adani Group announced that the Adani family through Endeavor Trade and Investment Limited has successfully completed the acquisition of Ambuja Cements Limited and ACC Limited.
Mr Ramesh said the acquisition catapulted Adani to the position of India’s second largest cement producer.
“The Acquirer’s SEBI filing states in no uncertain terms that ‘the ultimate beneficial ownership of the Acquirer is held by Shri Vinod Shantilal Adani and Smt. Ranjanben Vinod Adani’. Vinod Adani?” They said.
“An Australian investigation has revealed that Vinod Adani’s Pinnacle Trade and Investment, based in Singapore, controls several properties of the Adani Group in Australia. In 2020, Pinnacle signed a USD 240 million loan with Russia’s now sanctioned VTB Bank. entered into a loan agreement and then went on to give a loan of USD 235 million to a related party possibly linked to the Adani Group, according to Forbes magazine,” Mr Ramesh alleged.
Does this not clearly show that Vinod Adani is at the center of financial flows that use one group of Adani assets to send loans to another, as alleged by Hindenburg, he asked.
“Is this not worthy of investigation by SEBI and Enforcement Directorate?” Congress general secretary said.
The Congress has demanded an inquiry into the Adani case by the Joint Parliamentary Committee. The opposition party also stalled the proceedings of both the Houses of Parliament during the first part of the budget session.