The Headlines Exposing Adani
Adani’s climate-cooking, land-grabbing, tax haven-loving coal empire has been rocked by fresh evidence of alleged insider trading, stock manipulation & accounting fraud. Here’s a quick news round-up from the last few weeks.
"Two men who secretly invested in the massive conglomerate turn out to have close ties to its majority owners, the Adani family, raising questions about violations of Indian law."
Frontline: The latest chapter in the Adani stock imbroglio
"With #Adani perceived as a repeat offender & SEBI itself facing accusations of regulatory failure, the responsibility now falls on the Central Govt to initiate a probe by a neutral institution...uncover the truth,& restore confidence in our stock markets"
Deccan Herald: Not just Adani, SEBI too under a shadow
"It’s strange that journalists are able to find and analyse allegations against the Adani Group but SEBI isn’t."
In the Adani-Hindenburg matter, the petitioner seeking a Court monitored investigation against the Adani group companies has filed a new affidavit in the Supreme Court in the light of the recent investigative reports published by certain media houses against the conglomerate.
Borsen: Danske Bank completely divests from all Adani Group companies because of coal expansion!
Danske Bank has divested its bonds and shares from all Adani Group companies because of Adani's coal expansion! With even so-called Adani "Green" funding coal, smart investors are realising that complete divestment is the only way to avoid supporting Adani's catastrophic coal plans.
"But hours before the event, Mishra had been allegedly asked by none other than the channel’s editor-in-chief Sanjay Pugalia to disrupt Gandhi’s press conference, “create a ruckus” and “change the narrative”, sources at NDTV told Newslaundry."
"A review by the global money laundering and terrorist financing watchdog is underway and an impression that regulators are ignorant or unwilling to act on charges of illegal money flows could be detrimental to India’s credibility."
The Guardian: Modi-linked Adani family secretly invested in own shares, documents suggest
"documents obtained by the OCCRP...reveal for the first time the details of an undisclosed & complex offshore operation in Mauritius–seemingly controlled by Adani associates–that was allegedly used to support the share prices of its group of companies"
The Financial Times: Secret paper trail reveals hidden Adani investors
“Two sets of accounts were done. One was for regulators. The second set was for each investor mapping their holdings.”
BBC: India's Adani Group stung by fresh controversy
"Adani is facing a fresh controversy after a new report says it used "opaque" funds to bypass rules that prevent share price manipulation."
Forbes: Billionaire Gautam Adani’s Conglomerate Faces Fresh Allegations Of Stock Manipulation
"Shares of Adani Group’s listed companies slumped on Thursday morning after a new investigative report revealed close links between the company’s offshore investors and the family members of the Indian conglomerate’s billionaire founder Gautam Adani...”
"Two people closely linked to India's Adani Group, one of the country's largest conglomerates, secretly purchased millions of dollars of stocks in the group's companies, possibly violating Indian law..."
"The value of the group’s 10 listed companies dropped by $4.2bn... on Thursday after
FT & Guardian exposed opaque offshore structures that shielded some of the group’s largest shareholders, and their connections to the Adani family, from public sight.
Yahoo! Finance: Adani Shares Fall After OCCRP Allegations on Offshore Owners
"Adani Group shares and bonds declined after potentially controversial owners of its stock were identified in a new investigation, dealing the Indian conglomerate a fresh blow..."
The Hindu: Explained | Decoding the OCCRP’s Adani report
"OCCRP's expose adds to the already substantial body of evidence which suggests that SEBI India's role in the Adani group matter goes beyond regulatory failure and possible regulatory capture."
The Guardian: Rahul Gandhi demands Modi investigation into Adani Group
"Gandhi said: “Why is this one gentleman who is close to the prime minister, allowed to move [hundreds of millions] of dollars to pump up his share price and to use the money to capture Indian assets such as airports and ports?”
The Washington Post: Adani Saga India’s Parliament must step in to Protect Investors
"India has a simple rule that at least 25% of the stock in listed companies must be owned by public shareholders. If, as the FT alleges... that norm was breached at firms belonging to the Adani Group, the SEBI India must investigate and demand remedies."
BNN Bloomberg: Paper Trail Reveals Secret Adani Investors, FT Reports
"“The stench of corruption around the network of Adani-linked shell companies located in opaque tax havens is only getting stronger with the money trail being established now,” Jairam Ramesh, a Congress leader — wrote on X"
