Adani Enterprises, Adani Power, Adani Green Energy shares: Adani stocks in news after OCCRP report on opaque Mauritius funds – Business Today

Shares of Adani Enterprises Ltd, Adani Power Ltd, Adani Green Energy Ltd, Adani Wilmar Ltd, Adani Total Gas Ltd, Adani Ports & SEZ and Adani Energy Solutions Ltd, among others, will be in news on Thursday morning after a report by the Organised Crime and Corruption Reporting Project (OCCRP) said millions of dollars were invested in some publicly traded stocks of the group via opaque Mauritius funds that obscured involvement of alleged business partners of the Adani family.
Citing review of files from multiple tax havens and internal Adani Group emails, non-profit media organisation OCCRP said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures, Reuters reported.
The OCCRP article came months after the US-based short-seller Hindenburg Research in January accused Adani Group of improper business dealings, including the use of offshore entities in tax havens such as Mauritius from where it said certain offshore funds “surreptitiously” owned stock in Adani’s listed firms.
Watch: Adani Enterprises, Adani Green, Adani Total Gas, other group shares fall after OCCRP report alleges family-controlled entities bought own shares; Hindenburg 2.0 for Adani Group? Check details
Adani Group has called Hindenburg’s claims misleading and without evidence and said it always complied with laws. At Adani Enterprises’ annual general meeting, Gautam Adani said the Hindenburg report was “a combination of a targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015.” Adani said the allegations were all settled by appropriate authorities at that time, noting the Hindenburg report was a deliberate and malicious attempt aimed at damaging the reputation of the Adani group and generating short-term profit by driving down Adani group stock
In a statement to OCCRP, Adani Group said the Mauritius funds investigated by reporters had already been named in the Hindenburg report and the “allegations are not only baseless and unsubstantiated but are rehashed from Hindenburg’s allegations.
Reuters said it did not independently verified OCCRP’s assertions and that the Adani Group did not immediately respond to a Reuters request for comment on the OCCRP report.
“It is categorically stated that all the Adani Group’s publicly listed entities are in compliance with all applicable laws including the regulation relating to public share holdings,” it told the OCCRP, according to the news article.
India’s Supreme Court appointed a panel to oversee a market regulator probe based on the Hindenburg report. Last week, Sebi said its report was nearing completion and its investigation on some offshore deals was taking time as some entities were located in tax haven jurisdictions.

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