OCCRP reveals foreign investors linked to Adani stock manipulation
1 year, 3 months ago

OCCRP reveals foreign investors linked to Adani stock manipulation

The Hindu  

Published : Sep 05, 2023 11:25 IST - 3 MINS READ On August 31, western media outlets published the findings of The Organized Crime and Corruption Reporting Project, a global network of investigative journalists, which accused the Adani group promoters of using overseas funds as fronts to boost their shareholding in group companies beyond prescribed limits and manipulate stock prices. It said that Gautam Adani, founder and chairman of the Adani Group, had added over $100 billion to his personal worth in the past three years largely through his holdings in the group’s seven key listed companies, whose price skyrocketed by more than 800 per cent in that period. In January 2017, these two investors together held 3.4 per cent of the total shares in Adani Enterprises, 4 per cent in Adani Power and 3.6 per cent in Adani Transmission. Thus, the actual promoter group shareholding in Adani Enterprises and Adani Transmission was over 78 per cent in January 2017, in clear breach of the 75 per cent ceiling stipulated by The Securities Contracts Rules.

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