Mahua Moitra writes a new letter to SEBI, asks four questions about the Adani Group investigation

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Trinamool Congress MP Mahua Moitra has written a new letter to market regulator SEBI asking for the status of its investigation of Adani Group companies. In the letter, the TMC leader wrote: “Based on the Adani Group’s statement, it appears that SEBI has completed its investigation into this matter and if the investigation was completed, the Adani Group won the matter in court with all charges dismissed or SEBI discharged them. I would like to understand, when was the investigation completed on the matter? What were the findings? What action was taken? What went to court? When was it?

If the investigation is not complete, why is it taking so long? When will it be completed? Is this in the best interest of investors, especially when the Group is making a FPO of 20,000 and moving further into the retail investment markets? Why was Adai Enterprises given this approval without completing this investment?

Furthermore, it would be appropriate to take immediate remedial clarification and criminal action against the Adanl group for its false statement to market participants that these accusations have been headed and rejected.”

This is now affecting the stability of our markets, our reputation, our financial institutions and most importantly our mail investors. I hope this is addressed expeditiously,” the TMC leader wrote in the letter.

Meanwhile, in another tweet, he tagged SEBI sharing a screenshot of a report and tweeted: “I have not heard of a UAE based company where Vinod Adani is located – stepping in to participate in Adani Enterprises FPO. Fool me once, shame on you.” If you fool me twice, shame on me.”

In addition, shares in billionaire Gautam Adani’s group have fallen sharply after a January 24 report by Hindenburg Research noted concerns about high debt levels and the use of tax havens, with cumulative losses now at $65 billion. Adani has called the report baseless.

The share sale is critical for Adani, not only because it is India’s biggest follow-on offering and will help reduce debt, but also because investors will see its success as a seal of confidence at a time when the tycoon grapples with one of his biggest problems. business and reputational challenges of recent times.

A failed share sale would be a stunning setback for Adani, whose group has repeatedly said in recent days that investors were on their side and that the share offering will go ahead. Adani is now the eighth-richest person in the world, down from third on the Forbes rich list last week.

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