Adani Group rejects 'recycled allegations' made by George Soros-funded OCCRP
Organised Crime and Corruption Reporting Project (OCCRP) on Adani family's partners using 'opaque' funds to invest in its stocks, the Adani Group on Thursday said the the timing of these news reports is suspicious, mischievous and malicious.
«We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report.
In fact, this was anticipated, as was reported by the media last week,» Adani Group said in a statement.
While the Hindenburg report on Adani Group, which had also made similar allegations came just ahead of Adani Enterprises' FPO, the OCCRP report comes ahead of the Supreme Court hearing on the allegations made in the Hindenburg report.
«We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious — and we reject these reports in their entirety,» the Ahmedabad-based conglomerate said in a statement.
It said the claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs.
«An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law.
The matter attained finality in March 2023 when the Hon'ble Supreme Court of India ruled in our favour. Clearly, since there was no over-valuation, there is no relevance or
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