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Adani says reports regarding foreign funds being frozen is blatantly erroneous

According to the firm, these reports are causing irreparable loss of economic value to the investors at large as well as the organisation.

June 14, 2021 / 04:46 PM IST

Adani group of companies say that reports pertaining to the freezing of 3 foreign funds by National Securities Depository Ltd (NSDL) namely, Albula Investment Fund, Cresta Fund and APMS Investment Fund, holding shares in Adani Group companies are erroneous.

"We regret to mention that these reports are blatantly erroneous and is done to deliberately mislead the investing community," the group said in a statement.

According to the firm, these reports are causing irreparable loss of economic value to the investors at large as well as the organisation.

The statement notwithstanding, NSDL data shows that the accounts of the three foreign portfolio investors are frozen.

Moneycontrol has contacted the Adani Group for comment. This article will be updated with a response.

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Also Read: Adani Group stocks tumble 5-20% on reports of NSDL freezing 3 FPI accounts

Stocks of Adani group companies took a beating in the morning trade on  June 14 after reports of NSDL freezing three Foreign Portfolio Investors (FPIs) accounts that own shares in four of the listed Adani firms emerged.

As per an Economic Times report, NSDL froze the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, which together own more than Rs 43,500 crore worth of shares in Adani Enterprises, Adani Green Energy, Adani Transmission and Adani Total Gas.

Though the reason for the freezing of the accounts is not known, the Economic Times cited top officials at custodian banks and law firms handling foreign investors as saying that it could be because of insufficient disclosure of information regarding beneficial ownership as per the Prevention of Money Laundering Act (PMLA).

Albula Investment Fund had also clarified that the fund is not blocked by any means and is fully operational, as per CNBC-TV18 reports. It also said that the fund is fully operational within normal trading not just in India, but also abroad.

"Reports of accounts being frozen are false and manipulative in nature," it was quoted as saying.
Moneycontrol News
first published: Jun 14, 2021 03:11 pm

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