360 ONE denies Adani Group investment in IPE-Plus Fund 1, confirms full compliance

the fund was managed on a discretionary basis by the Investment Manager

360 ONE Asset Management has issued a formal clarification regarding its IPE-Plus Fund 1, which was operational from October 2013 to October 2019. The company denies any investment in Adani Group shares, either directly or indirectly through other funds, throughout the fund’s entire tenure.

In its press release on August 11, the asset management company says, "At its peak, IPE-Plus Fund 1 boasted Assets Under Management (AUM) of approximately $48 million. The fund was predominantly invested in bonds, with over 90% of its assets allocated to this category."

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Notably, the fund was managed on a discretionary basis by the Investment Manager, and no investors had a role in its operational or investment decisions, the statement added.

The fund’s operations were conducted in full compliance with regulatory standards, and its investment strategy was governed solely by the fund manager. "Both Mrs. Madhabi Buch and Mr. Dhaval Buch, whose collective stake in the fund was under 1.5% of the total inflow, had no influence over the fund’s investment decisions," the company said in its press release said.

This comment comes after Hindenburg Research alleged SEBI chair Madhabi Puri Buch had a stake in offshore entities linked to the Adani case.

Hindenburg Research also said that she has 99 percent equity stake in an Indian consulting business Agora Advisory, which earned about Rs 2 crore -- many times more money than her then disclosed salary.

The Adani Group rebuffed the allegations from Hindenburg Research, dismissing them as "malicious," "mischievous," and "manipulative." The company condemned the claims as a recycling of previously discredited accusations that were thoroughly investigated and dismissed by the Hon'ble Supreme Court in March 2023.

Moreover, SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch strongly denied the allegation in a joint statement issued at 1:40 AM on August 11.