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The “government has not intervened anywhere,” Sanyal, a member of prime minister’s economic advisory council, said in an interview in New York. “Nobody’s having to rescue anyone in our system.”
"We would like to submit that Gautam Adani and Rajesh Adani are individual promoters of various listed entities within the Adani group and Vinod Adani is an immediate relative of the individual promoters," the group's flagship Adani Enterprises said in a stock exchange filing on Thursday.
The Mundra Thermal Power Plant — and its debt, that appears designed to shield Adani Power from extraordinary writeoffs — exemplifies this balancing act, where a single asset writedown could have cascading ramifications
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In an exclusive interview with CNBC-TV18, Swaminathan J, MD Corporate Banking and Subsidiaries at SBI said the Adani Group has pledged additional shares in favour of SBICAP Trustee as the group companies are required to maintain 140 percent collateral as per one of the covenants relating to existing loan and hence the top up.
The finance minister was speaking to the media after the conclusion of the meeting of the Reserve Bank of India’s central board of directors.
Jairam Ramesh alleged that the "failure" of market regulators like the Securities and Exchange Board of India (SEBI) to protect Indian capital markets has "tarnished" their image and put a question mark on the integrity of India's financial markets.
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Banerjee's comments come in the wake of the Hindenburg Research report that made a slew of allegations of wrongdoing against the business conglomerate led by industrialist Gautam Adani, in which state-owned lender SBI and Life Insurance Corporation have exposure.
In state capital Ranchi, Congress supporters staged a demonstration outside the SBI branch in the Kutchery area and the LIC office in the Hinoo area with placards and posters.
Without naming Adani group specifically, the capital markets watchdog said in a statement that unusual price movement in the stocks of a business conglomerate has been observed in the past week.
The contentious issue of short selling has been in the news since Hindenburg Research published a report last week on Adani Group and its alleged accounting fraud.
"Global media is speculating whether current challenges in the business sector will trip India’s ambitions to be a global economic force," wrote Anand Mahindra
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