Adani Group CFO Jugeshinder Singh told CNBC-TV18 that it was "a malicious attempt to push a patently false story". He was referring to the news report that the National Securities Depository Ltd (NSDL) has frozen certain FPIs accounts that have holding in some of these firms. The report said that NSDL had suspended accounts of three foreign funds – all reportedly based out of the same address -- with major stakes in four Adani firms.
The three frozen accounts — Albula Investment Fund, Cresta Fund and APMS Investment Fund —held shares worth Rs 43,500 crore in the Adani group.
"These Funds (FPIs) have been shareholders of Adani Enterprises since 2010 and these funds became shareholders of other entities due to AdaniEnt holding. Blackrock, Vanguard, Teachers, Credit Suisse have acquired stakes in several Adani entities," Singh told CNBC-TV18.
According to a report in a financial daily, the suspension could be due to insufficient disclosures under the Prevention of Money Laundering Act. The firms had time till 2020 to disclose details of common ownership etc but they did not do the needful.
On Monday, shares of Adani Group companies witnessed a massive drubbing in morning trade, tumbling up to 25 percent. In terms of market capitalisation, Adani group’s listed companies have seen an erosion of over Rs 1 lakh crore or over 10 percent. However, the fall in market capitalisation is a fraction of what the combined group has achieved since last year, media reports said.
On Monday, Adani Ports clarified that the media reports on freezing of accounts of foreign funds were published to deliberately mislead the investing community.
In a stock exchange filing, Adani Ports has clarified its stand on the reports that NSDL has frozen the accounts of three foreign funds - Albula Investment Fund, Cresta Fund and APMS Investment Fund -- holding shares in the Adani Group companies.
"We regret to mention that these reports are blatantly erroneous and are done to deliberately mislead the investing community. This is causing irreparable loss of economic value to the investors at large and the reputation of the group," Adani Ports said.
"Given the seriousness of the article and its consequential adverse impact on minority investors, we requested the Registrar and Transfer Agent, with respect to the status of the Demat accounts of the aforesaid funds, and have their written confirmation vide e-mail dated June 14, 2021, clarifying that the Demat accounts in which the aforesaid funds hold the shares of the Company are not frozen," the company said.