Mahua Moitra writes fresh letter to SEBI, asks eight questions on Adani Group investigation
2 min read . Updated: 31 Jan 2023, 12:51 PM IST
Premium- The share sale is critical for Adani, not just because it is India's largest follow-on offering and will help cut debt, but also because its success will be seen as a stamp of confidence by investors at a time the tycoon faces one of his biggest business and reputational challenges of recent time
Trinamool Congress MP Mahua Moitra has written a fresh letter to market regulator SEBI asking it for the status of its investigation and also a series of questions targeting the Adani Group companies. In the letter the TMC leader wrote," Based on the statement by the Adani Group, it seems that SEBI has completed its investigation in this matter and if the investigation was completed the Adani Group won the matter in the court with all charges dismissed or SEBI discharged them. I would like to understand when was the investigation on the matter was completed? What were the findings? What action was taken? What went to the court? When did it go?
If the investigation is not complete, why is it taking so long? When will it be completed? Is this in the best interest of the investors, especially when the Group is doing a 20,000 crore FPO and seeking further retail investor's monies. Why was this approval given to Adani Enterprises without completing this investigation?
Further, it would be expedient to take immediate corrective clarification and penal action against Adanl group for their false statement to the market participants that these allegations have been head and rejected"
This is now affecting the stability of our markets, our reputation, our financial institutions and most importantly, our retail investors. I hope this is dealt with expeditiously," the TMC leader wrote in the letter.
Meanwhile, in another tweet, she tagged SEBI sharing a screenshot of a report and tweeted,"Am unheard of UAE based company from where Vinod Adani is based - steps in to participate on the Adani Enterprises FPO. Fool me once, shame on you. Fool me twice, shame on me."
Also, billionaire Gautam Adani's group stocks have sharply fallen after a Jan. 24 report from Hindenburg Research which flagged concerns about high debt levels and the use of tax havens, with cumulative losses now at $65 billion. Adani has called the report baseless.
The share sale is critical for Adani, not just because it is India's largest follow-on offering and will help cut debt, but also because its success will be seen as a stamp of confidence by investors at a time the tycoon faces one of his biggest business and reputational challenges of recent times.
An unsuccessful share sale would be a stunning setback for Adani whose group has in recent days repeatedly said investors were standing by its side and the share offering will go through. Adani is now the world's eighth richest person, down from third ranking on Forbes' rich list last week.
* *With inputs from agencies
