Sources say the name of the fund is Gulf Asia Trade & Investment. According to a website check last month, it is owned by Nasser Ali Shaban Ahli, a businessman from Dubai. However, the website has since been taken down.

Based on information the Organized Crime and Corruption Reporting Project (OCCRP) gave to Reuters, the fund has put money into a number of publicly traded Adani companies.

The investigation is part of the Securities and Exchange Board of India’s (SEBI) larger investigation into the Indian conglomerate. It comes after a report in January by short-seller Hindenburg Research that said offshore shell companies “secretly” owned stock in Adani listed companies, which raised governance issues.

They want to know if Gulf Asia’s ties to the Adani Group are strong enough that it would be seen as working “in concert” with major Adani shareholders, according to sources who did not want to be named because the investigations are ongoing and private.

This part of the SEBI probe has not been talked about before.

When Reuters called the Adani Group, they wouldn’t say anything about the SEBI investigation or their possible ties to the fund.

The group has said in the past that it denies OCCRP’s claims that business partners used “opaque use” of funds to invest in its publicly traded companies. Hindenburg also made claims that it wasn’t true; it said that all transactions with companies that could be considered related parties had been fully disclosed.

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SEBI and Gulf Asia did not answer when asked for comments. Reuters couldn’t get in touch with Ahli. His main financial services company, Al Jawda Trade and Services, which is based in the United Arab Emirates, did not answer emails or calls.

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“Having failed earlier, the FT is making another effort to financially destabilise the Adani Group by raking up an old, baseless allegation of over-invoicing of coal imports,” Adani Group stated in a media release.

“The Financial Times, in conjunction with its partners, is once again endeavoring to discredit the Adani Group by rehashing old, unfounded allegations ” “This furthers their campaign to promote vested interests under the guise of the public interest,” the statement continued.

The Adani Group characterized the alleged story as “the subsequent assault” spearheaded by Dan McCrum, a journalist for the Financial Times, “who, in conjunction with the OCCRP, disseminated an untruthful account of the Adani Group on August 31, 2023.”

On the aforementioned date, McCrum and John Reed reported that two individuals purportedly associated with Vinod Adani, the brother of Gautam Adani, were “accumulating and trading substantial positions in shares of the Adani Group” through Bermuda’s Global Opportunities Fund. The two individuals were identified as Chang Chung-Ling from Taiwan and Nasser Ali Shaban Ahli from the United Arab Emirates. They claimed that an employee of Vinod Adani oversaw their investments, “raising doubts as to whether they were front companies employed to circumvent regulations governing share price manipulation for Indian corporations.”

McCrum was today accused by the Adani Group of collaborating with OCCRP on the August 31 article. “The OCCRP is funded by George Soros, who has openly declared his hostility against the Adani Group,” stated the report.

According to the website’s information, OCCRP is “a reporting platform for investigations established by twenty-four non-profit investigative centers located in Asia, Europe, Africa, and Latin America.”

The Adani Group stated today that the newspaper was reviving old allegations in an attempt to financially destabilize the conglomerate.

“The proposed FT story is grounded in General Alert Circular No.11/2016/CI issued by the DRI on 30 March 2016.” The FT’s explicit bias is demonstrated through their selective mention of the Adani Group, whereas the DRI’s Circular, which serves as the foundation for the entire discourse, encompasses up to forty importers, including companies affiliated with the Adani Group. “In addition to prominent private power generators in India such as Reliance Infra, JSW Steels, and Essar, this list also comprises the NTPC and MSTC, as well as the state power generating companies of Karnataka, Gujarat, Haryana, Tamil Nadu, and others,” the statement continued.

“Regarding Knowledge Infrastructure, one of the forty importers identified in the General Alert Circular, it is important to mention that the appellate tribunal (CESTAT) dismissed the DRI’s Show Cause Notice, which claimed an overvaluation in the import of coal. Moreover, on January 24, 2023, the Honorable Supreme Court of India dismissed the DRI’s appeal as withdrawn, noting that “we appreciate the Government’s stance in avoiding pointless litigation.” “The matter concerning the overvaluation of coal imports was unequivocally resolved by the highest court of law in India,” the statement continued.

The proposed article by FT was deemed “shrewd recycling and selective misrepresentation of publicly available facts” by the Adani Group today. It was claimed that the aforementioned narrative disregarded India’s regulatory and judicial authorities and processes in order to reach a “predetermined conclusion” by suppressing judicial decisions.

A report was released in January by American short-seller Hindenburg, which levied allegations of account fraud and stock manipulation against Adani Group. Despite dismissing the report as “maliciously mischievous” and “unresearched,” it precipitated a precipitous decline in Adani Group’s stock price. Adani, who was the third richest individual on the planet at the time of the report’s publication, lost 80.6 billion dollars in wealth in less than one month.

Twelvety billion dollars was the estimated value of Gautam Adani prior to the Hindenburg report. His net worth had significantly diminished to forty billion dollars. George Soros, an American investor and short-seller, had previously expressed the view that the unrest encompassing Adani’s corporate dominion could potentially pave the way for a “democratic revival” in the nation.

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In recent months, Adani has regained a portion of his lost wealth as a result of Indian-American investor Rajiv Jain’s investment in Adani Group’s shares.

Adani is the twenty-fourth richest individual in the world at present, according to the Forbes Billionaire’s index, with a substantial net worth of $54.6 billion.

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Market analysts attribute the recent stock price increase to renewed interest from international buyers, who have seemingly forgotten about the recent Deloitte scandal. Adani Group stocks have been consolidating over the past few days. New developments and data points have been analysed by the market.

“In addition, there is a robust sentiment of confidence in the group’s operational capabilities, as fundraising at the group level remains robust and project execution is proceeding without a hitch. The head of research at a domestic brokerage firm predicted that the stocks would rise in the near future.

The promoters’ efforts to gain investors’ trust included diluting their stake in the company by about Rs 45,000 crores (Rs 38,700 crore from GQG, Rs 4100 crore from QIA, and Rs 1,440 from Bain Capital), he said.

Because of recent stake sales to long-term investors like GQG Partners and Qatar Investment Authority, the promoter group is in a strong financial position. Everything to worry about is now in the past, whether it was the Hindenburg or Deloitte,” he continued. Notable gainers among the ten Adani portfolio stocks were Adani Power, Adani Green Energy, Adani Wilmar, and Adani Energy Solutions (formerly Adani Transmission). Gains of 6.34 percent were recorded by Adani Power, 6.71 percent by Adani Green Energy, and 6 percent by Adani Energy Solutions.

The group’s namesake company, Adani Enterprises, rose in value by 3.93 percent, to a total of Rs 2,93,789 crore. Adani Ports and Adani Total Gas were among the other gainers on Friday, with their share prices increasing by 3.2 percent and 3.2 percent, respectively. Analysts also attribute the recent surge in Adani Group’s market value to the robust fundraising efforts done by the group following the Hindenburg report.

The Adani Group has raised funds from global investors in several rounds. Among them is GQG Partners which spent nearly $4 billion in multiple group companies since March. GQG Partners invested nearly $1.1 billion in Adani Power in a series of block agreements on Wednesday.

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“In the most recent instance, the Adani family has raised USD 1.38 billion (Rs 11,330 crore) through the sale of stakes in the three portfolio companies,” it added. “These companies are Adani Enterprises Ltd, Adani Green Energy Ltd, and Adani Transmission Ltd.” 

“This ensures higher capital availability at the group level, for growth as well as near-term commitments of both debt and equity for the portfolio companies over the next 12 to 18 months,”

As the organization continues to build on a recovery strategy to escape from charges of fraud leveled by a US short-seller, each of the three portfolio companies have also secured board approval for main issuances through a share sale to investors.

The main company of the group, Adani Enterprises Ltd., intends to raise Rs. 12,500 crore through the sale of shares to investors, and the company that is responsible for the transmission of energy, Adani Transmission, seeks to raise Rs. 8,500 crore. Its renewable energy firm is planning to raise a total of 12,300 crore rupees.

This news comes five months after Adani Enterprises was compelled to call off a follow-on public offering (FPO) with a total value of Rs 20,000 crore as a result of the Hindenburg report.

 A short-seller in the United States named Hindenburg Research published a damaging study in January alleging accounting fraud and stock price manipulation at Adani Group. This report triggered a stock market rout that had destroyed around USD 145 billion in the conglomerate’s market value at its lowest point.

Adani Group has refuted all of Hindenburg’s charges and is preparing a recovery strategy that involves redefining its goals, abandoning its plans to acquire other companies, prepaying debt to resolve concerns regarding its cash flows and borrowings, and reducing the rate at which it is spending money on new projects.

Since May, the promoters have sold shares to GQG Partners, a major US-based global equity investment boutique in two separate transactions. The most recent time that money was raised was earlier this month when 1.38 billion USD was collected.

“A similar stake-sale by the family in March 2023 aggregating to USD 1.87 billion (Rs 15,446 crore), resulted in full prepayment of margin-linked, sharebacked financing and created flexibility in a rising rate environment to equitize debt capital as and when due,” the statement said, along with investor roadshows, early debt repayments, and plans to scale back its pace of spending on new projects. “Adani Group, which started the capital transformation journey for its core infrastructure portfolio in 2019, has raised over USD 9 billion in a short span of four years,” it stated. “This is a significant milestone for the company.”

“The programme paved the way for long-only global investors to participate in the world’s largest and fastest-growing infrastructure development,” which is where the Adani portfolio offers a one-stop play through its portfolio companies spread across the infrastructure spectrum, from energy and utility to transport and logistics.

It has been successful in luring investments in a number of different listed firms, including Adani Ports and Special Economic Zone Limited (APSEZ), Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL), Adani Total Gas Limited (ATGL), and Adani Enterprises Limited (AEL).

“In line with the group’s capital management philosophy of enabling participation of strategic long term investors, Adani has attracted large-scale investments from the likes of Qatar Investment Authority (QIA), TotalEnergies (TTE), International Holding Company (IHC), as well as GQG Partners (GQG), along with its co-investors Australia Super, Goldman Sachs, University of Texas, Delaware Public Employees Retirement System, Master Trust Bank of Japan, Missouri Education PERS, and others.”

While TTE spent USD 3.3 billion in a joint venture with APSEZ, ATGL, and AGEL in April 2019, QIA invested USD 452 million in ATL in February 2020. IHC made a USD 2 billion investment in AEL, ATL, and AGEL in May of the previous year, while GQG made a USD 3.19 billion investment in AEL, ATL, AGEL, and APSEZ this year.

“The faith and confidence demonstrated by these significant global investors is confirmation of the underlying strength of the group’s companies and the Adani Group’s commitment to the highest level of governance. Additionally, the success of the investment program illustrates the group’s capability to raise capital across enterprises at each stage and accomplish the goals that were outlined in the statement.

AEL is one of the largest business incubators in the world and focuses on the construction of enterprises related to infrastructure. Among its strategic focuses are the airport and the company using renewable hydrogen. Decarbonization of industrial and mobility sectors would be made possible with the use of green hydrogen, which will also support India’s push toward primary energy self-sufficiency.

In terms of GW of renewable energy capacity by 2030, AGEL will be the largest and fastest-growing renewable power firm in the world. In addition, it will be the lowest cost generator of renewable power.

ATL is the largest private energy solutions company in India, having a presence in electricity transmission and distribution as well as a rising focus on smart metering. ATL also has a foothold in other energy-related industries. Smart meters are key instruments for the decarbonization of the energy industry since they will help electricity distribution firms to easily incorporate and schedule renewable energy into power networks. 

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The company’s spokesperson said that Adani Ports & Special Economic Zone Ltd. will pay off the commercial paper debt early after it pays off the 15 billion rupees of similar debt that was due on Monday. The largest private port operator in India paid its short-term debt due on Monday with cash on hand and money made from doing business.

Adani Ports said earlier that it might pay off a debt of about 50 billion rupees in the year starting in April. This would bring the ratio of net debt to earnings before interest, taxes, depreciation, and amortisation down from just over 3 times to about 2.5 times.

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Short-seller Hindenburg Research released a report at the end of last month accusing the conglomerate of fraud. This caused a run on the group’s bonds and shares, which Adani has called “false.” The conglomerate has said that its companies don’t have any big risks with refinancing and don’t need cash in the near future.

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In the interest of investors, a bench composed of Chief Justice D Y Chandrachud, Justices P S Narasimha and J B Pardiwala stated that it wishes to retain complete openness.

The Adani Row bench stated, “We will not accept your suggestion for a sealed envelope because we want to maintain complete transparency.”

SC says it will not take suggestions from government or petitioners on who should be members of the committee to examine various aspects of the Adani-Hindenberg issue but would select experts on its own. Reserves order on pleas seeking probe. @IndianExpress

— Ananthakrishnan G (@axidentaljourno) February 17, 2023

The court also deferred its decision on the formation of an investigative committee. The bench stated that it will not accept suggestions from the government or petitioners regarding the committee’s membership, but will instead choose the experts on its own.

In the wake of the share price crash in Adani Group stocks, which was precipitated by a report by Hindenburg Group over allegations of “stock manipulation,” the Centre agreed on Monday to the apex court’s proposal to establish a panel of experts to examine ways to strengthen the regulatory mechanisms for the stock market. However, the Adani group has denied any wrongdoing.

On the last date of hearing, after hearing two submitted petitions, the Supreme Court stated that it was “pondering aloud” whether a committee of experts may be established to offer possible enhancements to the regulatory apparatus.

Tushar Mehta, appearing on behalf of the Centre, said the court that his “instructions are that the present structure — SEBI and other agencies — are adequately competent, not only regulatory-wise but also otherwise, to handle the issue…

However, in response to the request made by Your Lordships, we have no objection…the government has no objection to the formation of a committee.”

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In a note submitted to the apex court, the Securities and Exchange Board of India (SEBI) stated that it “is already investigating both the allegations made in the Hindenburg report and the market activity immediately preceding and following the publication of the report to identify violations of SEBI Regulations,” including those pertaining to short selling.

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Adani Enterprises sent the following statement to the exchanges in the form of a notice: “We would like to explain that the said news item appears to be a market rumour and as a result, it would be inappropriate on our side to comment on it.”

This comes two days after the market regulator Sebi had sought a clarification from the company over a report from Business Standard. The report stated that Adani Enterprises had hired Grant Thornton for independent audits of some of its companies in an effort to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds. This comes as a result of the fact that Adani Enterprises has hired Grant Thornton for independent audits of some of its companies.

“We wish to confirm that we have made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements), 2015 and our agreements with the stock exchanges,” the company informed. “We wish to confirm that we have made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements), 2015.”

Following the publication of a report by Hindenburg Research on January 24, which claimed that the Adani Group is “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades,” the market value of the companies that make up the Adani Group fell by nearly 120 billion dollars.
The multinational company has responded to the charges made by the short-seller located in the United States by stating that its balance sheet is “extremely healthy.”

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Adani Enterprises (AEL) continued to increase for a third day after posting positive results for the third quarter, which helped boost the value of the shares of Adani Group companies, which were trading in the positive on Thursday amid a rally in domestic equities. Other Adani Group stocks, including Adani Wilmar, Adani Transmission, and Adani Green Energy, also experienced gains on the BSE that were greater than 5 percent.

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“We have offered an expert committee for the overall situation and examination if the Indian government is interested in this exercise,” he said, requesting the involvement of a judge and subject matter specialists.

“We have conveyed to the Solicitor General our concern regarding the regulatory process and the need to ensure that Indian investors are protected in light of the recent occurrence,” the Chief Justice said, demanding “a concise summary of the facts and applicable regulations.”

“The Solicitor General asserts that SEBI (Securities and Exchange Board of India) is making every effort to maintain vigilance. We are not casting doubt on any regulatory structure. We are having a conversation on this issue “said Justice Chandrachud.

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Tushar Mehta, the Solicitor General, said the court that he would return on Monday with a proposal after talking with the SEBI, the finance ministry, and other ministries. The SEBI is examining the situation from a regulatory standpoint, he stated.

Since the January 24 report by US-based short-seller Hindenburg Research, which accused the ports-to-energy Adani Group of improper use of offshore tax havens and stock manipulation, shares in its seven companies have lost more than $100 billion in market value. The Adani Group is controlled by billionaire Gautam Adani, one of the world’s richest people.
Adani has refuted the allegations, calling the reputational attack “maliciously mischievous.” Adani Enterprises, the group’s flagship company, withdrew its secondary share offering, India’s largest ever, due to the steep sell-off last week.

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1.Following allegations of fraud by U.S. short-seller Hindenburg Research, the parties demanded a discussion regarding the risk to Indian investors posed by the Adani Group’s share price decline. They also requested an investigation by a parliamentary committee or a committee appointed by the Supreme Court.
2.Lok Sabha Speaker Om Birla denied their requests and admonished members to “not make unsubstantiated claims,” while Rajya Sabha Chair Vice President Jagdeep Dhankhar rejected all opposition motions as “out of order.” Indignant, opposition members chanted slogans and demonstrated against the actions.
3.The ports-to-energy business empire of Gautam Adani, whose investors include the state-owned Life Insurance Corporation of India (LIC) and the State Bank of India (SBI), has lost over $100 billion in value since the charges were made public last week.
4.Nine parties filed notices to discuss the Adani stock crash in parliament, while opposition party leaders met in the morning to devise a unified strategy to confront the central government during the current Budget Session.
5.Leaders of more than a dozen parties, including the Trinamool Congress, Aam Aadmi Party, Samajwadi Party, DMK, Janata Dal-United, and the Left, gathered in the Rajya Sabha chambers of the leader of the opposition, Mallikarjun Kharge.

#RajyaSabha and #LokSabha adjourned for the day following opposition parties' protest.#BudgetSession pic.twitter.com/IRSEocchhZ

— All India Radio News (@airnewsalerts) February 2, 2023

6.”Keeping in mind the public interest, we desire a comprehensive investigation of the Adani issue by either a Joint Parliamentary Committee (JPC) or a panel overseen by the Supreme Court. There should also be daily reporting of the issue’s investigation “Mr Kharge told reporters
7.Sanjay Singh, an AAP representative, told the news agency ANI, “I have demanded in a letter to PM (Prime Minister Narendra Modi), the Enforcement Directorate, and the CBI that Gautam Adani’s passport be confiscated, or else. If he flees the country like other industrialists and capitalists, millions of citizens will be left destitute.”
8.Since the report was released a week ago, the Adani Group’s finance chief has described it as a “malicious combination of selective misinformation and stale, baseless, and discredited allegations that have been tested and rejected by India’s highest courts.”

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9.Sunday, the company released a 413-page statement that refuted all of Hindenburg’s claims, calling them an attack on “India’s growth story and ambition.” Hindenburg stated that Adani’s statement did not adequately address the majority of questions raised in its report.
10.On Thursday, hours after the group cancelled a fresh sale of shares in a Follow on Public Offer or FPO, its founder Gautam Adani released a video message to investors reassuring them that the group’s fundamentals are “strong” and that it has a “impeccable” track record of paying back debt.

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Adani groups has cancelled its $2.5 billion share sale due to current market conditions, the company announced on Wednesday, days after its stock price plummeted in response to criticism from a U.S. short seller.

“Given the unprecedented situation and the current market volatility, the Company intends to safeguard the interests of its investors by returning the FPO proceeds and withdrawing the completed transaction,” the company said in a statement.

Tuesday, Adani Group secured investor support for the share sale of Adani Enterprises, which was viewed by some as a vote of investor confidence in a time of crisis.

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On Wednesday, however, the decline in Adani group stocks and bonds resumed, with shares of Adani Enterprises falling 28% and those of Adani Ports and Special Economic Zone falling 19%, the worst day on record for both companies.

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