“We would like to submit that Mr Gautam Adani and Mr Rajesh Adani are individual promoters of various listed entities within the Adani Group and Mr Vinod Adani is an immediate relative of the individual promoters,” the Adani Group said. “Accordingly, as per the applicable Indian regulations, Mr Vinod Adani is part of the ‘promoter group’ of various listed entities within the Adani Group. This fact has been submitted to Indian regulatory authorities from time to time, in various disclosures.”
This includes paperwork related to the purchase of Holcim’s cement units.
“Further, the fact that Endeavour Trade and Investment Ltd (an entity controlled by Mr Vinod Adani), the acquirer of ACC Ltd and Ambuja Cements Ltd, belongs to the Adani Group has been disclosed in the public offer document (letter of offer) dated August 19, 2022,” the Adani Group said.
The clarification comes in the wake of Hindenburg Research alleging in its January report that Dubai-based Vinod Adani was responsible for creating and managing a network of offshore shell entities meant for stock parking, market manipulation and laundering money to aid the group in dressing up its financial position.
Response to Allegations
Responding to the allegations at the time, the Adani Group had said that Vinod Adani has had no operational role in the running of group companies and hence cannot be classified as a related party under the Companies Act. According to the law, a person or a close family member is a related party if such person has control or significant influence over the company or is a key management personnel of the company or its parent company.
The Adani Group has rejected the Hindenburg Research report and denied any wrongdoing.