Reports of its foreign investors' accounts being frozen 'blatantly erroneous': Adani group
New Delhi, June 14: Billionaire Gautam Adani's group on Monday said it has written confirmation that accounts of three foreign funds that are among its top shareholders are not frozen and reports to the contrary are "blatantly erroneous and misleading".
Shares of Adani group companies plunged on Monday after reports that the National Securities Depository Ltd (NSDL) froze the accounts of the three foreign funds that are among the top stakeholders in the firms.
Adani Enterprises, the conglomerate's flagship company, as also Adani Ports and Special Economic Zone, Adani Green Energy Ltd, Adani Transmission Ltd, Adani Power and Adani Total Gas Ltd in identical filings to the stock exchanges said the reports of NSDL freezing accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in the group firms were "blatantly erroneous and is done to deliberately mislead the investing community."
"This is causing irreparable loss of economic value to the investors at large and reputation of the group," they said.
Given the seriousness of the issue and its consequential adverse impact on minority investors, "we requested Registrar and Transfer Agent, with respect to the status of the Demat Account(s) of the aforesaid funds and have their written confirmation vide its e-mail dated 14th June, 2021, clarifying that the Demat Account(s) in which the aforesaid funds hold the shares of the company are not frozen," the firms said.
The NSDL website, however, showed the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund as being frozen without citing a reason.
It listed Albula Investment Fund Ltd (PAN No. AAHCA3597Q), APMS Investment Fund Ltd (PAN No. AAECM5148A) and Cresta Fund Ltd (PAN No. AADCC2634A) as "account level freeze".
A source at the group, however, said the Registrar has in writing stated that the accounts that hold Adani group stocks have not been frozen.
The three funds feature among the top 12 investors and owned about 2.1 per cent to 8.91 per cent stakes in five Adani group companies as of March 31, 2020, annual investor presentations show. The value of their holding in the five Adani group firms was valued at USD 7.78 billion before the stocks witnessed mayhem on Monday.
Later in a statement, the ports-to-energy conglomerate said the FPIs (Foreign Portfolio Investors) in question have been investors in Adani Enterprises Ltd for more than a decade.
"Demergers (which led to creation of separate firms holding businesses such as power, renewable and city gas) have resulted in the ownership mirroring in the portfolio companies," it said.
"All our businesses were incubated by the Adani Enterprises Ltd, the flagship company, established in 1994, and during the last seven years Adani Ports, Adani Transmission, Adani Green Energy and Adani Gas Ltd were demerged and listed on Indian Exchanges," the statement said.
The port business is with Adani Ports & Special Economic Zones Ltd while renewable firm Adani Green Energy Ltd (AGEL) has contracted capacity of 25 GW and is ranked the largest solar power developer in the world. Adani Transmission Ltd operates the largest private transmission network in India of over 17,000 ckm and Adani Total Gas Ltd has license to retail city gas in 38 geographical areas.
"Adani Enterprises Limited, continues to nurture new businesses such as airports, roads, data centre, solar manufacturing and offers immense value to the investors when these entities get listed separately," the statement said.
The Adani Group portfolio continues to attract investors and strategic partners both at primary and secondary level.
"Adani portfolio continues its journey of exponential growth across all verticals thus ensuring immense value to its stakeholders. We urge all our stakeholders not to be perturbed by market speculations," it said.
Clarification on news article published in the Economic Times – A/cs of 3 FPIs Owning Adani Shares Frozen.https://t.co/IFiqd6xj9L
— Adani Group (@AdaniOnline) June 14, 2021
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Bengaluru goes to poll amid heat wave-like situation
Bengaluru (PTI): Voters across four constituencies in Bengaluru, which were among the 14 Lok Sabha seats that went to polls in Karnataka, came out to vote in heat wave-like conditions on Friday.
Bengaluru North, Bengaluru Central, Bengaluru Rural and Bengaluru South are among the 14 constituencies in the state that voted in the first phase today.
“Although Indian Meteorological Department (IMD) has not included Bengaluru in the list of heat wave affected areas, the city does satisfy one of the heat wave conditions – the departure from normal temperatures by at least 4.5 degrees,” said A Prasad, a scientist at IMD Bengaluru.
Bengaluru is categorised under Aw (tropical savanna, winter-dry) by the Koeppen-Geiger classification with average temperature pegged at 22 degrees Celsius. And according to Climate-data.org, the mercury in the city’s warmest month April usually never rises above 32.8 degrees Celsius.
“This April, Bengaluru’s highest temperature has surpassed the normal average almost every day,” said C S Patil, director of IMD Bengaluru.
As per IMD data, Bengaluru’s maximum temperature on the voting day will range between 36.4 and 38.4 degree Celsius.
Given that, IMD scientists said it is best that voters take precautions when they venture out.
“It is best to avoid direct exposure to sunlight between 12 noon and 3pm, when the intensity of the heat will be at its peak. Also, keep drinking water even if you are not thirsty and use an umbrella and sunglasses whenever venturing out. If one feels hot, a damp cloth to the neck will cool down the person to an extent,” said M Rajavel, a scientist at IMD.
Meanwhile, four of the districts that were issued an orange alert by the IMD – Tumkur, Mysuru, Mandya, Chitradurga, Chikkaballapura and Kolar – are also polling on April 26.
Chief Electoral Officer of Karnataka, Manoj Kumar Meena, while briefing about poll preparations had told reporters that the election commission is keeping in mind that many districts would be facing a heat wave on the polling day.
“We are prepared for heat-related medical issues like sunstroke and dehydration. All polling booths will have medical officers and ambulances too. Besides that, each booth will be equipped with a special medical kit,” Meena told reporters.
The unprecedented heat, which the IMD scientists attribute to El Nino effect apart from global warming, had also resulted in a subdued campaigning this election season, especially in the early phases.
“It was so hot that we had to avoid campaigning in the afternoons. We did it in the mornings, and then post 3pm. So yes, our campaigning did suffer because of the heat,” said M B Patil, Congress leader and state minister for large and medium industries and infrastructure development, to PTI.
