Funds are ACTIVE! Adani Group issues THIS CLARIFICATION on 'freezing of 3 FPI accounts'
Adani Group has issued its clarification regarding the news report which claimed that 3 FPI accounts worth Rs 40,000 to 44,000 crore holdings and related to Adani Group have been frozen by NSDL. The Group in its filing to exchanges has informed that the registrar and transfer agents have confirmed to the company that three FPI accounts were active as of 14 June 2021
Adani Group has issued its clarification regarding the news report which claimed that 3 FPI accounts worth Rs 40,000 to 44,000 crore holdings and related to Adani Group have been frozen by NSDL. The Group in its filing to exchanges has informed that the registrar and transfer agents have confirmed to the company that three FPI accounts were active as of 14 June 2021.
The three funds are Albula Investment Fund, Cresta Fund and APMS Investment Fund as per the filing to the exchanges.
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“Given the seriousness of the article and its consequential adverse impact on minority investors, we requested Registrar and Transfer Agent, with respect to the status of the Demat Account of the aforesaid funds and have their written confirmation vide its e-mail dated 14th June, 2021, clarifying that the Demat Account in which the aforesaid funds hold the shares of the Company are not frozen,” Adani Enterprises in its filing to exchanges said.
The company has said that the funds are active and have not been frozen. The company has said that it has received information from the Registrar that all the 3 funds are active. The company said that it has a written confirmation from the Registrar.
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After the clarification was made by the Group, there was a sharp recovery seen in its stocks.
Zee Business Managing Editor Anil Singhvi has said that the news has come through the company's filing to the exchanges.
The company has said that the news report was “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”.
Market Expert Ashu Madan said that he had previously told that there will be a clarification from the company on this issue. He said that the impact of this news on the stock is “over effect” if there is a non-compliance issue and there is no illegality involved.
He said that the impact on the stock was a result of “over reaction”. He said that if the fundamentals of the companies are strong, investors should buy stocks of the companies of Adani Group.
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