Tag: Adani

Two Adani group companies face ‘contagion risks’: Fitch report

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New Delhi: Global ratings agency Fitch has said that two companies within the Adani Group – Adani Ports & SEZ Ltd. and Adani Transmission Ltd. – face increased “contagion risks” due to weak governance within the conglomerate.
The report, released on Tuesday in Singapore, suggests that until these concerns are addressed, the ratings for Adani Transmission and Adani Ports and Special Economic Zone will remain capped at their current level of “BBB-/Stable”.
Fitch also noted that as of the end of December 2022, the debt of Adani’s rated Indian entities was largely secured and held offshore, with U.S. dollar bonds maturing from mid-2024. Therefore, there are no immediate concerns about repayment.
Adani debunks reports on repayment of loans against shares
Meanwhile, the Adani Group has strongly refuted news reports which make the baseless and deliberately mischievous claim that the Group has not completed the repayment of USD 2.15 billion in share-backed debt.
Adani has completed full prepayment of margin linked share backed financing aggregating to USD 2.15 billion and all corresponding shares pledged for those facilities have been released.
Adani said all share backed facilities availed by the promoters have been paid off.
After the statement, stocks of Adani Group companies rebounded.

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#Adani #group #companies #face #contagion #risks #Fitch #report
( With inputs from www.siasat.com )

March 30, 2023
Adani issue: Sebi chief declines to comment, says matter sub-judice

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Mumbai: Sebi Chairperson Madhabi Puri Buch on Wednesday said the regulator will not comment on the Adani issue and that the matter is sub-judice.
In the wake of a report by the New York based short-seller Hindenburg Research on the Adani group in January, there was a steep fall in the shares of the ten listed Adani group companies and some of them lost over 85 per cent of their market value.
The allegations made by the short seller were rejected by the Adani group.
On March 2, the Supreme Court set up a six-member expert committee to look into the Adani matter.
The apex court also directed the markets regulator to investigate whether there was violation of Sebi rules and any manipulation of stock prices as alleged by the brokerage.
“We never comment on entity-specific matters as a policy, and on top of that, the matter is before the Supreme Court. We never comment on sub-judice matters,” said Buch addressing the media after a board meeting of Sebi.
“We will follow the advice of the apex court. We are duty-bound to follow whatever the highest court of the land has said,” she added.
It was Buch’s first press conference after the Hindenburg Research report on the Adani group.

Further, she said the apex court has also instructed the regulator to precisely give the update to the committee and it will be inappropriate to comment on the matter.
The group has rejected the allegations made by Hindenburg Research.
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#Adani #issue #Sebi #chief #declines #comment #matter #subjudice
( With inputs from www.siasat.com )

March 29, 2023
Adani debunks reports on repayment of loans against shares

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New Delhi: The Adani Group has strongly refuted news reports which makes the baseless and deliberately mischievous claim that the Group has not completed the repayment of USD 2.15 billion in share-backed debt.
Adani has completed full prepayment of margin linked share backed financing aggregating to USD 2.15 billion and all corresponding shares pledged for those facilities have been released.
Adani said all share backed facilities availed by the promoters have been paid off.
After such repayment, ListCo pledge positions for Adani Green, Adani Ports, Adani Transmission & Adani Enterprises have reduced substantially, and only residual share pledges corresponding to Operating Company (OpCo) facilities remained outstanding.
OpCo facilities are availed by respective OpCo, and are part of their existing debt structure, and no new OpCo facilities have been availed since the short-seller report.
OpCo has secured various facilities based on the security of project assets, project cash flow and other such collaterals.
In addition to such security, listed shares have been provided as additional collateral for these OpCo liabilities for additional lender comfort.
Such facilities do not have covenants like cash margin calls, share price linked put option, etc. which exist in share backed financing.

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#Adani #debunks #reports #repayment #loans #shares
( With inputs from www.siasat.com )

March 29, 2023
Why is public’s retirement money being invested in Adani?: Rahul Gandhi to Centre

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Congress leader Rahul Gandhi attacked Prime Minister Narendra Modi, asking why the public’s retirement money is being invested in Adani companies even after various allegations were levelled against the firm.
Disqualified as Lok Sabha MP on Friday after he was convicted and sentenced to a two-year jail term in a defamation case by a Surat court, the Congress chief took to Twitter stating, “LIC’s capital, to Adani! SBI’s capital, to Adani! EPFO’s capital too, to Adani! Why is public’s retirement money being invested in Adani’s companies even after ‘Modani’ exposed?”
“Mr Prime Minister, no investigation, no answer! Why so much of fear,” he asked in a tweet in Hindi.
LIC की पूंजी, अडानी को!
SBI की पूंजी, अडानी को!
EPFO की पूंजी भी, अडानी को!
‘मोडानी’ के खुलासे के बाद भी, जनता के रिटायरमेंट का पैसा अडानी की कंपनियों में निवेश क्यों किया जा रहा है?
प्रधानमंत्री जी, न जांच, न जवाब! आख़िर इतना डर क्यों?
— Rahul Gandhi (@RahulGandhi) March 27, 2023
Controversy erupted after Adani Group stocks crashed after US-based short seller Hindenburg Research made allegations, including fraudulent transactions and share-price manipulation against it.
However, the Gautam Adani-led group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
Meanwhile, according to a recent report, the Employees’ Provident Fund Organisation (EPFO) has continued to invest in two Adani stocks despite the rout following the entire Hindenburg saga.
“EPFO continues to invest in Adani Ports and Adani Enterprises, and will keep doing so till September at least unless the organisation reworks its investment approach in this week’s meeting,” The Hindu reported.
After the Adani group lost over 100 billion dollars in valuation post scathing allegations by US-based Hindenburg Research, state-run LIC was criticised for having over 4 billion dollars in exposure to companies from the group, as per Reuters.

According to a report by Bloomberg, the State Bank of India (SBI) has given loans of Rs 21,000 crore (2.6 billion dollars) to Adani firms.
Taking a jibe at the BJP-led Centre, Rahul Gandhi has been demanding an investigation into the matter.
He further alleged that his disqualification from the Lok Sabha recently was due to him raising questions on the Adani issue.
“I will continue to do so even if he is disqualified from Parliament for life,” asserted Rahul.

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#publics #retirement #money #invested #Adani #Rahul #Gandhi #Centre
( With inputs from www.siasat.com )

March 28, 2023
Gujarat govt paid Rs 16,900 cr in two years to Adani, Tata firms to buy electricity

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Gandhinagar: The Gujarat government has paid Rs 16,900 crore to Adani Power and Tata Power for purchasing electricity during the last two years, the state Assembly was informed on Monday.
As per the data tabled by Energy Minister Kanubhai Desai during Question Hour, the state government paid Rs 8,160 crore to Adani Power Mundra Ltd while Rs 8,784 was paid to Coastal Gujarat Power Ltd, a wholly owned subsidiary of Tata Power, in 2021 and 2022.
While responding to a set of questions raised by Congress MLAs about the purchase of electricity from these private players, Desai said the state government paid Rs 2,760 crore to Adani Power in 2021 to buy 5,589 million units while Rs 5,400 crore was paid to the firm in 2022 for nearly 6,000 million units.
In 2021, the state government paid Rs 2,751 crore to Tata Power to buy 7,315 million units, while the cost came to Rs 6,033 crore for 10,446 million units in 2022.
The data suggested per unit cost of Rs 2.83 paid to Adani in January 2021 went up to Rs 8.83 per unit in December 2022 (provisional). Similarly, Tata Power charged Rs 4.92 per unit from the government in 2022 against Rs 1.80 in January 2021.
Desai said the per unit cost of electricity went up after 2018 due to “exponential rise” in the price of imported coal, which had forced such power generators to shut their plants in Gujarat.
To ensure people of Gujarat get uninterrupted power, the state government had signed new supplementary agreements with Adani to pay as per the actual cost of fuel, said Desai.
Again in 2021, when gas and imported coal prices saw significant rise, the state government, to ensure uninterrupted power supply, bought electricity from these firms under “special temporary arrangement” as approved by the Centre and state government, Desai said in the Assembly.

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#Gujarat #govt #paid #years #Adani #Tata #firms #buy #electricity
( With inputs from www.siasat.com )

March 27, 2023
Mahua Moitra takes potshots at govt over Adani issue, shell companies

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New Delhi: Trinamool Congress MP Mahua Moitra on Monday took potshots at the government while sharing a Corporate Affairs Ministry’s two years old press release which stated that more than 2.38 lakh shell companies were identified between 2018 and 2021.
She tweeted the official statement while tagging it to her earlier tweet posted in the morning, where she had tagged a response to a Rajya Sabha question on shell companies, with the government saying that data regarding offshore shell companies owned by Indian citizens is “unavailable”.
The question was by MP John Brittas – who had asked for “details of offshore shell companies whose Ultimate Beneficial Ownership (UBO) are held by Indian citizens”.
In its reply, the government said: “It is submitted that an offshore shell company is not defined in the Acts administered by the Ministry of Finance. Data/details regarding offshore shell companies owned by Indian citizens is not available.”
Sharing both responses, Moitra tweeted: “Government identified 2,38,223 shell companies without any specific definition in law. Blinkers on only when it comes to Adani Group family shells in Mauritius!”
“How can the government take action against Adani? Finance Ministry does not know definition of shell firm! Written answer in RS says no clue, hence no action,” she tweeted, while sharing a picture of the proverbial “three wise monkeys” and tagging Finance Minister Nirmala Sitharaman.
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#Mahua #Moitra #takes #potshots #govt #Adani #issue #shell #companies
( With inputs from www.siasat.com )

March 27, 2023
Telangana: ‘Won’t say Modi is a broker for Adani’, KTR’s jibe at BJP

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Hyderabad: IT minister KT Rama Rao on Monday said that he will not call Prime Minister Narendra Modi a broker even though the entire country was saying this. He was responding to BJPs comments on chief minister K Chandrashekhar Rao being called a ‘broker’.
Speaking at the Atmiya Sammelanam Sabha in Rajanna Sircilla district, the Bharat Rashtra Samithi (BRS) leader said, “I can call Prime Minister a broker for Adani.” His comment was followed by huge claps from the public.
KTR waited for the accolades to stop. “But I won’t,” he said after a pause leading to more cheers.
“I can use words like broker, loafer, and luccha. We have the guts to say things that will remind you of your father,” he said followed by a roaring cheer.
He was reacting to Bharatiya Janata Party (BJP) leader Bandi Sanjay’s broker comments on chief minister K Chandrashekhar Rao in the Telangana State Public Service Commission (TSPSC) paper leak issue.
“He (Bandi Sanjay) wrote that TSPSC is the work of KTR. He called the chief minister a broker. Do they think I can’t say that their Prime Minister is a broker to Adani? I can but I won’t because I have cultural values,” said KTR.
Referring to the MLA poaching case, the IT minister said, “BJP’s general secretary B L Santhosh sent fake swamijis to negotiate to buy four BRS MLA. Should we call him a broker and a dalal?”
PM Modi is Adani’s broker, can’t I say that? What will you call BL Santosh who tried to buy BRS MLAs if not Broker or Dalal? – asked Minister KTR on Bandi Sanjay’s comments calling CM KCR broker pic.twitter.com/j0LDxi4cj1
— Naveena Ghanate (@TheNaveena) March 27, 2023
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#Telangana #Wont #Modi #broker #Adani #KTRs #jibe #BJP
( With inputs from www.siasat.com )

March 27, 2023
Oppn MPs in black stage protest over Adani issue, Rahul’s disqualification

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New Delhi: Wearing black clothes, several opposition MPs on Monday took out a march from parliament to Vijay Chowk to protest against the government over the Adani issue and Rahul Gandhi’s disqualification from the Lok Sabha.
The protesters, including Congress MP Sonia Gandhi and party chief Mallikarjun Kharge, gathered near the statue of Mahatma Gandhi in the Parliament complex and raised slogans against the government.
Holding a huge “Satyamev Jayate” banner and placards with “save democracy” written on them, the MPs proceeded towards Vijay Chowk where they staged a sit-in.
“How has Adani’s wealth multiplied so much in the last few years. When you are going to foreign countries how many times have you taken the industrialist with you. The PM has not been able to give answers to questions raised against Adani,” Kharge told reporters at Vijay Chowk.
“We want a JPC on the Adani issue. Why is the government not agreeing to this? Why are you scared of a JPC probe… it means ‘dal mein kuchh kala hai’ (something is wrong),” he said.
The opposition has been seeking a joint parliamentary committee probe into the allegations of corporate fraud and stock price manipulations against the Adani Group.
Kharge also raised the issue of Rahul Gandhi’s disqualification as MP after a Surat court convicted and sentenced him in a 2019 criminal defamation case.
“You want to defame Rahul Gandhi that is why you transferred the case to Gujarat even as the comments were made in Kolar in Karnataka. Today is a black day for democracy,” Kharge said.

Kharge said opposition MPs were dressed in black as the prime minister is “finishing” democracy.
Trinamool Congress, which has so far stayed away from opposition protests, joined the sit-in on Monday.
Earlier, MPs of various opposition parties, including Congress, TMC, BRS, and SP, met at the Parliament complex to discuss a strategy to take forward the Adani issue as well as Rahul Gandhi’s disqualification matter in Rajya Sabha and Lok Sabha.
Dressed in black, opposition MPs stage protest over Adani issue, Rahul Gandhi’s disqualification(333 Words) Print PrintDOWNLOAD 13/27/2023 12:28:00 PM
New Delhi, Mar 27 (PTI) Wearing black clothes, several opposition MPs on Monday took out a march from parliament to Vijay Chowk to protest against the government over the Adani issue and Rahul Gandhi’s disqualification from the Lok Sabha.
The protesters, including Congress MP Sonia Gandhi and party chief Mallikarjun Kharge, gathered near the statue of Mahatma Gandhi in the Parliament complex and raised slogans against the government.
Holding a huge “Satyamev Jayate” banner and placards with “save democracy” written on them, the MPs proceeded towards Vijay Chowk where they staged a sit-in.
“How has Adani’s wealth multiplied so much in the last few years. When you are going to foreign countries how many times have you taken the industrialist with you. The PM has not been able to give answers to questions raised against Adani,” Kharge told reporters at Vijay Chowk.
“We want a JPC on the Adani issue. Why is the government not agreeing to this? Why are you scared of a JPC probe… it means ‘dal mein kuchh kala hai’ (something is wrong),” he said.
The opposition has been seeking a joint parliamentary committee probe into the allegations of corporate fraud and stock price manipulations against the Adani Group.
Kharge also raised the issue of Rahul Gandhi’s disqualification as MP after a Surat court convicted and sentenced him in a 2019 criminal defamation case.
“You want to defame Rahul Gandhi that is why you transferred the case to Gujarat even as the comments were made in Kolar in Karnataka. Today is a black day for democracy,” Kharge said.
Kharge said opposition MPs were dressed in black as the prime minister is “finishing” democracy.
Trinamool Congress, which has so far stayed away from opposition protests, joined the sit-in on Monday.
Earlier, MPs of various opposition parties, including Congress, TMC, BRS, and SP, met at the Parliament complex to discuss a strategy to take forward the Adani issue as well as Rahul Gandhi’s disqualification matter in Rajya Sabha and Lok Sabha.
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#Oppn #MPs #black #stage #protest #Adani #issue #Rahuls #disqualification
( With inputs from www.siasat.com )

March 27, 2023
BJP wants to avoid Adani questions, PM silent on him: Priyanka Gandhi

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New Delhi: Congress leader Priyanka Gandhi Vadra on Saturday launched a fresh attack on the BJP over her brother and Congress leader, Rahul Gandhi’s disqualification from the Lok Sabha, saying the move was a ploy by the ruling party to evade questions on the Adani issue in Parliament.
Taking to Twitter, Priyanka Gandhi posted, “BJP wants to avoid this (Adani) question. The entire Parliament, barring the Opposition, is silent and the Prime Minister himself has turned mute.”
“They (BJP) are levelling all kinds of charges on Rahul. However, the PM remains silent on whose money was invested in shell companies owned by Gautam Adani and why isn’t it being investigated,” Priyanka wrote.
Tagging a photograph of her brother to her post, Priyanka highlighted three key statements of Rahul during a press conference on his disqualification on Saturday.
In the first of these three statements, Rahul said, “Prime Minister was scared of my next speech that was to come on Adani. I saw it in his eyes.”
“The moot question remains: who invested Rs 20,000 crore in the Adani shell firms? I will keep raising this question,” the former Wayanad MP said, in another statement that her sister highlighted.
In the third statement that Priyanka tagged to her post, Rahul refused to tender an apology for the remark for which he was convicted and eventually disqualified from the Lower House, saying, “My name is not Savarkar, my name is Gandhi. Gandhis don’t apologise to anyone.”
Rahul claimed that he was not scared of going to prison, adding his disqualification was aimed merely at diverting public attention from the controversy over the report by US-based short-seller Hindenburg Research against the Adani Group.

He alleged that the BJP-led central government was protecting the billionaire investor, who was accused of stock manipulation by the US short-seller.
“Why is the BJP protecting Gautam Adani? Kyun ki aap hi Adani ho,” Rahul alleged.
He added, “The whole game of disqualification and allegations (against him) by ministers is aimed at distracting people from the Adani issue.”
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#BJP #avoid #Adani #questions #silent #Priyanka #Gandhi
( With inputs from www.siasat.com )

March 26, 2023
Divert attention from Adani issue: Rahul on charges of insulting OBCs

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New Delhi: With the BJP accusing him of insulting OBCs with his “Modi surname” remark, Congress leader Rahul Gandhi on Saturday said he has been talking of brotherhood in all his speeches and the ruling party was just trying to divert attention from the Adani issue by making such allegations.
Gandhi was on Thursday sentenced to two years in jail by a Surat court in a 2019 criminal defamation case over his “why all thieves have Modi surname” remark.
Several BJP leaders, including party chief J P Nadda, have accused Gandhi of insulting Other Backward Classes (OBCs) through his remark in 2019.
Asked about the BJP’s allegation, Gandhi said at a press conference here, “Look at any of my speeches in the Bharat Jodo Yatra, I am saying that all communities are the same, everyone should move forward together, there should be brotherhood, there should be no hate, there should be no violence. So my position is absolutely clear.”
“This is not an issue of OBCs, this is an issue of the relationship between Narendra Modi and (businessman Gautam) Adani. I am asking how Adani shell firms got Rs 20,000 crore and want an answer to that,” he said.
“The BJP tries to divert attention, they will sometimes talk of OBCs, sometimes of (remarks) abroad, sometimes about disqualification or something else but the question remains — Rs 20,000 crore belong to whom?” he said.
Rs 20,000 crore are in shell companies owned by Mr. Adani. Where did this money come from? These companies are working in the defence sector and there’s a Chinese national involved in this. Why is this not being questioned by anyone?
:@RahulGandhi Ji#20000CroreKiskeHain pic.twitter.com/4xtK4fjHUn
— Tamil Nadu Congress Committee (@INCTamilNadu) March 25, 2023
Responding to media queries on the BJP’s charge of insult to OBCs, Gandhi described these questions as peddling of BJP’s agenda and asked if they were posed following orders from the ruling dispensation.
Attacking Gandhi over his remark on media queries, BJP’s IT department head Amit Malviya tweeted, “I am told the journalist Rahul Gandhi snubbed for asking a perfectly legitimate question has been covering the Congress for 15 years and is fairly aligned. Yet, he was shot down, the moment he stepped out of the line. What arrogance! But Rahul Gandhi is messiah of free’ press.”

Meanwhile, Chhattisgarh Chief Minister Bhupesh Baghel hit out at the BJP over its charge of insulting OBCs, saying it wants to divert attention from the Adani issue.
“Does Akhilesh Yadav, Lalu Yadav, Tejashwi Yadav, Bhupesh Baghel or Tamil Nadu chief minister not belong to the backward classes? Why is BJP creating trouble for all of us?” he said.

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#Divert #attention #Adani #issue #Rahul #charges #insulting #OBCs
( With inputs from www.siasat.com )

March 25, 2023