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Tag: deposits

  • First Republic Bank shares fall 50% after reporting dramatic slump in deposits

    First Republic Bank shares fall 50% after reporting dramatic slump in deposits

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    First Republic Bank’s shares closed down 50% on Tuesday, a day after the mid-sized US bank announced a dramatic slump in deposits.

    On Monday the San Francisco-headquartered reported a more than $100bn plunge in deposits in the quarter in the aftermath, sparking fears that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.

    Amid the biggest turmoil to hit the banking sector since 2008, the bank now faces tough options to turn around its business with the creation of a “bad bank” or asset sales possibilities, a source familiar with the matter said, after the lender showed the extent of deposit flight during last month’s banking crisis.

    “If someone were to acquire them … there’s going to be some big writedowns that would have to be taken against some of the assets given the rate cycle,” Christopher Wolfe, head of North American banks at Fitch Ratings, told Reuters, referring to the bank’s mortgage loan book and securities portfolio.

    “The options are very challenging and probably very costly, especially for shareholders,” Wolfe said. “Who’s going to bear the cost?”

    First Republic said on Monday it was “pursuing strategic options” to quickly strengthen the bank, without providing details.

    The lender was studying all options, a person familiar with the matter said on Monday, speaking on condition of anonymity because the discussions were private.

    The source said the bank wanted the US government to help by convening parties that could buoy San Francisco-based First Republic’s fortunes, including private equity firms and big lenders.

    Options include an asset sale of up to $100bn, a source familiar with the situation said. Bloomberg News earlier reported the chance of asset sales and said buyers might receive incentives such as warrants or preferred equity.

    The bad bank possibility, earlier reported by CNBC, is a crisis-type method of isolating financial assets that have problems.

    The latest woes in the banking sector were felt among other banks and the broader market with the KBW Regional Banking Index dropping 3.8% and the broader S&P 500 bank index down 2.6%.

    Wall Street analysts expect challenges to extend through the year after failures at Silicon Valley Bank and Signature last month created a liquidity crunch at a slew of regional lenders.

    The bank has been reeling as it navigates the twin challenges of assuring customers their deposits remain safe and investors that it has liquidity to emerge from the crisis.

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    “Although deposits have stabilized since quarter-end, the company’s liquidity questions have turned into earnings questions,” said analysts at Piper Sandler.

    The sector-wide upheaval has led to the KBW Regional Banking Index contracting nearly 22% this year, while First Republic shares dived roughly 87% in the fallout.

    “The question is whether the risk was First Republic specific or whether it will lead to larger banking concerns,” brokerage JonesTrading wrote in a note.

    First Republic said on Monday it plans to shrink its balance sheet and slash expenses by cutting executive compensation, paring back office space and laying off 20% to 25% of employees in the second quarter.

    Last month, concerns about the bank’s health had prompted top power brokers including US Treasury Secretary Janet Yellen, Federal Reserve chair Jerome Powell and JPMorgan’s CEO Jamie Dimon to put together an unprecedented $30bn rescue deal.

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    ( With inputs from : www.theguardian.com )

  • Pakistan, Saudi expected to sign deal for USD 2bn deposits post Eid

    Pakistan, Saudi expected to sign deal for USD 2bn deposits post Eid

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    Islamabad: Cash-starved Pakistan is likely to ink a deal for additional deposits of USD 2 billion from Saudi Arabia after Eid, authorities said on Saturday, a move that will help the country secure the much-required bailout from the IMF.

    In March, Pakistan sought Saudi Arabia’s confirmation for funds to ink an IMF deal. Earlier this month Pakistan got Riyadh’s nod for additional funding.

    The assistance from Saudi Arabia comes at a crucial time as the IMF programme, signed in 2019, will expire on June 30, 2023, and under the set guidelines, the programme cannot be extended beyond the deadline.

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    The Washington-based crisis lender has imposed the condition on Pakistan that it should secure USD 3 billion from other countries for the revival of its USD 7 billion bailout package.

    A top government official told The News International that the State Bank of Pakistan would sign a deal with the Saudi Fund for Development (SFD) soon after Eid for an additional USD 2 billion deposit.

    The official added that Saudi Arabia has confirmed the bilateral assistance support to the International Monetary Fund (IMF), which was also acknowledged by the lender’s staff, the report said.

    This agreement is the follow-up on the confirmation of additional financial support of USD 2 billion and USD 1 billion from the Kingdom and the UAE, the official added.

    Official sources clarified that Pakistan neither made any fresh request for more support from Saudi Arabia nor the UAE, except for the already confirmed USD 2 billion and USD 1 billion by these countries, respectively.

    Saudi Arabia had already rolled over USD 3 billion in deposits for one year, which matured on December 5, 2022. This USD 3 billion deposit is part of foreign exchange reserves of USD 4.43 billion, lying with the State Bank of Pakistan.

    In March, Pakistan received a rollover of USD 2 billion in deposits for a period of one year from its all-weather ally China.

    Pakistan, currently in the throes of a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves.

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    ( With inputs from www.siasat.com )

  • Large deposits of 15 rare earth elements found in Andhra Pradesh

    Large deposits of 15 rare earth elements found in Andhra Pradesh

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    Anantapur: Hyderabad-based National Geophysical Research Institute has found large deposits of 15 rare earth elements (REE) in Andhra Pradesh’s Anantapur district.

    REE of the lanthanide series are critical components in many electronic devices like cellphones, televisions, computers, and automobiles used daily and in various industrial applications.

    NGRI scientists were conducting a survey for non-traditional rocks like syenites when they made the significant discovery of the minerals in the lanthanide series. The elements identified included allanite, ceriate, thorite, columbite, tantalite, apatite, zircon, monazite, pyrochlore euxenite and fluorite.

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    NGRI scientist PV Sunder Raju said, “Zircon of varying shapes was observed in Reddypalle and Peddavadaguru villages.”

    “The monazite grains showed high-order multiple colours with radial cracks within grains, suggestive of the presence of radioactive elements, he added.

    Raju said that more feasibility studies will be conducted by deep drilling to learn more about these REEs.

    “These elements are also used in clean energy, aerospace, defence and in manufacturing permanent magnets — a key component of modern electronics — wind turbines, jet aircraft and several other products. REEs are widely used in high technology because of their luminescent and catalytic properties. The assessment of REEs with implications for metallogeny is now under way at alkaline syenite complexes in AP, NGRI scientists said, as reported by the Times of India article.

    Lithium falls in the critical resource category, which was not earlier available in India and we were dependent for its 100 per cent import.

    Earlier in February, the Union Government said that 5.9 million tonnes of lithium reserves have been found for the first time in the country in Jammu and Kashmir.

    Lithium is a non-ferrous metal and is one of the key components in EV batteries.

    Union minister Nitin Gadkari recently said if India can use the recently discovered reserve of lithium in Jammu and Kashmir, it can become the world’s number-one automobile manufacturer in the electric vehicle segment.

    Lithium is a light metal. Its density is lower than that of water, so it can actually float. It was not formed naturally on earth but is a cosmic metal.

    It points out that some scientists believe that when high-energy cosmic rays slam into heavier elements like carbon and oxygen in interstellar space, breaking them up into lighter atoms, lithium could have been created. In 2020, astronomers discovered that a certain type of red giant stars also become lithium factories at the end of their lives, based on a survey of hundreds of thousands of stars.

    Lithium is a highly reactive metal which means that it can hold a lot of energy.

    As per reports, using lead-acid technology, it takes 6 kg to store the same amount of energy that a 1 kg lithium-ion battery can handle.

    Also, lithium can hold its charge for longer. A Lithium-ion battery loses only 5 per cent charge per month compared with 20 per cent loss in a Nickel Metal Hydride (NiMh) battery. And Lithium can withstand thousands of recharge cycles.

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    #Large #deposits #rare #earth #elements #Andhra #Pradesh

    ( With inputs from www.siasat.com )

  • U.S. should temporarily guarantee all bank deposits, senior House Republican says

    U.S. should temporarily guarantee all bank deposits, senior House Republican says

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    “If you don’t do this, there’s going to be a run on your smaller banks,” he said. “Everyone’s going to take their money out and run to the JPMorgan’s and these too-big-to-fail banks, and they’re going to get bigger and everybody else is going to get smaller and weaker, and it’s going really be bad for our system.”

    Luetkemeyer is one of the first Republican lawmakers to call for a broad-based deposit guarantee as a remedy for the banking crisis, leaning into a Biden administration response that other GOP politicians have blasted as a bailout. Luetkemeyer is among the House Republicans supporting regulators’ recent actions to contain the banking meltdown, in line with House Financial Services Chair Patrick McHenry (R-N.C.).

    “The thought process here is that this is a contagion that could be spread across the entire banking system if it’s not contained and if people don’t stop and and be calm about their assessment of the situation,” Luetkemeyer said. “This is a Chicken Little situation. You know, the sky is falling. Everybody runs around like that, the whole thing’s going to implode.”

    Luetkemeyer’s concerns come as the smallest, “community” banks try to make the case that they’re not engaged in the kind of risk-taking that that brought down their larger, regional competitors.

    The Independent Community Bankers of America, a trade association for the smallest lenders, is calling on policymakers to impose stricter oversight on the largest financial institutions and to spare community banks from having to pay for the deposit bailout of Silicon Valley Bank and Signature Bank. It’s also a competitive concern, as the biggest global banks appear to be attracting deposits from other banks.

    Luetkemeyer pointed to a temporary policy established after the 2008 meltdown that established unlimited deposit insurance above the $250,000 limit.

    “So what you could do right now is that very same thing and say, hey, look, for another 12 months here or six months, we’re going to guarantee you every single deposit in this country and every bank until we get this interest rate situation resolved and these banks get back on solid footing,” he said.

    He later changed his position on the potential duration, with a spokesperson saying the guarantee could be in place “perhaps 30 to 60 days.”

    Still, Luetkemeyer said “the system is sound” and “in better shape than it’s been in probably 20 years.”

    “But,” he said, “we do have a few problems in it that need to be worked out.”

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    ( With inputs from : www.politico.com )

  • 17 Lakh Metric Tonne Lignite, High Quality Marble Deposits Available In Kupwara

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    SRINAGAR: Kupwara district has huge potential in the industrial sector and thermal power generation as there are around 17 lakh metric tonne major mineral deposits available in different areas of this frontier district.

    Quoting data available with Geology and Mining (G&M) department an official handout said that  9 Lakh metric tonne Lignite deposits are available at Nichahama and Hangnikkot areas of  the district, and have huge potential of thermal power generation. Likewise, at Awoora  and Zirhama,  there are 8 lakh metric tonne high quality Marble deposits which can revive the industrial sector and can provide ample employment opportunities in the district.

    District Mineral Officer (DMO) Kupwara, Dr.Shujat Ahmad Qureshi in a statement said that Geology and Mining department has seized 440 vehicles including heavy earth moving machines used in illegal mining and transportation of raw material from different areas of Kupwara district during the financial year 2022-23, adding that a fine of Rupees 60 lakh has been realized from the violators (owners of  seized vehicles), besides, seizing raw material worth rupees 20 lakh.

    The DMO further said  that he along with his team launched a crackdown in different areas of Kupwara district, following the directions of Deputy Commissioner Kupwara, Dr Doifode Sagar Dattatray to curb the  illegal mining and its transportation.

    Dr Shujat said that  all of his staff has been put on alert to monitor illegal mining in the district.

    On the occasion, the DMO warned the offenders to desist from the illegal extraction of minor minerals, adding that stern action under rules shall be taken against them.

    He said the vehicles were seized under Mines & Minerals Act 1957 under section 21 delegated under the J&K Minor Mineral Concession, Storage, Transportation of minerals and prevention of illegal mining rules 2016 issued vide SRO 105 of 2016.

    According to DMO, rate fixation of raw materials in  the district has already been accorded and sale and purchase of minor minerals is being done online through http://www.geologymining.jk.gov.in, besides, rates have been notified which are available on different portals of Geology and Mining department.

    He said that the ordinary sand (meshed) at source would cost Rs 28 per Cft, nallah bajri at Rs 16 per Cft, nallah boulders at Rs 6 per Cft, nallah mukh (GSB) at Rs 4 per Cft, ordinary clay at Rs 3 per Cft, crushed bajri (10 mm) at Rs 23 per Cft, crushed bajri (40 mm) at Rs 18.50 per Cft and crusher dust at Rs.25 per Cft.

    Moreover, DMO added that  in case extra rate is demanded by the mineral concessionary or mineral dealer licensee, people can contact the DMO Kupwara, accordingly such offenders will be fined under law.

    While giving further details District Mineral officer Kupwara said that there are 24 e-auctioned blocks in Kupwara district out of them 14 are functional leased-out blocks while the rest 10 are under process.

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    #Lakh #Metric #Tonne #Lignite #High #Quality #Marble #Deposits #Kupwara

    ( With inputs from : kashmirlife.net )

  • 17 lakh metric tonne Lignite, high quality Marble deposits available in Kupwara

    17 lakh metric tonne Lignite, high quality Marble deposits available in Kupwara

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    KUPWARA, FEBRUARY 22: Kupwara district has huge potential in the industrial sector and thermal power generation as there are around 17 lakh metric tonne major mineral deposits available in different areas of this frontier district.

    As per data available with Geology and Mining (G&M) department, 9 Lakh metric tonne Lignite deposits are available at Nichahama and Hangnikkot areas of the district, and have huge potential of thermal power generation. Likewise, at Awoora and Zirhama, there are 8 lakh metric tonne high quality Marble deposits which can revive the industrial sector and can provide ample employment opportunities in the district.

    This information was given by District Mineral Officer (DMO) Kupwara, Dr.Shujat Ahmad Qureshi today, here at Kupwara.

    He said Geology and Mining department has seized 440 vehicles including heavy earth moving machines used in illegal mining and transportation of raw material from different areas of Kupwara district during the financial year 2022-23, adding that a fine of Rupees 60 lakh has been realized from the violators (owners of seized vehicles), besides, seizing raw material worth rupees 20 lakh.

    The DMO further said that he along with his team launched a crackdown in different areas of Kupwara district, following the directions of Deputy Commissioner Kupwara, Dr. Doifode Sagar Dattatray to curb the illegal mining and its transportation.

    Dr. Shujat said that all of his staff has been put on alert to monitor illegal mining in the district.

    On the occasion, the DMO warned the offenders to desist from the illegal extraction of minor minerals, adding that stern action under rules shall be taken against them.

    He said the vehicles were seized under Mines & Minerals Act 1957 under section 21 delegated under the J&K Minor Mineral Concession, Storage, Transportation of minerals and prevention of illegal mining rules 2016 issued vide SRO 105 of 2016.

    According to DMO, rate fixation of raw materials in the district has already been accorded and sale and purchase of minor minerals is being done online through http://www.geologymining.jk.gov.in, besides, rates have been notified which are available on different portals of Geology and Mining department.

    He said that the ordinary sand (meshed) at source would cost Rs 28 per Cft, nallah bajri at Rs 16 per Cft, nallah boulders at Rs 6 per Cft, nallah mukh (GSB) at Rs 4 per Cft, ordinary clay at Rs 3 per Cft, crushed bajri (10 mm) at Rs 23 per Cft, crushed bajri (40 mm) at Rs 18.50 per Cft and crusher dust at Rs.25 per Cft.

    Moreover, DMO added that in case extra rate is demanded by the mineral concessionary or mineral dealer licensee, people can contact the DMO Kupwara, accordingly such offenders will be fined under law.

    While giving further details District Mineral officer Kupwara said that there are 24 e-auctioned blocks in Kupwara district out of them 14 are functional leased-out blocks while the rest 10 are under process.

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    #lakh #metric #tonne #Lignite #high #quality #Marble #deposits #Kupwara

    ( With inputs from : roshankashmir.net )

  • In a first in country, 5.9 million tonnes Lithium deposits found in J-K

    In a first in country, 5.9 million tonnes Lithium deposits found in J-K

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    New Delhi: The Union Government on Thursday said that 5.9 million tonnes of lithium reserves have been found for the first time in the country in Jammu and Kashmir.

    Lithium is a non-ferrous metal and is one of the key components in EV batteries.

    “Geological Survey of India for the first time established Lithium inferred resources (G3) of 5.9 million tonnes in the Salal-Haimana area of the Reasi district of Jammu and Kashmir,” the Ministry of Mines said on Thursday.

    It further that 51 mineral blocks including Lithium and Gold were handed over to respective state governments.

    “Out of these 51 mineral blocks, 5 blocks pertain to gold and other blocks pertain to commodities like potash, molybdenum, base metals etc. spread across 11 states of Jammu and Kashmir (UT), Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu, and Telangana,” the ministry added.

    The blocks were prepared based on the work carried out by GSI from field seasons 2018-19 to till date.

    Apart from these, 17 reports of Coal and Lignite with a total resource of 7897 million tonnes were also handed over to the Ministry of Coal.

    Seven Publications on different themes and intervention areas in which GSI operates were also released during the meeting.

    “The proposed Annual Programme for the ensuing Field Season 2023-24 was presented and discussed during the meeting. During the ensuing year 2023-24, GSI is taking up 966 programmes comprising 318 mineral exploration projects including 12 marine mineral investigation projects,” the ministry further said.

    The Geological Survey of India has formulated 115 projects on strategic and critical minerals and 16 projects on fertiliser minerals.

    “55 programmes on geoinformatics, 140 programmes on fundamental and multidisciplinary geosciences, and 155 programs for training and institutional capacity building have also been taken up,” the Mines ministry stated.

    The Geological Survey of India (GSI) was established in 1851 to find coal deposits for the Railways. Over the years, GSI has not only grown into a repository of geo-science information required in various fields in the country but has also attained the status of a geo-scientific organisation of international repute.

    Its main functions relate to creating and updating of national geoscientific information and mineral resource assessment. These objectives are achieved through ground surveys, air-borne and marine surveys, mineral prospecting and investigations, multi-disciplinary geoscientific, geo-technical, geo-environmental and natural hazards studies, glaciology, seismo-tectonic study and carrying out fundamental research.

    GSI’s chief role includes providing objective, impartial and up-to-date geological expertise and geoscientific information of all kinds, with a focus on policy-making decisions, and commercial and socio-economic needs. (ANI)

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    ( With inputs from www.siasat.com )

  • First time in India, Lithium deposits found in Reasi: Confirms Geological Survey

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    Srinagar, Feb 10: The Geological Survey of India on Thursday said it has found lithium deposits for the first time in Reasi district of Jammu and Kashmir.

    According to a statement GSI said it has found 5.9 million tonnes of Lithium inferred resources in the Reasi district.

    It said lithium inferred resources (G3) of 5.9 million tonnes have been found in Salal-Haimana area of Reasi.

    The lithium deposits are very critical for India as the government has been focussing on electric cars.

    Meanwhile, talking to the news agency—Kashmir News Observer (KNO), District Mineral Officer Reasi Shafiq Ahmad said there was presence of Bauxite in composite form and during its further processing Lithium was also discovered.

    “GSI has now approved it and it will be taken for auction after Lithium reserves were found. We had explored it earlier also but now this time it has been approved by GSI,” he said.

    He added it will now be taken up for auction at the country and UT level as it is a major mineral and has been found first time in the country.

    Deputy Commissioner Reasi Babila Rakwal told KNO that they are further working on it and she will soon get the exact input from the concerned officials—(KNO)

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    ( With inputs from : roshankashmir.net )

  • ‘Adaniscam’ trends on Twitter, questions on deposits in LIC, SBI raised

    ‘Adaniscam’ trends on Twitter, questions on deposits in LIC, SBI raised

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    Following the outbreak of the Hindenburg report on the Adani group, on Friday, the hashtags ‘Hindenburg Report’, ‘Hindenburg Research’, and ‘Adani scam’ trended on Twitter.

    Several Twitter users including members of the opposition raised questions on the union government’s role in the development.

    Along with the Adani Group share pummelling on Friday, with the group losing Rs 3.37 lakh crore in aggregate market capitalisation in a single day, Life Insurance Corporation (LIC), the single largest non-promoter domestic shareholder in five of the largest Adani Group companies by market capitalisation, lost Rs 16,627 crore due to a drop in the value of its Adani Group holdings.

    The value of LIC’s Adani Group assets fell from Rs 72,193 crore on Tuesday to Rs 55,565 crore on Friday, a 22% drop in only two days.

    Meanwhile, LIC’s share price declined 3.5 percent during the day on Friday, falling 5.3 percent in the prior two days.

    By the time of publishing this story, #Adaniscam garnered 10.4k tweets and #HindenburgResearch garnered 4764 tweets.

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    Some of India’s top public sector banks stated their exposure to the Adani Group was within the limitations outlined by the Reserve Bank of India despite Friday’s steep decline in shares of group firms and the lenders that have exposure to it. The RBI permits a bank to expose no more than 25 percent of its eligible available capital base to any one group of related entities.

    “There is nothing alarming about our Adani exposure and we don’t have any concerns as of now,” SBI chairman Dinesh Kumar Khara said speaking to Reuters.

    Khara said the Adani Group hadn’t raised any funding from SBI in the recent past and that the bank would take a ‘prudent call’ on any funding request from them in the near future, reported Reuters.

    SBI has reached out to the company for clarification and the board will take any decision on the bank’s exposure to the group only after that, reported Reuters quoting an unnamed official.

    An official at the state-run Bank of India said the loans to the Adani group were within permissible limits.

    “Our exposure to the Adani Group is below the large exposure framework of the Reserve Bank of India,” Reuters quoted an unnamed executive at the Bank of India as saying.

    “Till last month, the Adani Group’s interest payment on loans has been intact.”

    Bank executives at two other private lenders said that they were not yet in “panic mode” but being watchful, the report stated.

    The LIC is still investing additional money in Adani’s flagship unit despite the fraud allegations. According to a document, the state-controlled life insurer is investing around $37 million as an anchor investor in Adani Enterprises Ltd.’s $2.5 billion new share sale. It would increase its present ownership of 4.23% with the investment.

    Adani Power Ltd., Adani Green Energy Ltd., Adani Transmission Ltd., Adani Ports, and Special Economic Zone Ltd., and Adani Enterprises Ltd. make up the Adani Group.

    What is the Hindenburg report?

    Hindenburg Research, a well-known short seller in the United States, disclosed short positions in the Adani Group on Wednesday, accusing the conglomerate of the improperly wide use of businesses established in offshore tax havens and expressing worry about excessive debt levels.

    The revelation, which came just days before Adani Enterprises’ (ADEL.NS) $2.5 billion share sale, sent Adani group businesses’ shares tumbling.

    It also said that seven Adani listed firms had an 85% downside on a fundamental basis because to what it dubbed ‘sky-high valuations’.

    The firm published an investigative document titled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History‘ and revealed findings of their two-year investigation presenting evidence that the Rs 17.8 trillion worth Adani group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.

    According to the report, Gautam Adani, the Adani Group’s founder, and chairman, has a net worth of about $120 billion, which he has increased by more than $100 billion in the last three years, primarily as a result of stock price growth in the group’s seven most important publicly traded companies, which have increased by an average of 819 percent during that time.

    KT Rama Rao had also challenged the central investigative agencies including the Enforcement Directorate (ED), Central Bureau of Investigation (CBI), Income Tax Department (IT) and Securities and Exchange Board of India (SEBI) to probe into the Adani enterprise’s ‘scam’.

    The challenge comes hours after US’s Hindenburg Research’s investigative document, alleging fraud in Adani Group’s dealings, surfaced.

    The Adani Group has said that accounting (or fraud-type assertions) “investigation” by Hindenburg Research are devoid of facts.

    Of Adani’s portfolio’s nine publicly listed entities, eight are audited by one of the Big 6.

    On leverage or over-leverage issue — 100 of our various companies are rated (these account for nearly 100 percent of our EBITDA), Adani Enterprises said in a stock exchange filing.

    On revenue or balance sheet being artificially inflated or managed — out of nine listed companies in Adani portfolio six are subject to specific sector regulatory review for revenue, costs, and capex, Adani Group said.

    In relation to governance, four of our large companies are in the top 7 percent of the peer group in Emerging markets or the sector of the world.

    On the LAS position do note that overall promoter leverage is less than 4 percent of promoter holding, the group said.

    Hindenburg asked 89 questions in total, the following Question by number: 1,2,3 5,6,7 19,20,21, 27,28,29 62,63,64 and 72,74,75,77,78,79 are in relation to Related party transactions, DRI (Directorate of Revenue Intelligence) and court cases.

    Twenty-one in total cannot be claimed to be the result of any investigation over a two-year period or any such assertion as they were disclosed in the public documents all the way back from 2015 onwards, the group said.

    The 21 questions are nothing but Adani Portfolio’s own public disclosure from as far back as 2015, the statement said.



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    ( With inputs from www.siasat.com )