Adani News LIVE Updates: Why is PM Modi silent, why doesn’t he get this

It is very important that the Prime Minister of India Mr Narendra Modi clears his name and categorically explains what is going on. At the very least, A JPC should be allowed and a thorough investigation should take place. I don’t understand why the PM is not forcing an investigation? Why is he quiet and people who are responsible are put behind bars? This is raising very serious questions on the PM just before G20 leaders come here…It is important that this issue is made clear before they (G20 leaders) arrive “: Congress MP Rahul Gandhi on Adani group row, in Mumbai

“Just before the leaders of G20 are coming here, they are going to be asking what is this special company that is owned by a gentleman close to the PM and why is it in an economy like India this gentleman is being given a free ride?”: Congress MP Rahul Gandhi on Adani group row, in Mumbai

The current flavour is G20 and it is about India’s position in the world. What is very important for a country like India is that there is a level playing field and transparency in our economic environment and businesses that operate here. Today morning, two global financial newspapers have raised a very important question. These are not any random newspapers. These newspapers affect investment in India and the perception of India in the rest of the world…”

India’s markets regulator has examined the funds named by a non-profit media organisation that were allegedly involved in investing millions of dollars in some publicly traded stocks of Adani Group, sources aware of the matter said on Thursday, reported Reuters.

According to the Organised Crime and Corruption Reporting Project (OCCRP), offshore structures based in Mauritius purchased between 8% and 14% of shares in four Adani Group units – Adani Power, Adani Enterprises, Adani Ports, and Adani Energy Solutions (formerly known as Adani Transmission).

On a day when Organised Crime and Corruption Reporting, a body funded by billionaire global investor George Soros, levelled fresh allegations against the Adani Group, Congress general secretary KC Venugopal on Thursday said the questions raised by Rahul Gandhi with regard to the “unaccounted money in Adani shell companies” assume fresh relevance.

Shares of Adani Enterprises settled 3.72 per cent lower at ₹2,420 apiece on the BSE.

The report alleges the involvement of Nasser Ali Shaban Ahli and Chang Chung-Ling in stock manipulation of Adani group.

The two persons didn’t respond to the OCCRP report. However, Ali told The Guardian that he didn’t know anything about any secret purchases of Adani stock. He didn’t even confirm whether he had bought any. He asked why journalists were not interested in his other investments. “We are a simple business,” he said, before ending the interview.

Adani news: The report says that due to the close connections between Ahli and Chang and Adani group, they should be acting on behalf of Adani “promoters”. If this is so, their stake in the Adani Group would mean that insiders altogether owned more than 75 per cent allowed by law.

“When the company buys its own shares above 75 percent … it’s not just illegal, but it’s share price manipulation,” says Arun Agarwal, an Indian market specialist and transparency advocate, reported OCCRP.