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"If any of these allegations are proven true" - most of them are not allegations, they have quoted facts which are publicly verifyable. Other points are just ma
by rockyj 4y ago
"If any of these allegations are proven true" - most of them are not allegations, they have quoted facts which are publicly verifyable. Other points are just massive red flags or questions. Examples -
- Rajesh Adani, was accused by the Directorate of Revenue Intelligence (DRI) of playing a central role in a diamond trading import/export scheme around 2004-2005. He was subsequently arrested twice over allegations of customs tax evasion, forging import documentation and illegal coal imports. Given his history, why was he subsequently promoted to serve as Managing Director at the Adani Group?
- The independent auditor for Adani Enterprises and Adani Gas is a tiny firm called Shah Dhandharia. Historical archives of its website show that it had only 4 partners and 11 employees.
- Offshore entities hold concentrated positions in Adani stocks, they accounted for up to 30%-47% of the yearly delivery volume in Adani stocks, a massive irregularity.
- Publicly listed companies in India are subject to rules that require all promoter holdings (known as insider holdings in the U.S.) to be disclosed. Rules also require that listed companies have at least 25% of the float held by non-promoters in order to mitigate manipulation and insider trading. 4 of Adani’s listed companies are on the brink of the delisting threshold due to high promoter ownership.
- Elara, a firm with almost $3 billion in concentrated holdings of Adani shares, including a fund that is 99% concentrated in shares of Adani. Leaked emails show that the CEO of Elara had dealings with notorious stock manipulator Dharmesh Doshi, partner of Ketan Parekh, even after Doshi became a fugitive for his alleged manipulation activity. How does Adani respond to this relationship, given that Elara is one of the largest “public” holders of shares of Adani?
- oneoff786 4y agoSo, I have no context here at all. But I see you’re asking why Rajesh Adani was made a managing director of the Adani Group. So dumb question… is the name not a coincidence and the explanation obvious?
- alephnerd 4y agoWhy the downvotes to this guy. He is right. Rajesh Adani is Gautham Adani's brother. That entire conglomerate is the poster child of post-liberalization goondagiri, but that was kind of the norm in Gujarat politics in the 90s. Each state in India has a couple Adanis, like the Ansals in Delhi NCR or the Badals in Punjab. They're one of the various thekedars (infra contractors) that just happened to get lucky that their baap fast tracked from Ahmedabad local politics to PM.
- kerpotgh 4y ago[dead]