![]() The French energy giant took a 37.4% stake in the firm now known as Adani Total Gas Ltd. in February 2020.īut the annual reports of Adani Ports, Adani Green Energy and Adani Total Gas (or its predecessor, Adani Gas) have made no mention of utilizing the services of a law firm where a close family member is a partner. Paridhi Adani.ĬAM’s website lists three past deals under her professional experience:Īdani Ports & Special Economic Zone Ltd.’s acquisition of 75% of Krishnapatnam Ports closed in October 2020 Adani Green Energy Ltd.’s solar joint venture with TotalEnergies SE kicked off the same year. But there may be a simple way to obtain a flavour of India Inc.’s potential disclosure deficit: Look at someone who neither came up in Hindenburg’s Jan. ![]() 14, it has little time to review all the transactions highlighted in the Hindenburg report. Why are the numbers so high? Adani said its reply to Hindenburg that in the infrastructure business, financiers and regulators insist on housing separate projects in different companies.Ĭonsidering that the Securities and Exchange Board of India has been asked by the court to wind up its inquiry by Aug. It was asked to investigate whether there had been any regulatory failure in dealing with “the alleged contravention of laws pertaining to the securities market." Related-party deals is one of the areas the panel looked at. According to the short seller, seven key listed entities of the Adani Group collectively have 578 subsidiaries and have engaged in a total of 6,025 such transactions in the financial year that ended in March 2022. Yet, the group hasn’t made any disclosures that show her or her law firm as a related party, or describe the deals as related-party transactions.Īlthough the conglomerate denied all of Hindenburg’s accusations, the ensuing $150 billion loss of market wealth over just about a month led India’s Supreme Court to set up an expert committee. In response to my emailed questions, a CAM spokesperson said that the advocate is “not a director nor holds any position of any nature in the business of Adani Group," and that Infracon is “a personal entity currently holding art objects."Īlso read: Adani Ent share price Today Live Updates : Adani Ent stock plummets amidst market turbulenceīut perhaps more significant than that, on her law firm’s website, she advertises her involvement in M&A activity that, I believe, is of vital importance to Adani’s financial health and its valuation. She and her husband are the two designated partners in Adani Infracon LLP. The head of the Ahmedabad office at Cyril Amarchand Mangaldas, or CAM, a top Indian law firm, Paridhi is married to Karan Adani, the older of Chairman Gautam Adani’s two sons and the chief executive officer of the ports business. Paridhi Adani's involvement, however, may have to be viewed differently. The group said in its rebuttal that all transactions with related parties had been duly identified and disclosed: “Vinod Adani does not hold any managerial position in any Adani listed entities or their subsidiaries and has no role in their day to day affairs." The Dubai-based businessman’s “labyrinthian network" of shell entities props up the younger sibling’s Indian empire by “surreptitiously moving money," Hindenburg had alleged. New York-based Hindenburg Research had gone after tycoon Gautam Adani’s older brother, Vinod, and questioned his relationship with the conglomerate. A short-seller attack earlier this year on the Adani Group had focused on a different family member.
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