Image: Facebook/@MahuaMoitraOfficial
Lok Sabha Member of Parliament (MP) and TMC leader Mahua Moitra, on August 21, asked for clarity and transparency of the existing Adani listed companies before SEBI allows Adani Wilmar to be listed.
In a Twitter post she wrote, “Need clarity & transparency in existing Adani listed companies before SEBI allows yet one more group company to be listed Regulator puts Adani Wilmar’s initial share sale on hold.”
Meanwhile, market regulator has “kept in abeyance” the 4,500-crore initial public offering of the agro-commodity company due to an investigation against Adani Enterprises, which is under the lens for foreign portfolio investments.
Also Read: Adani Wilmar IPO: All you need to know
SEBI has stalled the Adani Wilmar IPO due to an investigation that is pending against Adani Enterprises, said a person familiar with the matter, asking not to be named. Adani Enterprises owns 50 percent of Adani Wilmar, which makes the popular edible oil brand ‘Fortune’.
This is not the first time the TMC MP has asked for an investigation against the Adani group. Moitra wrote to Finance Minister Nirmala Sitharaman asking to investigate Adani group companies on foreign portfolio investments (FPIs) owning a substantial interest in these companies.
Moitra’s letter to FM Sitharaman, which she also shared on Twitter, stated, “Written again to Hon’ble FM, RBI, CBDT, ED, DRI et all demanding urgent investigation into over-invoicing by Adani companies, round-tripping of funds & dodgy FPI investments.”
Written again to Hon’ble FM, RBI, CBDT, ED, DRI et all demanding urgent investigation into over-invoicing by Adani companies, round-tripping of funds & dodgy FPI investments
Anyone listening? Or everyone in a glass house? @ndtv @IndianExpress @IndiaToday @EconomicTimes pic.twitter.com/HU3whG4Cra
— Mahua Moitra (@MahuaMoitra) July 26, 2021
In her letter, she wrote that, “while this information may already be known to officials, I believe that it is important that [the] nation knows the truth behind many of these allegations as the Group is being handed several strategic assets of the nation. By its own admission, the group will control 40 percent of air, sea and logistics infrastructure soon… Further, it seems that delisting of Adani Power in order to hide this fraud needs to be seriously looked into given allegations that have come to the fore.”
Moneycontrol first reported that Adani Wilmar filed for the IPO on August 2. The listing plans of the company were also first reported by Moneycontrol on June 10. The company is a 50-50 joint venture between Gautam Adani-led Adani Enterprises and Singapore-based Wilmar Group. The JV was formed in 1999.
Currently, six Adani group companies are listed on domestic bourses. Apart from AEL, other listed ones are Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and Special Economic Zone.
