In a complete U-turn, the Adani Group admits Vinod Adani is part of promoter group
The Group has earlier said that Vinod does 'not hold any managerial position in any Adani listed entities or their subsidiaries and has no role in their day to day affairs'
Taking a complete U-turn on its earlier stand, the Adani Group on Thursday said that Vinod Adani, the elder brother of Gautam Adani is part of the 'promoter group' of various listed entities. Earlier the Group has claimed that Vinod does "not hold any managerial position in any Adani listed entities or their subsidiaries and has no role in their day to day affairs".
"We would like to submit that Gautam Adani and Rajesh Adani are individual promoters of various listed entities within the Adani group and Vinod Adani is an immediate relative of the individual promoters," the group's flagship Adani Enterprises said in a stock exchange filing on Thursday.
Accordingly, as per the applicable Indian regulations, "Vinod Adani is part of the 'promoter group' of various listed entities within the Adani group.
In response to Hindenburg questioning the role of Vinod Adani, the Adani group where it alleged "brazen stock manipulation and accounting fraud" said that "Vinod Adani does not hold any managerial position in Adani listed entities or their subsidiaries and has no role in their day to day affairs. We reiterate that any transactions by the Adani portfolio companies with any related party have been duly identified and disclosed as related party transactions in compliance with Indian laws and standard and have been carried out on arm's length terms".
As per the CNBC TV18 the Adani Group admitted Vinod Adani as part of the promoter group in response to a report by the Morining Context. The Group said that Adani Group does not own Ambuja Cements and ACC, and that the cement companies are owned by entities that are controlled by Vinod Adani.
It is worth mentioning here that 'entities' that are controlled by Vinod Adani had last year acquired Swiss-based Holcim’s cement businesses in India. This was the conglomerate’s largest-ever acquisition.
The deal made Adani the second largest cement player in the Indian market, after Aditya Birla Group’s UltraTech Cement. Notably, the group used a special purpose vehicle called Endeavour Trade and Investment Ltd to buy the two cement companies from Holcim Group. The Mauritius-based entity is owned by Vinod Adani, the Morning Context reported.