June 21, 2024 10:38 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pune woman hangs from building edge holding a man's hand just for an Instagram reel. Read here | BJP's Bhartruhari Mahtab appointed Pro Tem Speaker, Congress calls it 'first mistake' | Delhi Chief Minister Arvind Kejriwal gets bail in liquor policy case | CBI probe into UGC-NET 2024 has been ordered, says Education Ministry a day after cancelling exam | Darshan Thoogudeepa involved murder case: Renukaswamy's testicles were ruptured, face was half-eaten by dogs
Adani Group: Hindenburg allegations ‘false, baseless’, Mauritius Min tells Parliament
Mauritius
Image: UNI

Adani Group: Hindenburg allegations ‘false, baseless’, Mauritius Min tells Parliament

| @indiablooms | 11 May 2023, 03:30 pm

Giving a boost to Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the country’s Parliament that Hindenburg Research’s allegations of the presence of ‘shell’ companies in the Island nation are ‘false and baseless’.

US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies, reports ANI.

When a Member of Parliament (MP) through a written notice question asked the Minister about Hindenburg’s allegation of use of Mauritius-based entities as conduits for money laundering and share price manipulation for the Adani Group, the minister said the nation’s law does not allow shell companies, reports ANI.

“At the outset, I wish to inform the House that the allegations of the presence of shell companies in Mauritius are false and baseless,” he said. “According to the law, shell companies are not allowed in Mauritius.” All global business companies licensed by the Financial Services Commission have to meet substance requirements on an ongoing basis and are being strictly monitored by the Commission, he said.

“So far, there has been no breach that has been found,” he was quoted as saying by ANI.

He said the Financial Services Commission has taken note of the Hindenburg report but the regulator is bound by the confidentiality clause of the law and cannot disclose details.

“The Financial Services Commission can neither deny nor confirm whether an investigation has been and/or is being conducted. As such, disclosure of information on global business companies would be in breach of section 83 of the Financial Services Act and may have an adverse impact on the repute of our jurisdiction,” he said.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.