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Adani Ports denies ‘blatantly erroneous’ reports on NSDL freezing accounts of foreign funds

Denying media reports on freezing of accounts of foreign funds, Adani Ports has called them ‘blatantly erroneous’.

In a stock exchange filing, Adani Ports was clarifying on reports that the National Securities Depository Limited (NSDL) has frozen the accounts of three foreign funds- Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in Adani Group Companies.

“We regret to mention that these reports are blatantly erroneous and is done to deliberately mislead the investing community. This is causing irreparable loss of economic value to the investors at large and reputation of the group,” the company said.

“Given the seriousness of the article and its consequential adverse impact on minority investors, we requested Registrar and Transfer Agent, with respect to the status of the Demat Account of the aforesaid funds and have their written confirmation vide its e-mail dated 14th June 2021, clarifying that the Demat Account in which the aforesaid funds hold the shares of the Company are not frozen,” it added.

Company Secretary Kamlesh Bhagia said the clarification is being issued in the larger public interest and for the protection of minority investors` interest.

There were reports claiming that accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, which together own over Rs 43,500 crore worth of shares in four Adani Group companies, were frozen on or before May 31. But stocks of Adani Enterprises, Adani Ports, Adani Transmission, Adani Power, Adani Green Energy and Adani Total Gas tumbled rapidly throughout the day. Most of them had recently touched record high levels after they outperformed the market by surging multi-fold over the past one year.

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