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Why Indian government silent on FPI investments in Adani Group companies: Congress

New Delhi, June 15 (MNN) The Congress on Tuesday demanded that the Indian government and NSDL break their silence and come clean on the reported investment by three Mauritius-based funds (FPIs) – the accounts of which were said to be frozen due to beneficiary ownership issues — in four of the six Adani Group listed companies.

The National Securities Depository Limited is a central securities depository under the jurisdiction of Ministry of Finance, and based in Mumbai.

“Why is the NSDL silent on the issue of frozen accounts? What has it done in the issue? Securities and Exchange Board of India and NDSL should tell the nation about the background checks on the ownership of these FPIs. What have they done to know about these funds? They should tell the nation. Why is Adani Group giving clarifications and not the funds which have invested? Why are these FPIs silent and not coming up with clarifications?” All India Congress Committee Spokesperson Gourav Vallabh asked at a virtual press conference here.

“They should come clean on the issue since the public has the right to know the truth,” Vallabh said while pointing out that the three foreign-based funds had similar addresses and which have invested Rs 43,500 crore but did not even have their websites.

“In all, 95 per cent of these three Foreign Portfolio Investors has been in the Adani Group companies.

“If a company starting out with Rs four lakh has a website, so as to let more and more people to know about it. But these funds don’t even have their websites. While these funds are silent, a response is coming from one of the companies in which investment has been made,” Vallabh said.

“The country needs to know about the nature of funds and their beneficiary owners. Which accounts have been frozen? Media reports say that there is an ongoing SEBI inquiry on price manipulation by Adani Group. The ED should be given the case for investigation to know if it was a case of round-tripping, in case needed,” the Congress leader said.

He refused to compare the issue with the stock market scam involving Harshad Mehta in the past, saying that the Congress was not in the habit of speaking lies and whatever was said was on the basis of media reports coming out on the issue at hand.

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