Foreign entities spoiling Adani Group’s image

New Delhi: Adani Group on Monday said some foreign entities are continuing orchestrated attacks by rehashing old and baseless allegations to drag down its market value and tarnish the conglomerate’s image ahead of the Supreme Court hearing.On the other hand, Adani Port and Special Economic Zone (APSEZ) said the company has taken measures to ensure safety of its employees in Israeli port of Haifa and all of them are safe. The Supreme Court slated a hearing for this week on markets regulator Sebi’s investigation into allegations of financial fraud and stock manipulation against Adani Group. The group has denied all allegations.

“Having failed earlier, a foreign publication is making another effort to financially destabilise the Adani Group by raking up an old, baseless allegation of over-invoicing of coal imports,” Adani Group said in a statement. It said the proposed story by the publication is based on the DRI's General Alert Circular dated March 30, 2016.

However, the publication has "singled out the Adani Group, while the DRI's circular mentions as many as 40 importers including the Adani Group companies," the statement said.

"This list not only includes some of India's major private power generators like Reliance Infra, JSW Steel and Essar but also state power generating companies of Karnataka, Gujarat, Haryana, Tamil Nadu, etc and NTPC and MSTC." The Directorate of Revenue Intelligence (DRI) in the circular had alleged Adani Group companies over-valued equipment and machinery imported from a United Arab Emirates (UAE)-based entity. It reportedly suspected some of the funds used in those transactions may have found their way back into the Adani Group's listed companies.