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Adani Group issues clarification, calls report on freezing of foreign funds 'blatantly erroneous'

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Adani Group on Monday issued a clarification with reference to the freezing of 3 foreign portfolio investor (FPI) accounts reflecting on the NSDL website.

Adani Group issues clarification, calls report on freezing of foreign funds 'blatantly erroneous'
Billionaire Gautam Adani’s group on Monday issued a clarification with reference to the freezing of 3 foreign portfolio investor (FPI) accounts reflecting on the National Securities Depository Ltd (NSDL) website, while calling the media reports "blatantly erroneous."
Given the seriousness of the article and its consequential adverse impact on
minority investors, the company said that it has 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 June 14, 2021, clarifying that the demat account in which the aforesaid funds hold the shares of the company are not frozen.
"The news headlines published in ET that NSDL has frozen the accounts of 3 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," it said in a regulatory filing.
"We are issuing this letter in the larger public interest and for the protection of
minority investors interest," it further said.
The NSDL website reportedly showed the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund as being frozen without citing a reason. Post that, shares of Adani Group companies plunged.
The three funds feature among the top 12 investors and owned about 2.1 percent to 8.91 percent stakes in five Adani Group companies as of March 31, 2020, annual investor presentations show.