False And Baseless', Mauritius Minister Rejects Hindenburg Claims On Adani Group https://www.youtube.com/watch?v=_ccHQ8RvMWM May 11, 2023
Rejecting the claims made by Hindenburg Research, Mauritian Parliamentarian, called the claims of the presence of Shell companies of the Adani Group in Mauritius “false and baseless". The short-seller, in its report, alleged the presence of Adani Group's shell companies in Mauritius, UAE, and the Caribbean islands
The NewsX report says that this "exposes the sham" of the Hindenberg report...
Mauritian finance minister Mahen Kumar Seeruttun told parliament that procedure as per section 21 is observed .. The section concerned is 21. Display of licence (1) A licensee shall, at all times, conspicuously display – (a) the licence in a public part of its principal place of business or its head office; and (b) a copy of the licence in a public part of each of its branches or offices. (2) Any person who contravenes subsection (1) shall commit an offence and shall, on conviction, be liable to a fine not exceeding 50,000 rupees.
https://youtu.be/9GH71GxxbFE?t=1902 NDTV also interview the minister.. Any entity has to demoonstrate that they generate their income generation activities from /in Mauritius..
Adani-Hindenburg row: Mauritian minister rejects shell company allegations https://www.businessinsider.in/business/corporates/news/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations/articleshow/100164083.cms ROUNAK JAINMAY 11, 2023, Hindenburg Research also outlined two examples of conflict of interest – the first one of a $253 million loan from a Mauritius entity where Vinod Adani is a director, and the second one of a $692.5 million investment from another Mauritius entity that is controlled by the head of the Adani Group’s private family investment office.
All in all, the firm said it has identified 38 shell entities based out of Mauritius, controlled by Vinod Adani or other close associates of the Adani Group, in an investigation it conducted over the course of two years.
Mauritian finance minister Mahen Kumar Seeruttun called the allegations “false” and “baseless”. . According to law, shell companies are not allowed in Mauritius or global business companies licensed by the financial services providers have to meet substance requirements as per Section 21 of the financial service activities," .