The accounts of Albula Investment Fund, Cresta Fund, and APMS Investment Fund have been frozen by National Securities Depository Ltd (NSDL). The trio FPIs owns a mammoth 43,500 crore of Adani group-owned Adani Enterprises, Adani Green Energy, Adani Transmission, and Adani Total Gas. These accounts were either frozen on 31st May or before.
According to sources, the freeze may be due to the violation of PMLA, Prevention of Money Laundering Act. Possibly it is due to insufficient disclosure of information regarding beneficial ownership.
While Adani group of companies has rubbished the reports of the freezing of the above three foreign funds. The company claims these rumors are deliberately being spread to target the investing company.
However, it reflected in the shares of ADAG as it took a dip in the morning trade. Shares of Adani Enterprises bot bearish to 15 percent and reached Rs 1361.25. Adani Ports and Economic Zone became 14 percent cheaper, Adani Power 5 percent, Adani Transmission 5 percent, Adani Green Energy 5 percent and Adani Total Gas 5 percent.
All these three funds are from Mauritius and are registered with SEBI as Foreign Portfolio Investors (FPIs). All three are jointly in Adani EnterprisesThe investment is 6.82 percent, 8.03 percent in Adani Transmission, 5.92 percent in Adani Total Gas, and 3.58 percent in Adani Green.