In a clarification to stock exchanges on Monday, Adani Group companies said they had asked the Registrar and Transfer Agent (RTA) for information on the status of these funds.
“We 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 email dated June 14, 2021, clarifying that the demat account in which the aforesaid funds hold the shares of the company are not frozen,” said
in a release to the stock exchanges.
ET had reported on June 14 that the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund were frozen on or before May 31.
The Adani statement said the information was “blatantly incorrect”. “We are issuing this letter in the larger public interest and for the protection of investors,” as per the clarification to the exchanges.
The entities together hold between 4% and 7% in various Adani Group companies.
NSDL told Adani officials in an email that the accounts of the three FPIs are ‘active’. ET reviewed the email exchange.
Two out of the three funds too issued clarifications to television channels. CNBC quoted sources in Albula saying business is as usual for the fund both in India and overseas.
APMS Fund Management said NSDL website shows a “technical account level freeze” but that it has no relevance to its normal FPI trading activities.
Stocks take a hit
“The subject fund is not frozen by any means and maintains full as well as normal trading operations globally,” the APMS release quoted by the channel said.
The NSDL website at 3 pm on Monday showed that all the three funds continue to face an ‘account level freeze’. Emails sent to Sebi and NSDL remained unanswered.
Following the news of the freeze on the FPI accounts, shares of all Adani Group companies fell in the range of 4-8% of Monday. They recovered from their lows after the group companies issued clarifications. Adani Enterprises and Adani Power dipped by over 24% and 17%, respectively, during intraday trading before recovering and closing 6.26% and 8.36%, respectively, below the previous close.
