Adani Did Not Breach Regulations, Says Mauritian Minister
Seeruttun rejected allegations by Hindenburg that the Adani Group used Mauritius as a haven for shell companies.
The Financial Services Commission of Mauritius has received compliance reports on Adani Group companies and there is no breach of any of the nation's regulations, according to Mauritian Financial Services Minister Mahen Kumar Seeruttun.
Seeruttun rejected the allegations made by Hindenburg Research on the Adani Group using Mauritius as a haven for creation of shell companies.
"All the companies that are licensed in Mauritius they have to adhere to all the conditions set as per the Financial Services Act, which is a legislation, governing those activities and at all time they have to ensure that those conditions are being met," he said adding that no breaches have occurred by the Gautam Adani owned Group companies.
Adani-Hindenburg Row: Mauritius Minister Calls Allegations Of Shell Companies 'False And Baseless'
Emphasising on the country's tax regime, the minister said that it was in compliance with the Organisation for Economic Cooperation and Development mandated rules.
Hindenburg Research had alleged in a report on Jan. 24 that the Adani Group has high levels of debt and was involved in stock manipulation. The conglomerate refuted the allegations as "misinformation" and a "calculated attack on India".
Watch the full interview here:
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.