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LATEST NEWS UPDATES | Adani versus Economic Times: Adani Ports and SEZ files a civil suit -Tanishka Sodhi

Adani versus Economic Times: Adani Ports and SEZ files a civil suit -Tanishka Sodhi

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published Published on Aug 5, 2021   modified Modified on Aug 6, 2021

-Newslaundry.com

A June 14 report in the newspaper about an Indian government agency freezing the accounts of three of Adani Group’s foreign investors had sent its shares tumbling.

On June 14, the Economic Times reported that the National Securities Depository Ltd, a government entity which holds securities, had frozen the accounts of three foreign investment funds – Albula, Cresta, APMS – which together own shares of Rs 43,500 crore in four Adani Group companies.

The Adani Group promptly issued a statement denouncing the ET report as “blatantly erroneous” and a deliberate attempt to mislead the investing community.

“This is causing irreparable loss of economic value to investors at large and reputation of the group,” the statement added. The ET carried the Adani Group’s release denying that accounts of its investors had been frozen, but did not retract its initial report. The NSDL also clarified that accounts of the three funds were still “active”.

On August 3, Adani Ports and Special Economic Zone Limited, an Adani Group company, filed a civil defamation suit in an Ahmedabad court against ET editor Bodhisatva Ganguli as well as the journalists who authored the report, Pavan Burugula and Nehal Chaliawala. Curiously, it also mentioned as a respondent John Doe/Ashok Kumar, which means the court’s order will also apply to unknown and unnamed people. The order had not been uploaded on the court’s website till this report was published.

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Newslaundry.com, 5 August, 2021, https://www.newslaundry.com/2021/08/05/adani-versus-economic-times-adani-ports-and-sez-files-a-civil-suit?fbclid=IwAR3c2eCsH4-VGFU9yysZL4WIf01CBB_Yeb_9pZlrJ7nPJNNE032XrYWNnco


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