Three investment funds purchased by Adani Enterprises failed FPO have ties to the Adani Group and suspected proxies, according to a report by Forbes.
As per the report, the three funds included– Ayushmat Ltd and Elm Park Fund (Mauritius-based funds), and India-based Aviator Global Investment Fund. The trio agreed to buy 9.24% of all shares available to anchor investors, a Forbes report highlighted.
The three funds’ ties to Adani have not previously been reported.
Forbes mentioned that Adani Ent’s would-be anchor investor-Ayushmat ltd had pledged to buy 2.32% of the shares offered early to the institutional investors. Ayushmat is administered by Rogers Capital, a financial services firm in Mauritius. One of Rogers’ directors is Jayechund Jingree, who was formerly a director of Adani Global Ltd, a subsidiary of Adani Ent.
Jingree also has ties to Vinod Adani, Gautam Adani’s brother and a key player in Adani Group’s web of offshore companies, Hindenburg Research mentioned.
Jingree’s long-time UK Brokerage firm, Orbit Investment Securities was formerly named Jermyn Capital and controlled by Dharmesh Doshi. Doshi is a former Indian fugitive in connection to a stock rigging scam in 2001, for which his partner, Ketan Parekh, was convicted.
Doshi had participated in another stock rigging scam involving Sun Pharmaceuticals between 2007 and 2009. That scheme also allegedly involved Jineshwar Holdings, controlled by Vinod Adani.
Another questionable anchor investor, Elm Park Fund, whose director Vikram Rege had planned to be the second largest investor (5.67%) in Adani Enterprises’ offering.
