/financial-express-hindi/media/media_files/XT9zrQbMNHfoOtT9ZmVb.jpg "Kotak Mahindra International’s reply to Hindenburg, said- American firm is no longer an investor in our fund")
Kotak Mahindra says Hindenburg was not an investor in its fund: Kotak Mahindra Group has responded to the statement given by American firm Hindenburg Research in response to SEBI’s notice. Group company Kotak Mahindra International Limited said in a statement on Tuesday that American short seller firm Hindenburg Research has never been an investor in its K-India Opportunities Fund. KMIL has also said that it was not aware that Hindenburg Research had any partnership with any of its investors.
What has Hindenburg alleged
Hindenburg Research has issued a long reply informing about the show cause notice issued by SEBI. In this reply Hindenburg has said that it had done short selling in Adani Group shares through an investment partner and the offshore fund structure used by this business partner was created and managed by KMIL, a firm associated with the Kotak Mahindra Group.
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KMIL responds to Heinberg’s statement
In response to Hindenburg’s claim, Kotak Mahindra International Limited issued a statement to the media on Tuesday. This statement said, “American short-seller Hindenburg Research has never been an investor in K-India Opportunities Fund. The fund never knew that Hindenburg was a partner of any of its investors.” The company claimed that the investment in the fund was made by its investors for themselves, not on behalf of anyone else. The statement issued by the company also said that it is fully cooperating with the market regulator on its behalf in this matter.
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Hindenburg is the firm accusing the Adani Group
Hindenburg Research is the same American firm that last year had made several serious allegations against the Adani Group, including stock market manipulation and accounting fraud to increase the price of its shares, and due to these allegations, the shares of the Adani Group had fallen drastically. The Adani Group has denied all these allegations, calling them baseless. Even in the SEBI investigation conducted under the supervision of the Supreme Court, no allegation has been proved against the Adani Group.
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