The media reported that NSDL has frozen the accounts of three foreign funds that together own shares worth Rs 43,500 crore in four Adani Group companies. The accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund were frozen on or before 31 May 2021. An account freeze indicates that the funds would not be able to sell any of the existing securities or buy any new securities.
As per the latest shareholding data, Albula Investment Fund holds 2.23% stake in Adani Transmission, 2.1% stake in Adani Enterprises, 1.9% stake in Adani Total Gas and 1.2% in Adani Green Energy.
Cresta Fund holds 3.93% stake in Adani Transmission, 2.98% stake in Adani Enterprises and 1.34% stake in Adani Total Gas.
APMS Investment Fund holds 2.7% stake in Adani Total Gas, 2.3% stake in Adani Green Energy, 1.9% stake in Adani Transmission and 1.7% stake in Adani Enterprises.
According to the media reports, the freeze on the three accounts could be because of insufficient disclosure of information regarding beneficial ownership under the Prevention of Money Laundering Act (PMLA). Custodians usually warn clients of such action but if the fund does not respond or fails to comply then the accounts can be frozen.
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