Himachal Pradesh authorities searched the Adani Group’s offices amid charges of tax fraud.
In all, seven Adani Group businesses operate in Himachal Pradesh. The businesses are also a major supplier of groceries.
The Adani Wilmar outlets and other Adani Group businesses in the state have been searched by the Himachal Pradesh State Excise and Taxation Department. On Wednesday late at night, a team from the Excise Department’s South Enforcement Zone arrived to the establishment. According to sources who spoke to AajTak, document checks in the godowns went on until late at night, and it is odd that no cash was being used to meet tax obligations.
Adani Wilmar is a 50:50 joint venture between Wilmar, based in Singapore, and business behemoth Adani Group. Seven different Adani Group firms are active .Earlier, the Himachal Pradesh government declared its desire to break the deadlock brought on by the closure of two cement plants and the union representing truck drivers’ indefinite strike. Chief Minister Sukhvinder Singh Sukhu said on Saturday that the industries minister will speak with the Adani group to resolve the matter.
Due to a disagreement over freight rates, two cement factories owned by ACC Limited and Ambuja Cements, respectively, at Barmana (Bilaspur district) and Darlaghat (Solan district), have been shuttered since December 14.The Adani Group currently operates seven businesses in Himachal Pradesh, ranging from the supply of food goods to cold stores for fruits. On February 8, the company announced its results for the December quarter, increasing its consolidated profit by 16 percent to Rs 246.16 crore.
After market participants voiced concerns regarding the eligibility of the companies in the ports-to-power conglomerate, index provider Morgan Stanley Capital International (MSCI) announced that it was investigating the free float status of Adani Group equities.
“MSCI has received comments from a range of market participants about the eligibility and free float assessment of various securities affiliated with the Adani Group for the MSCI Global Investable Market Indexes (GIMI),” according to the company’s statement.share price of Adani Enterprises On the other side, the price of Adani Wilmar stock has increased 5% to 440.30 per share on the BSE.Since the activist short seller firm Hindenburg Research in the US accused the conglomerate of unlawful use of offshore tax havens, accounting crimes, and stock manipulation, the market value of seven Adani Group firms has suffered.