Latest news with #Mauritius-based
The Print
5 days ago
- Business
- The Print
Cong claims SEBI's Adani probe hampered by lack of information sharing by tax-haven countries
'The Prime Minister is in Cyprus on his way to Canada. Of course, he would have us believe that it is a pure coincidence that a key figure in the Modani scam has Cypriot citizenship,' Congress general secretary in-charge communications Jairam Ramesh said. The Cyprus-based fund New Leaina has reportedly about USD 420 million in Adani companies, he claimed. The opposition party's assertions come amid the ongoing visit of Prime Minister Narendra Modi to Cyprus. New Delhi, Jun 16 (PTI) The Congress on Monday claimed that a key figure in the Adani 'scam' has Cypriot citizenship, and said the ongoing SEBI investigations into transactions involving the conglomerate have been hampered by lack of sharing of financial information by tax-haven countries and 'lack of pressure' by India. 'The 'ultimate beneficial owners' of this fund are linked to Amicorp, which is believed to have set up at least seven Adani promoter entities, seventeen offshore shell companies linked to Mr. Vinod Adani, and three Mauritius-based offshore investors in Adani Group stock,' Ramesh said in his post on X. All these transactions are part of the ongoing SEBI investigations which have been hampered by lack of sharing of financial information by these and other tax-haven countries and lack of pressure by India, Ramesh alleged. There was no immediate reaction from the Adani Group on the claims but it has denied all such allegations made by the Congress and other entities. The Congress has been persistent in its attack on the government since the Adani Group stocks took a beating on the bourses in the wake of US-based short-selling firm Hindenburg Research making a litany of allegations, including fraudulent transactions and share-price manipulation, on the conglomerate headed by industrialist Gautam Adani. The Adani Group has dismissed all the charges made by the Congress and others as lies, saying it complies with all laws and disclosure requirements. Noting that Cyprus gained independence from British rule on August 16, 1960, Ramesh also said that in the 1950s, India spearheaded the international campaign for the full decolonisation of the island. In the context of today's geopolitics it is worthwhile to recall that India's championing of the independence of Cyprus in the 1950s and thereafter became a sore point in our bilateral relations with Turkey, he said. Terming Cyprus a 'reliable partner' for India, Prime Minister Modi on Sunday called for strengthening bilateral cooperation, which has 'immense potential for growth'. Modi, who arrived in Nicosia on the first leg of his three-nation tour, made the remarks while attending a business roundtable along with Cypriot President Nikos Christodoulides. PTI ASK DV DV This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Hindu
6 days ago
- Business
- The Hindu
Congress claims SEBI's Adani probe hampered by lack of information sharing by tax-haven countries
The Congress on Monday (June 16, 2025) claimed that a key figure in the Adani "scam" has Cypriot citizenship, and said the ongoing SEBI investigations into transactions involving the conglomerate have been hampered by lack of sharing of financial information by tax-haven countries and "lack of pressure" by India. The Opposition party's assertions come amid the ongoing visit of Prime Minister Narendra Modi to Cyprus. "The Prime Minister is in Cyprus on his way to Canada. Of course, he would have us believe that it is a pure coincidence that a key figure in the Modani scam has Cypriot citizenship," Congress general secretary in-charge communications Jairam Ramesh said. The Cyprus-based fund New Leaina has reportedly about $420 million in Adani companies, he claimed. "The 'ultimate beneficial owners' of this fund are linked to Amicorp, which is believed to have set up at least seven Adani promoter entities, seventeen offshore shell companies linked to Mr. Vinod Adani, and three Mauritius-based offshore investors in Adani Group stock," Mr. Ramesh said in his post on X. The Prime Minister is in Cyprus on his way to Canada. Of course, He would have us believe that it is a pure coincidence that a key figure in the Modani scam has Cypriot citizenship. The Cyprus-based fund New Leaina has reportedly about $420 million in Adani companies. The… — Jairam Ramesh (@Jairam_Ramesh) June 16, 2025 All these transactions are part of the ongoing SEBI investigations which have been hampered by lack of sharing of financial information by these and other tax-haven countries and lack of pressure by India, Mr. Ramesh alleged. There was no immediate reaction from the Adani Group on the claims but it has denied all such allegations made by the Congress and other entities. The Congress has been persistent in its attack on the government since the Adani Group stocks took a beating on the bourses in the wake of U.S.-based short-selling firm Hindenburg Research making a litany of allegations, including fraudulent transactions and share-price manipulation, on the conglomerate headed by industrialist Gautam Adani. The Adani Group has dismissed all the charges made by the Congress and others as lies, saying it complies with all laws and disclosure requirements. Noting that Cyprus gained independence from British rule on August 16, 1960, Mr. Ramesh also said that in the 1950s, India spearheaded the international campaign for the full decolonisation of the island. In the context of today's geopolitics it is worthwhile to recall that India's championing of the independence of Cyprus in the 1950s and thereafter became a sore point in our bilateral relations with Turkey, he said. Terming Cyprus a "reliable partner" for India, Prime Minister Modi on Sunday (June 15, 2025) called for strengthening bilateral cooperation, which has "immense potential for growth". Mr. Modi, who arrived in Nicosia on the first leg of his three-nation tour, made the remarks while attending a business roundtable along with Cypriot President Nikos Christodoulides.
Time of India
6 days ago
- Business
- Time of India
'I doubt Mr. Modi's advisors are even aware of it': Jairam Ramesh recalls India's historic role in Cyprus' independence
Congress leader Jairam Ramesh on Monday highlighted India's pivotal role in supporting Cypriot independence in the 1950s under Jawaharlal Nehru, which he said he doubted Prime Minister Narendra Modi 's "advisors are even aware of." The Congress leader's remarks in a social media post come amid the ongoing visit of PM Modi to Cyprus. Ramesh recalled India's leadership at the Afro-Asian Bandung Conference, the close ties between Nehru and Archbishop Makarios III. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You See A Coin In Your Car Door Handle, Walk Away Articles Stone Undo In a post on X, Jairam questioned whether the current government is even aware of this shared legacy, emphasising the strategic and historical importance of Indo-Cypriot relations . — Jairam_Ramesh (@Jairam_Ramesh) Live Events "The Prime Minister is in Cyprus on his way to Canada. Of course, He would have us believe that it is a pure coincidence that a key figure in the Modscam has Cypriot citizenship. The Cyprus-based fund New Leaina has reportedly about $420 million in Adani companies. The 'ultimate beneficial owners' of this fund are linked to Amicorp, which is believed to have set up at least seven Adani promoter entities, seventeen offshore shell companies linked to Mr. Vinod Adani, and three Mauritius-based offshore investors in Adani Group stock. All these transactions are part of the ongoing SEBI investigations which have been hampered by lack of sharing of financial information by these and other tax-haven countries and lack of pressure by India," he said. He recalled that Cyprus gained independence from British rule on August 16, 1960. In the 1950s, India spearheaded the international campaign for the full decolonisation of the island. "Nehru had, in fact, ensured the participation of the Cypriot leader and freedom fighter Archbishop Makarios III at the historic Afro-Asian Bandung Conference held in Indonesia in late April 1955. Makarios was the only European to attend that summit. Two years later VK Krishna Menon had created a stir at the United Nations in New York by introducing a resolution on Cyprus and by his impassioned speech. Page 1 of the New York Times had carried news of this resolution prominently," Jairam said. The Congress leader also mentioned that the "charismatic Archbishop", who became the first President of the Cypriot Republic, himself was to visit New Delhi in November 1962. "He spent two weeks in India. When Nehru died, a public holiday and a day of mourning was announced on May 27, 1964. In the early 1980s, a busy and scenic road in the Golf Links locality of our capital came to be named after the Archbishop although the signage splits the two words!" he said. Jairam Ramesh also mentioned that the three distinguished Indian army men--Lt. Gen P. S. Gyani, the legendary Gen K. S. Thimayya, and Lt. Gen Dewan Prem Chand--headed the United Nations Force In Cyprus (UNFICYP) between 1964 and 1974. "Two scholars have just written a fine piece on the UNFICYP that also brings out India's key role in the emergence of the Republic of Cyprus. I doubt that Mr. Modi's advisors are even aware of it," Jairam Ramesh added. "In the context of today's geopolitics it is worthwhile to recall that India's championing of the independence of Cyprus in the 1950s and thereafter became a sore point in our bilateral relations with Turkey," the Congress leader said. In a significant diplomatic outreach, Prime Minister Narendra Modi arrived in Cyprus on Sunday afternoon (local time), marking the first-ever visit by an Indian PM to the island nation. The visit is seen as an important stopover ahead of the G7 Summit in Canada and a reflection of India's renewed focus on strengthening ties with European partners.
Economic Times
05-06-2025
- Business
- Economic Times
YES Bank shares in focus as Carlyle arm trims 2.62% stake
Shares of YES Bank will be in focus on Thursday after the private sector lender announced that CA Basque Investments, a Mauritius-based special purpose vehicle owned by the Carlyle Group, has offloaded 2.62% of its stake in the bank, reducing its holding to 4.22%. ADVERTISEMENT With this sale, CA Basque has fallen below the minimum shareholding threshold required to retain board nomination rights under the investment agreement signed with YES Bank on July 29, 2022. As per the agreement, CA Basque's right to nominate a director to the bank's board automatically ceases once its stake drops below the prescribed level. Also Read: MRF snatches India's highest-priced stock crown back from Elcid Investments Separately, YES Bank on Tuesday said its board has approved a fundraising plan of up to Rs 16,000 crore through a combination of equity and debt instruments to support its business board cleared a proposal to raise up to Rs 7,500 crore via equity securities through various permissible routes. The bank noted that the total dilution from this issuance, including any conversion of convertible debt securities, will not exceed 10%. ADVERTISEMENT Also Read: These 10 Nifty microcap stocks can rally 70-200% in the next 12 months In addition, the board approved raising up to Rs 8,500 crore via eligible debt securities in Indian or foreign currency, with the same dilution cap of 10%. The board also approved amendments to the Articles of Association, in line with the share purchase agreement dated May 9 between YES Bank, Sumitomo Mitsui Banking Corporation (SMBC) and State Bank of India (SBI). The changes are subject to approval from the Reserve Bank of India (RBI) and the bank's shareholders. ADVERTISEMENT Also Read: Ola Electric, Kalyan Jewellers among 10 firms where promoters pledge increased in Q4 According to Trendlyne, the average target price for YES Bank is Rs 16, implying a potential downside of 22% from current levels. Of the 12 analysts tracking the stock, the consensus rating is 'Sell'. ADVERTISEMENT On Wednesday, YES Bank shares closed 1.44% higher at Rs 21.15 on the BSE, while the Sensex gained 0.32%. The stock has rallied 29% in the last three months but is still down 3% over the past year. The bank's market capitalisation stands at Rs 66,328 crore. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
05-06-2025
- Business
- Time of India
YES Bank shares in focus as Carlyle arm trims 2.62% stake
Live Events YES Bank Share Price Target and Performance (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of YES Bank will be in focus on Thursday after the private sector lender announced that CA Basque Investments , a Mauritius-based special purpose vehicle owned by the Carlyle Group, has offloaded 2.62% of its stake in the bank, reducing its holding to 4.22%.With this sale, CA Basque has fallen below the minimum shareholding threshold required to retain board nomination rights under the investment agreement signed with YES Bank on July 29, per the agreement, CA Basque's right to nominate a director to the bank's board automatically ceases once its stake drops below the prescribed YES Bank on Tuesday said its board has approved a fundraising plan of up to Rs 16,000 crore through a combination of equity and debt instruments to support its business board cleared a proposal to raise up to Rs 7,500 crore via equity securities through various permissible routes. The bank noted that the total dilution from this issuance, including any conversion of convertible debt securities, will not exceed 10%.In addition, the board approved raising up to Rs 8,500 crore via eligible debt securities in Indian or foreign currency, with the same dilution cap of 10%.The board also approved amendments to the Articles of Association, in line with the share purchase agreement dated May 9 between YES Bank, Sumitomo Mitsui Banking Corporation (SMBC) and State Bank of India (SBI). The changes are subject to approval from the Reserve Bank of India (RBI) and the bank's to Trendlyne, the average target price for YES Bank is Rs 16, implying a potential downside of 22% from current levels. Of the 12 analysts tracking the stock, the consensus rating is 'Sell'.On Wednesday, YES Bank shares closed 1.44% higher at Rs 21.15 on the BSE, while the Sensex gained 0.32%. The stock has rallied 29% in the last three months but is still down 3% over the past year. The bank's market capitalisation stands at Rs 66,328 crore.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
