!['Kotak created offshore fund'](https://cdn.magzter.com/1669015940/1719951698/articles/zkOxzSP7s1719971247748/KOTAK-CREATED-OFFSHORE-FUND.jpg)
Billionaire banker Uday Kotak founded bank and brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short-seller said.
Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani group, said it has received a show cause notice from the Indian markets regulator Securities and Exchange Board of India’s (Sebi) over gains made from betting on the conglomerate’s shares.
The US short-seller said it had disclosed that it had bets against the group, adding that its gains were only over USD 4 million.
While Kotak Mahindra Investments Ltd (KMIL) -- the asset management company is said to have created the offshore fund - stated that Hindenburg was “never” its client, Sebi’s show cause notice cited chats between Kingdon Capital - a client of the US short-seller who was privy to the report prior to its release - and Kotak fund executives.
هذه القصة مأخوذة من طبعة July 03, 2024 من Ahmedabad Mirror.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة July 03, 2024 من Ahmedabad Mirror.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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