New Delhi: Amid ongoing controversy over Adani Group, Union Finance Minister Nirmala Sitharaman said that this case has not affected the situation and image of the country.
The RBI has already issued its clarification on the issue. Agencies are doing their job. This is not the first time that FPOs have been withdrawn, FPOs have been withdrawn several times before.
She questioned that how many times it has tarnished India’s image and how many times FPOs have not come back? FPOs keep coming and going.
Earlier, the Reserve Bank of India also reacted on Friday and said that there have been media reports expressing concern over the loan given to a business group of Indian banks. Here we would like to make it clear that as a regulator and observer, RBI keeps a constant watch on the banking sector and individual banks to maintain financial stability.
The central bank said that the RBI has a Central Repository of Information on Large Credits (CRILC) database system. The banks report their exposure of Rs 5 crore and above. RBI has said that it is used by banks to monitor large loans.
The Board of Adani Enterprises Limited (AEL) had withdrawn the fully subscribed Follow-on Public Offer (FPO) of Rs 20,000 crore. The company had decided not to go ahead with it. Those who have subscribed to the FPO so far, their money will be refunded. Given the unprecedented situation and volatility in the current market, the company aims to protect the interests of its investment community by returning FPO earnings and withdrawing completed transactions.
Gautam Adani, Chairman, Adani Enterprises Limited, said, “The Board takes this opportunity to thank all investors for their support and commitment to our FPO. Membership for the FPO closed successfully yesterday. Despite the volatility in the stock during the past week, your trust and confidence in the company, its business and its management has been extremely confident. “