360 ONE Asset Management, a company mentioned in the recent Hindenburg report, has stated that its offshore fund, IPE-Plus Fund 1, never invested in any shares of the Adani Group. The company, which was formerly known as IIFL Wealth Management, made this clarification in a regulatory filing on Sunday.
According to 360 ONE, the fund operated from October 2013 to October 2019 and focused primarily on bonds, with no investments in Adani Group shares either directly or indirectly. The fund’s assets under management (AUM) peaked at around $48 million, with more than 90% of it invested in bonds.
The asset management firm also clarified that SEBI Chairperson Madhabi Buch and her husband, Dhaval Buch, had holdings in the fund that were less than 1.5% of the total inflow. They emphasized that the fund was managed independently, with no involvement from any investors in its operations or decisions.
The Hindenburg report had raised questions about the fund, alleging links between it and the Adani Group through Vinod Adani, Gautam Adani’s brother. However, 360 ONE firmly stated that all its funds comply with regulations and maintain high standards of corporate governance.
source: ET
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