Elara’s asset management business came into the limelight after US-based research company Hindenburg Research accused Adani group companies of fraud. At the same time, on the basis of this report, the Congress attacked the Modi government.
Image Credit source: file photo
Lord Joe Johnson, the younger brother of former British Prime Minister Boris Johnson, has resigned as a non-executive director of a UK investment company related to Adani Enterprises. Adani Enterprises has announced the withdrawal of its Rs 20,000 crore follow-on public offering (FPO) on Tuesday itself. Media reports quoted figures from UK Companies House lord johnson (51) He was appointed director of London-based Elara Capital in June last year and resigned on Wednesday. On the same day Adani group decided to withdraw the FPO.
Elara describes itself as a capital market company that works to raise funds for Indian companies. This company was also included in the bookrunner of the FPO. Johnson insisted that he had been given assurances about the good standing of the company and resigned as director because of his lack of knowledge in the area.
Jo Johnson, Boris Johnson’s brother and director at Elara Capital has quit
Heads are rolling in UK not a squeak from SEBI! Where is PM? Why run away from Parliament?
Also, Theo Johnson Boris Johnson’s 25-year old son works for a defense company in Ahmedabad? Wonder who?
— Supriya Shrinate (@SupriyaShrinate) February 2, 2023
Why is the Prime Minister running away from Parliament?
According to reports, Elara’s asset management business came into the limelight after US-based research company Hindenburg Research leveled allegations of fraud on Adani group companies. At the same time, on the basis of this report, the Congress attacked the government. The Congress said that Boris Johnson’s son has links with Adani. Supriya Shrinate tweeted that where is the PM? Why are you running away from Parliament?
Is it true that the son of a former UK PM who resigned a few months back is working in Ahmedabad with the beleaguered group?
— Pawan Khera 🇮🇳 (@Pawankhera) February 2, 2023
What is Elara Capital? How is Adani connected to the group?
Elara Capital was founded in 2002 by Raj Bhatt as a capital markets business, raising funds for Indian corporates through GDRs (Global Depository Receipts), FCCBs (Foreign Currency Convertible Bonds) and the London AIM marker. It has fully licensed offices in New York, Singapore, Mumbai, Ahmedabad and London. Elara Capital is one of the 10 book runners of the FPO, which was closed by the group.
part of a plan to manipulate the share price
Also, according to the Hindenburg report, Mauritius-based funds operated by a London-based firm were part of a scheme to manipulate the share price of listed companies of the Adani Group. According to media reports, two Mauritius-based Elara funds – Elara India Opportunities Fund and Vespera – have been significant investors in Adani’s publicly traded companies.
Had met Gautam Adani in 2022
The asset management arm of Elara Capital was the third largest shareholder in Adani Enterprises with a 5.1 per cent stake in the summer of 2021, according to data from S&P Global Intelligence. Boris Johnson met Gautam Adani in April 2022 when he was in Ahmedabad on a two-day visit to India.
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