In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation’s Parliament that Hindenburg Research’s allegations of the presence of ‘shell’ companies in the Island nation are ‘false and baseless’ and that Mauritius was in compliance with OECD-mandated tax rules.
US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
A shell company is an inactive firm used as a vehicle for various financial manoeuvres.
