Lord Jo Johnson, youthful brother of former British prime minister Boris Johnson, has resigned his non-executive directorship of a UK-based funding agency linked with the now-withdrawn Adani Enterprises Observe-on Public Provide (FPO).
‘The Monetary Occasions’ newspaper referenced UK Firms Home data to disclose that 51-year-old Lord Johnson had been appointed as a director of London-based Elara Capital Plc in June final 12 months and resigned on Wednesday, the day when the Adani Group introduced the withdrawal of the FPO.
Elara, which described itself as a capital markets enterprise elevating funds for Indian corporates, was among the many bookrunners on the FPO. Mr Johnson insisted he has been assured of the corporate’s “good standing” and has stepped down because of his personal lack of “area experience”.
“I joined the board of Elara Capital, an India-focused funding agency primarily based in London, as an impartial non-executive director final June within the hope of constructing a contribution to UK-India commerce and funding ties, which I’ve lengthy supported and co-written a guide about,” Jo Johnson mentioned in an announcement after information of his resignation was introduced by the newspaper.
“I’ve persistently acquired assurances from Elara Capital that it’s compliant with its authorized obligations and in good standing with regulatory our bodies. On the identical time, I now recognise that this can be a position that requires larger area experience in specialised areas of monetary regulation than I anticipated and, accordingly, I’ve resigned from the board,” mentioned Mr Johnson, a Home of Lords peer.
In line with the newspaper, it’s Elara’s asset administration enterprise that’s underneath the highlight after US short-seller Hindenburg Analysis linked Mauritius-based funds run by the London agency with Adani Group corporations.
The Adani Group has categorically denied Hindenburg’s accusations, calling them a “malicious mixture of selective misinformation and rancid, baseless and discredited allegations”.
Raj Bhatt, Elara Capital’s chief government and founder, referred the newspaper’s request for remark to its compliance officer, who’s but to reply.
In the meantime, the corporate’s web site notes that Bhatt based Elara Capital Plc in 2002 primarily as a capital markets enterprise, elevating funds for Indian corporates via “GDR’s [global depository receipt], FCCB’s [foreign currency convertible bond] and the London AIM market [London stock exchange sub market].
It provides: “Since its first GDR challenge in 2003, Elara has raised funds for a number of Indian corporates. Since then, the group has diversified additional into company advisory, asset administration, broking, mergers and acquisitions and personal fairness.
“Elara has not solely diversified the product vary, it additionally has diversified into different rising markets via its totally licensed workplaces in New York, Singapore, Mumbai, Ahmedabad and London.
“Beginning with fundraising, Elara quickly advanced right into a full-service funding financial institution.”
(Disclaimer – New Delhi Tv is a subsidiary of AMG Media Networks Restricted, an Adani Group Firm)
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