Meighen Kumar Sheraton, Mauritius's Financial Services minister, said in New Delhi and Port Louis that the Hindenburg investigation's claims that the island nation used "shell" companies were "false and unfounded" and that the island nation had complied with OECD tax rules. Advantages of Adani Group

On January 24, Hindenburg, an American short seller, alleged that billionaire Gautam Adani was using a shell company based in Mauritius to manipulate the share prices of companies listed in India.

A Shell Corporation is a dormant company that fronts many Financial transactions.

When an individual member of parliament (MP) received some information about Hindenburg's claim about tax evasion in Mauritius and the proposal to control the funding for the Adani Assembly, said the country's clergy regulations do not allow shell organizations.

"At the outset, I would like to inform the House that the allegations of the presence of shell companies in Mauritius are false and baseless," he said. By law, Mauritius does not allow shell companies. He said that all global trading institutions authorized by the Monetary Authority must consistently comply with the basic conditions and be fully monitored by the KPK.

It says "No violation."

Hindenburg said the report has been reviewed by the Financial Services Commission; however, the regulator could not disclose details due to privacy law provisions.

The Financial Services Commission cannot confirm or deny the existence of an investigation. "Therefore, disclosure of information about global business entities would breach Section 83 of the FSA and could adversely affect the reputation of our location," he said.

According to FSC Director General Dhanesswurnath Vikash Shakur, no irregularities were found in the preliminary assessment of all Adani related businesses in Mauritius.

The Minister listed the requirements for businesses to register in Mauritius, stating that they must carry out their main income-generating activities inside or outside the country. It must be managed and controlled by Mauritius, have at least two directors, keep its accounts at its registered office in Mauritius, prepare statutory financial statements and have those financial statements audited in Mauritius, and maintain its principal representative. . Bank accounts in the country forever.

The announcement was made before the Supreme Court heard the Hindenburg Adani case. The capital market regulator's request for a six-month extension will be accepted by the court, which has appointed a panel of experts to investigate the regulatory issue.

The Mauritian minister told the parliament: "On the accusation that Mauritius is a tax haven, I want to inform the House that Mauritius adheres to international best practices and has been assessed by the Organization for Economic Co-operation and Development (Organization for Economic Co-operation and Development).OECD.

Starting in 2018, Mauritius improved its global business structure and fee system with the ultimate goal of eliminating damaging rating tests. "The OECD believes that there are no harmful features in Mauritius' tax rules and therefore Mauritius is recognized as a regulated, transparent and compliant jurisdiction," he said. "This is consistent with a comparative review conducted by the OECD Forum on Harmful Tax Practices."

He said this financial services group is closely monitoring Adani's problems. The Board continues to follow current regulatory procedures and within the applicable legal framework. Hindenburg inspected all the companies mentioned in the report. In addition, as part of its supervisory review, the Financial Services Board has implemented and accepted requirements from all businesses that demonstrate compliance with Mauritanian law. As the report says, this entity at several levels, the Monetary Policy Committee continues to monitor the issue. "Of course," he said.

In addition, the Financial Services Group is working on these issues in cooperation with Mauritanian law enforcement authorities and international regulatory bodies.

When asked why he concluded the allegations in the report were "false and baseless", the minister said he was referring to the report on the registration of shell companies in Mauritius.

"Furthermore, this is the same as I said in my answer: There are conditions and requirements for authorization in Mauritius. I have considered many conditions and how this organization can work in this case. Hold this case, there is no reason to say t