Multiple Adani group companies being investigated by SEBI & DRI, Finance Ministry tells Parliament
Some companies belonging to the Adani group are currently being investigated, the government has told parliament.
In the written response to the parliament on July 19, the Minister of Finance Pankaj Chaudhary told Parliament that some Adani Group companies remained under the market regulator scanner Sebi (Effects and Exchange Board of India) and the Directorate of Government Intelligence Intelligence (DRI).
“Sebi is investigating several adani group companies in connection with compliance with Sebi regulations. Furthermore, the Directorate of Income Intelligence (DRI) is investigating certain entities which are included in the group of companies under the laws managed by it,” Chaudhary said.
However, Chaudhary added that the Directorate of Enforcement did not investigate these companies.
Six companies from the Adani Group are registered and traded on the stock exchanges recognized in India. Holding of FPI (foreign portfolio investment) is based on daily stock trading.
The Minister also clarified that three funds, namely Albula’s investment funds. The Dana Cresta., And the APMS investment fund was indeed frozen by Sebi in June.
Although this has been reported earlier, clarification was then issued by the NSDL which said that these accounts did not freeze in the case of the company.
“In a matter relating to the issuance of Global Receipt Depository (GDR) by the famous Indian companies, SBI Vide Order on June 16, 2016 has directed deposits to freeze certain recipient accounts from certain FPIs including Albula Investment Fund Ltd., Cresta Fund Ltd. , and APMS Investment Fund Ltd, “said Minister to Parliament.
However, no command with respect to other recipient accounts from the three FPIs has been passed by Sebi, he added.
A spokesman for the Adani Group noted that the company has worked with the past in the past, and has not received further communication or information requests.
“We are always transparent with all our regulators and have full faith in them. Even though we are always fully in accordance with the applicable regulations, we have made full disclosures to Sebi on requests for specific information from them in the past. However, we have. Not accept Request for recent communication or information, “said the spokesman.
“With regard to the material of DRI, it issued a show to cause notification to the power of Adani, about 5 years ago. Furthermore, Dri issued orders who supported Adani’s power that confirmed that there was no excessive equipment assessment. The department has approached the court. This department has approached the court And this problem stands sub-anim now, “added the statement.
