Sebi, DRI probing some Adani group cos

The Securities and Exchange Board of India and the Directorate of Revenue Intelligence (DRI) are probing some Adani Group firms with regard to compliance with guidelines, Minister of State for Finance Pankaj Chaudhary mentioned in Lok Sabha on Monday.
“Sebi is investigating some Adani Group companies with regard to compliance with SEBI Regulations. Further, the DRI is investigating certain entities belonging to the Adani group of Companies under laws administered by it,” Chaudhary mentioned in a written reply to query from Lok Sabha member Mahua Moitra.
“As far as investigation under Income Tax Act, 1961 is concerned, disclosure of information regarding specific taxpayer is prohibited except as provided under Section 138 of Act. No such investigation is going on in the Enforcement Directorate (ED),” he mentioned.
Commenting on the problem, Adani group spokesperson mentioned: “We have always been transparent with all our regulators and have full faith in them. While we have always been fully compliant with applicable Sebi regulations, we have made full disclosure to Sebi on specific information requests from them in the past. However, we have not received any communication or information requests recently.”
On the DRI probe, the spokesperson mentioned Adani Power was present induced 5 years again, and the DRI subsequently handed an order in favour of the corporate confirming that that there isn’t any over-valuation of kit. “The department has approached the Tribunal and the matter stands sub juice now,” the spokesperson mentioned.
Accounts of three of the six Mauritius-based funds, which have invested most of their cash in Adani Group companies, have been frozen in 2016 over the issuance of Global Depository Receipt (GDR) by sure listed companies.