Some Adani Group companies are under the scan of the Securities and Exchange Board of India (Sebi) and the Directorate of Revenue Intelligence (DRI), Parliament was told on Monday. Shares of Adani Enterprises closed at Rs 1,380.55 on the EEB, down 1.01% from the previous close.
“Sebi is investigating some companies in the Adani Group regarding compliance with Sebi regulations. In addition, the Directorate of Revenue Intelligence (DRI) is investigating certain entities that belong to the Adani Group of Companies under the laws it administers, ”informed the Union Minister of State for Finance, Pankaj Chaudhary, to the Lok Sabha. I was responding to a question about whether certain FPIs and / or Adani entities are being investigated by various agencies / regulators.
Commenting on the matter, an Adani Group spokesperson said that the conglomerate has always complied with Sebi regulations and has not received any requests from the market regulator recently. Regarding the DRI investigation, the spokesperson said that Adani Power was provoked by a spectacle five years ago, but the investigating agency had not found “any overvaluation of the team” and the matter is before the appeals court.
“We have always been transparent with all of our regulators and we have full faith in them,” the spokesperson said. “While we have always fully complied with applicable Sebi regulations, in the past we have made full disclosure to Sebi on specific information requests. However, we have not received any communication or request for information recently. “
Chaudhary, however, did not disclose whether the tax authorities were conducting any investigations against the Adani companies, citing a ban on disclosing information about a specific taxpayer. However, he said that no such investigation is being carried out at the Directorate of Enforcement (ED) regarding the Adani group companies.
“In a matter related to Global Depository Receipt (GDR) issues by certain publicly traded companies in India, the Sebi vide Order of June 16, 2016 had directed depositaries to freeze the accounts of beneficiaries individuals of certain foreign portfolio investors (FPIs), including Albula Investment Fund Ltd, Cresta Fund Ltd and APMS Investment Fund Ltd. However, Sebi has not approved any orders with respect to other beneficiary accounts of these three FPIs, ”said Chaudhary .
FPIs, including the Albula Investment Fund, Cresta Fund and APMS Investment Fund, are investors in some of the Adani group companies. “Six Adani Group companies are listed and listed on recognized stock exchanges in India. FPI’s holding in these companies is based on daily stock trading and is therefore dynamic,” said Chaudhary.