New Delhi: Markets regulator Sebi and the Directorate of Revenue Intelligence (DRI) are probing some Adani Group companies. The Adani Group companies are being looked into for alleged non-compliance with rules. The information was given Monday by the Minister of State for Finance Pankaj Chaudhary in the Lok Sabha.
Chaudhary in a written reply to a question said accounts of three of the six Mauritius-based funds, that have invested most of their money in Adani Group firms, were frozen in 2016 over the issuance of Global Depository Receipt (GDR) by certain listed firms. No freeze was ordered for their holding in other firms.
“Sebi is investigating some Adani Group companies with regard to compliance with Sebi regulations,” Chaudhary said without giving details. Also, DRI ‘is investigating certain entities belonging to the Adani Group of Companies under laws administered by it’, he informed.
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The minister did not name which of the Adani Group companies were being investigated by Sebi and DRI. He also did not elaborate on the nature of the violation. He however, said the Enforcement Directorate (ED) wasn’t investigating the Adani Group.
Shares of port-to-energy group nosedived last month after reports that accounts of three of the six Mauritius-based funds that have invested most of their money in Adani Group firms had been frozen by the national share depository. The three funds owned about USD 6 billion of shares across the conglomerate.
There is a notion that the principal owners of the Adani Group are close to the powers that matter in India. Hence, they manage to achieve success in whatever field they venture in.