Adani Group clarifies on Sebi, DRI probe over compliance1 min read . Updated: 19 Jul 2021, 06:45 PM IST
- Adani Group clarified about India's securities regulator and customs authorities' investigation in several firms belonging to the group
Adani Group on Monday said that it has not received any communication or information requests recently from the Securities and Exchange Board of India (SEBI) recently and the Directorate of Revenue Intelligence (DRI) show-cause notice was issued five years back.
The company clarified about India's securities regulator and customs authorities' investigation in several firms belonging to the group.
"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," the company said in a statement.
With regard to the DRI matter, the Spokesperson said the investigation agency issued a show-cause notice to Adani Power, about five years back.
"Subsequently, DRI passed an order in favour of Adani Power confirming that there is no over-valuation of equipment. The department has approached the Tribunal and the matter stands sub judice now," the firm said adding, "Adani Group is a responsible corporate citizen and strongly believes in compliance of applicable laws and adheres to prudent corporate governance framework."
The DRI and Sebi are investigating some entities of Adani Group for non-compliance of rules, MoS Finance Pankaj Chaudhary informed Parliament on Monday. He was replying to questions raised by TMC MP Mahua Moitra.
"The Securities and Exchange Board of India (SEBI) is investigating some Adani Group companies with regard to compliance with SEBI Regulations," Chaudhary said, without disclosing the companies involved.
"The Directorate of Revenue Intelligence (DRI) is investigating certain entities belonging to the Adani Group," he said.
The finance ministry said that the six firms of the Adani Group are listed and traded on recognised stock exchanges in India. The holding of Foreign Portfolio Investors (FPIs) in these companies is based on day-to-day trading of shares and thus dynamic.
Meanwhile, shares of the six Adani group companies, which are in the business of operating airports and ports, generating and distributing electricity, and coal and gas trading, closed between 1.1%-4.8% lower today.
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