Adani group said it had made full disclosure to the Securities and Exchange Board of India (Sebi) on request for information and that the DRI matter was sub judice
NEW DELHI :
The capital markets regulator and the anti-smuggling investigator, Directorate of Revenue Intelligence (DRI), are probing some Adani Group companies, the finance ministry told lawmakers in Parliament on Monday.
Adani group said it had made full disclosure to the Securities and Exchange Board of India (Sebi) on request for information and that the DRI matter was sub judice.
In a written reply to questions raised by lawmakers, the finance ministry said that Sebi was investigating some Adani group companies “with regard to compliance with Sebi Regulations".
It also said that the DRI was investigating “certain entities belonging to the Adani Group of companies under laws administered by it".
The ministry also said that there was no ongoing investigation by the Enforcement Directorate and that as far as the investigation under Income Tax Act was concerned, disclosure of information regarding a specific taxpayer was prohibited, except under a specific section of law.
A spokesperson for the Adani group said that the group has always been transparent with regulators, and that it has 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," the spokesperson said.
Adani group said that the DRI issued a show-cause notice to Adani Power about five years ago. “Subsequently, DRI passed an order in favour of Adani Power, confirming that there is no over-valuation of equipment. The department (DRI) has approached the tribunal (Customs Excise and Service Tax Appellate Tribunal), and the matter stands sub judice now," the spokesperson said.
“Adani group is a responsible corporate citizen and strongly believes in compliance of applicable laws and adheres to prudent corporate governance framework," said the spokesperson.
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