Updated: July 20, 2021 3:22:32 am
The Securities and Exchange Board of India and the Directorate of Revenue Intelligence (DRI) are probing some Adani Group companies with regard to compliance with rules, Minister of State for Finance Pankaj Chaudhary said 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 said in a written reply to question 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 said.
Commenting on the issue, Adani group spokesperson said: “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 said Adani Power was show caused five years back, and the DRI subsequently passed an order in favour of the company confirming that that there is no over-valuation of equipment. “The department has approached the Tribunal and the matter stands sub juice now,” the spokesperson said.
Accounts of three of the six Mauritius-based funds, which 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.
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