Regulator Puts Adani Wilmar’s Initial Share Sale On Hold
- ByAyushi Ray | August 21, 2021
Regulator puts Adani Wilmar’s initial share sale on hold. The Securities and Exchange Board of India (Sebi) said the issuance of observations on the Adani Wilmar draft prospectus has been stopped temporarily. Sebi usually puts its approval for a draft prospectus in abeyance in case it needs more inputs from other regulatory bodies or if there are pending investigations against a company by Sebi or any other regulatory body or government authorities. Sebi, however, did not specify the reason why they are putting a hold on the approval process of Adani Wilmar. In July, junior finance minister Pankaj Chaudhary had said the Parliament that the securities regulator and customs authorities are investigating some of the group companies of Adani Group for non-compliance with rules.
Along with the Securities and Exchange Board of India, the Directorate of Revenue Intelligence, or DRI, is also “investigating certain entities” belonging to the Adani Group for compliance with another set of local laws, junior finance minister Chaudhary said in response to a lawmaker’s question in the Parliament, as per Bloomberg’s report. Chaudhary didn’t elaborate on the investigations or name the Adani group companies being probed. On August 3, Adani Wilmar Ltd, which is the equal joint venture between Adani Enterprises Ltd and Wilmar International Ltd and is also the owner of the Fortune brand of edible oils, filed draft IPO documents for its proposed initial public offering.
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