Adani Group Firms Face Sebi, DRI Probe For Non Compliance Of Rules
- ByAyushi Ray | July 19, 2021
Adani Group firms face Sebi, DRI probe for non compliance of rules. It is not exactly clear when they started the investigation. The minister, Pankaj Chaudhary, did not name which companies were involved. The Enforcement Directorate is not carrying out any investigation into Adani Group, he added. Shares of Adani Group companies, which operate airports and ports, power generation and transmission, coal and gas trading, closed between 1.1%-4.8% lower on Monday. “SEBI is investigating some Adani Group companies with regard to compliance with SEBI Regulations. Further, the Directorate of Revenue Intelligence (DRI) is investigating certain entities belonging to the Adani Group,” Chaudhary said. Meanwhile, Adani Group said it has not not received any communication or information requests from Sebi recently.
A statement has been put out by Adani group saying, “ With regard to DRI matter, it issued a show cause notice to Adani Power, about 5 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. Adani Group is a responsible corporate citizen and strongly believes in compliance of applicable laws and adheres to prudent corporate governance framework.” Stocks of companies controlled by Indian billionaire Gautam Adani last month recorded their biggest-ever declines in the week ending June 18, after Indian newspaper Economic Times reported the accounts of three Mauritius-based foreign investors in Adani companies had been frozen. Shares in the six Adani companies have fallen between 12.9%-44.9% in the five weeks after the Economic Times report.
Follow Startup Story
Related Posts
