NEW DELHI: The Finance Ministry on Monday informed the Parliament that several companies belonging to Adani Group is currently under investigation by various agencies and confirmed that three funds with links to Adani Group were indeed frozen by Sebi in June.
“Sebi (Securities and Exchange Board of India) 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 of companies under laws administered by it,” Minister of State for Finance Pankaj Chaudhary told Parliament in a written response.
The company was in news for the accounts of three of its investors being frozen. A clarification was later issued by NSDL saying that these accounts are not frozen in the case of Adani companies.
“In a matter pertaining to issuances of Global Depository Receipt (GDR) by certain Indian listed companies, Sebi vide order dated June 16, 2016 had directed depositories to freeze particular beneficiary accounts of certain FPIs including Albula Investment Fund, Cresta Fund, and APMS Investment Fund,” the minister told Parliament.
In the written response, Chaudhary ruled out any probe by the Enforcement Directorate. Meanwhile Adani Group has issued a clarification.
“Adani Group is a responsible corporate citizen and strongly believes in compliance of applicable laws and adheres to prudent corporate governance framework,” it said.
“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,” it said.
On DRI, it added the agency issued a show cause notice to Adani Power about 5 years back and the matter is subjudice.