Mumbai: Market regulator I myself And the Directorate of Revenue Intelligence (DRI) is probing companies belonging to the Adani Group for violation of certain rules, Finance Minister Pankaj Choudhary told the Lok Sabha on Monday.
He said the regulator’s investigation is focused on companies complying with their own rules but did not disclose the names of companies under scrutiny. The DRI was “probing certain entities belonging to the Adani Group … under the laws administered by it,” Parliament Was informed.
answer questions from TMCMahua Moitra, the minister said the government cannot disclose information related to income tax, but ruled out any investigation Enforcement Directorate.
Shares of Adani Group companies – Adani Total Gas, Adani Power, Adani Transmission, Adani Ports and Special Economic Zone, Adani Green Energy and Adani Enterprises – closed 1% to 4.8% lower on Monday.
Choudhary said that in 2016, Sebi had frozen the accounts of three out of six Mauritian investors who had invested most of their money in shares of Adani group companies.
regulatory action was due to their behavior global depository receipt (GDR) by some other companies but there was no bar on them to hold shares of other companies.
On June 14, the share prices of all six Adani group companies had declined, up to 25% in some intra-day trades, it was found by three Mauritius-based foreign portfolio investors (FPIs) – Albula Investments, APMS Investments and Cresta Fund – was stopped by SEBI.
Later, the group led by second-richest Indian Gautam Adani clarified, citing a communication nsdl, depositories, that these entities were barred from investing in GDRs in 2016 for regulatory violations, but were free to invest directly in shares of Indian companies. After the mid-June incident, Moitra had also taken Twitter To take up the issue of investigation by regulators and investigative agencies regarding the holdings of these FPIs.
He said the regulator’s investigation is focused on companies complying with their own rules but did not disclose the names of companies under scrutiny. The DRI was “probing certain entities belonging to the Adani Group … under the laws administered by it,” Parliament Was informed.
answer questions from TMCMahua Moitra, the minister said the government cannot disclose information related to income tax, but ruled out any investigation Enforcement Directorate.
Shares of Adani Group companies – Adani Total Gas, Adani Power, Adani Transmission, Adani Ports and Special Economic Zone, Adani Green Energy and Adani Enterprises – closed 1% to 4.8% lower on Monday.
Choudhary said that in 2016, Sebi had frozen the accounts of three out of six Mauritian investors who had invested most of their money in shares of Adani group companies.
regulatory action was due to their behavior global depository receipt (GDR) by some other companies but there was no bar on them to hold shares of other companies.
On June 14, the share prices of all six Adani group companies had declined, up to 25% in some intra-day trades, it was found by three Mauritius-based foreign portfolio investors (FPIs) – Albula Investments, APMS Investments and Cresta Fund – was stopped by SEBI.
Later, the group led by second-richest Indian Gautam Adani clarified, citing a communication nsdl, depositories, that these entities were barred from investing in GDRs in 2016 for regulatory violations, but were free to invest directly in shares of Indian companies. After the mid-June incident, Moitra had also taken Twitter To take up the issue of investigation by regulators and investigative agencies regarding the holdings of these FPIs.
.