Several companies belonging to the Adani group are currently under investigation, the government has informed Parliament.
In a written response to Parliament on July 19, Minister of State for Finance Pankaj Chaudhary told Parliament that several Adani group companies remain under the scanner of market regulator SEBI (Securities and Exchange Board of India) and the government's Directorate of Revenue Intelligence (DRI).
"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 of Companies under laws administered by it," Chaudhary said.
However, Chaudhary added that the enforcement directorate is not probing these companies.
Six companies of the Adani Group are listed and traded on recognised stock exchanges in India. The holding of FPIs (foreign portfolio investment) is based on day to day trading of shares.
The Minister also clarified that three funds namely, Albula Investment Fund., Cresta Fund., and APMS Investment Fund were indeed frozen by SEBI in June.
While this had been reported earlier, 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 Ltd., Cresta Fund Ltd., and APMS Investment Fund Ltd," the Minister told Parliament.
However, no order in respect of other beneficiary accounts of these three FPIs has been passed by SEBI, he added.
The spokesperson of Adani Group noted that the company has cooperated with SEBI in the past, and is yet to receive any further communication or information requests.
"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," the spokesperson said."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," the statement added.