Sebi, Dri investigated Adani Group Cos, Govt told LS

Mumbai: Sebi Market Regulator and the Directorate of Intelligence Revenue (DRI) are investigating the company belonging to the Adani Group for a violation of several regulations, the Junior Minister for Finance Pankaj Chaudhary told Lok Sabha on Monday.
He said that the regulator’s investigation focused on the compliance of the company and the rules but did not reveal the names of companies under the scanner.
Dri “investigating certain entities belonging to the adani group …
under the law managed by him,” Parliament was informed.
Responding to questions from Mahua Moitra TMC, the minister said the government could not disclose information related to income tax but put aside every probe by the enforcement directorate.
On Monday, the stock company of the Adani Group – Adani Total Gas, Afani Strength, Adani Transmission, Port Adani & Special Economic Zone, Adani Green Energy and Adani Enterprise – take a beating, closure between 1% and 4.8% lower.
Chaudhary said that in 2016, Sebi had freezed an account of three of the six investors based in Mauritius, which was seen to have invested most of their money in the stock company of the Adani Group.
Regulatory actions are caused by their transactions in the acceptance of global depositors (GDR) by several other companies but there is no bar on them to hold other company shares.
On June 14, the stock price of all six groups of Adani Groups has been steamed, some as many as 25% in intra-day trade, after being found that three foreign portfolio investors based on Mauritius (FPI) – Albula Investments, APMS Investments and Cresta Fund – are prohibited by Sebi.
Then, the group was led by Gautam Adani, the second richest India, clarified, citing communication from NSDL, Depositors, that this entity was prohibited from investing in GDR, for violations of regulations in 2016, but freely invested in Indian shares directly.
After the mid-June incident, Moitra was also taken to Twitter to improve the problem of investigating by the regulator and agent investigation on the ownership of FPI.