In accordance with a reply to a question in Parliament, some of the Adani Group companies are under the scanner of the Securities and Exchange Board of India over the compliance with the rules.
Minister of state for finance, Pankaj Chaudhury has given a written reply to a question raised by the Lok Sabha member Mahua Moitra stating, “The Directorate of Revenue Intelligence is also investigating certain entities belonging to the Adani Group under laws administered by it.”
He further noted that the holding of foreign portfolio investors in six publicly-traded Adani companies is based on day to day trading of shares and is ‘dynamic’.
In a press statement, Adani Group asserted that they are yet to receive any communication from SEBI. They further voiced that the companies are in full compliance with the regulations.
The press statement stated, “With regard to the DRI matter, it issued a show-cause notice to Adani Power, about 5 years back. Subsequently, DRI passed an order in favor of Adani Power confirming that there is no overvaluation of equipment. The department has approached the Tribunal and the matter stands sub judice now.”
Earlier this month, Gautam Adani condemned ‘reckless and irresponsible reporting by some media houses regarding the freezing of the accounts of three foreign portfolio investors namely Albula Investment Fund, Cresta Fund, and APMS Investment fund that altogether owns around Rs 42,000 crore worth of share in his group companies.
He claimed that the ‘twisted narrative’ put forward by the media houses has affected some of his company’s small investors.
Shares that dropped following the minister’s comments :
-Adani Total Gas Ltd extended decline to its daily 5 percent limit.
-Adani Power Limited dropped by around 4.9 percent.
-Adani Transmission Ltd, Adani Enterprises Ltd, and Adani Green Energy Limited recorded a decline between 2.6 percent and 3.5 percent.
-Adani Ports and Special Economic Zone Ltd. extended the decline to 3.8 percent prior to pairing some losses.
