Adani group issues statement over SEBI investigation, denies any wrongdoing

Earlier on Monday, the Minister of State for Finance Pankaj Chaudhury told the Parliament that some entities of the Adani Group were under investigation by the Securities and Exchange Board of India(SEBI) over compliance with the regulator’s rules.

The Adani Group has released a detailed statement clarifying its stance over the investigations of SEBI and DRI into its entities after the share prices of the conglomerate fell on Monday. The company said that it had not received any communication or information request recently, adding that it has always been fully compliant with SEBI’s regulations.

Earlier on Monday, the Minister of State for Finance Pankaj Chaudhury told the Parliament that some entities of the Adani Group were under investigation by the Securities and Exchange Board of India(SEBI) over compliance with the regulator’s rules.

“The Directorate of Revenue Intelligence is also investigating certain entities belonging to the Adani Group under laws administered by it,” he said in response to a question by MP Mahua Moitra.

The statement led to anxiety among investors and consequently, the shares of several entities of the Adani Group closed in the red.

Talking of the DRI investigation, the Adani conglomerate said that it had been issued a show-cause notice five years back over the overvaluation of equipment. However, the DRI passed an order in favour of the company, the statement said. “The department has approached the Tribunal and the matter is sub judice now,” the company explained.

“The Adani Group is a responsible corporate citizen which strongly believes in compliance to applicable laws and adheres to prudent corporate governance framework,” Adani further said.

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