Besides SEBI, DRI is also investigating certain entities belonging to the Adani Group for compliance with another set of local laws.
The Securities and Exchange Board of India (SEBI) and the Directorate of Revenue Intelligence (DRI) are investigating all the companies belonging to the Adani group for violations of some of the regulations, junior minister for finance Pankaj Chaudhary told the LokSabha on Monday. He said that the regulator's probe focused on compliance of the companies with its regulations but did not disclose the names of the companies that are under the scanner.
Besides SEBI, DRI is also investigating certain entities belonging to the Adani Group for compliance with another set of local laws. The minister said the government could not disclose information related to income tax but ruled out any probe by the Enforcement Directorate.
From June 14th, the stock prices of all the six Adani Group companies have been falling due to the major crackdown by SEBI. As per the crackdown, three Mauritius-based foreign portfolio investors (FPls),Albula Investments, APMS Investment, and Cresta Fund, who had heavily invested in the Adani companies' stocks, were barred by SEBI.
"We have always been transparent with all our regulators and have full faith in them. The conglomerate has always complied with SEBI regulations and made full disclosures on "specific information requests" from the regulator in the past," said an AdaniGroup spokesperson in a statement.
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