Some Adani group companies under scan for non-compliance
The Securities and Exchange Board of India (Sebi) and the Directorate of Revenue Intelligence (DRI) are probing some Adani group companies for non-compliance with rules, the government told Parliament on Monday.
In a written reply to a question raised by Trinamul MP Mohua Moitra, minister of state for finance Pankaj Chaudhary spoke of the probe but did not provide details on the nature of the violations or which firms were being probed by Sebi.
The TMC MP had sought details on the ultimate beneficial ownership of FPIs in the Adani group firms and whether any investigation was being done by agencies either on the foreign investors or on Adani group companies. She also sought a clarification on whether the depository accounts of three FPIs were frozen.
“In a matter pertaining to issuances of 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, Cresta Fund and APMS Investment Fund Ltd,” Chaudhary said. He added that no order for any other beneficiary accounts of the three FPIs have been passed by the market watchdog.
“Six firms of the Adani group are listed and traded on recognised bourses in India. The holding of FPIs is based on day-to-day trading of shares and thus dynamic,” he said.