Adani Group clarifies not received any communication from SEBI recently, DRI show-cause notice issued five years back
Jul 19, 2021
Ahmedabad (Gujarat) [India], July 19 : Adani Group has not received any communication from Securities and Exchange Board of India (SEBI) recently and Directorate of Revenue Intelligence (DRI) show-cause notice was issued five years back, said a company spokesperson on Monday, issuing clarification about market regulator and customs authorities investigation in several companies belonging to the group.
Earlier today, in a written response to Parliament, the government has said several Adani Group companies are being investigated by the SEBI and DRI.
"We have always been transparent with all our regulators and have full faith in them. While we have always been fully compliant with applicable SEBI regulations, we have made full disclosure to SEBI on specific information requests from them in the past," the spokesperson said.
However, they added that Adani Group has not received any communication or information requests recently.
With regard to the DRI matter, the Spokesperson said the investigation agency issued a show-cause notice to Adani Power, about five years back.
"Subsequently, DRI passed an order in favour of Adani Power confirming that there is no over-valuation of equipment. The department has approached the Tribunal and the matter stands sub judice now," they said adding, "Adani Group is a responsible corporate citizen and strongly believes in compliance of applicable laws and adheres to prudent corporate governance framework."
