Monday, June 12, 2023

Regarding the Sebi's Adani investigation, the government stands by its LS response


Delhi, India: The finance ministry stated on Thursday that the government stands by its July 19, 2021, Lok Sabha response regarding Sebi's investigation of Adani Group companies' compliance with market regulator norms. The finance ministry stated, "The government stands by its response to Q 72 in the Lok Sabha on July 19, 2021, which was based on due diligence and inputs from all concerned agencies."

The assertion came soon after Congress MP Jairam Ramesh said on Twitter that the pastor of state for finance, Pankaj Chaudhary told the Lok Sabha on July 19, 2021 that Sebi was researching the Adani Gathering. " Ramesh wrote on Twitter, "Now Sebi tells Supreme Court that they have not been investigating any of the serious allegations against Adani."

“Which is worse: deceiving Parliament or falling asleep as tens of thousands of investors are duped by alleged money laundering and roundtripping through offshore shell companies?” Or on the other hand, surprisingly more dreadful, was there a controlling hand from a higher place?" He stated

In the composed answer to inquiries from TMC MP Mahua Moitra, priest of state for finance Pankaj Chaudhary had given a detailedanswer about the situation with tests by different organizations connected to explicit cases.

"Yes, Ma'am, Sebi is looking into whether the Adani Group companies are adhering to Sebi regulations. In addition, "under the laws that it administers, the Directorate of Revenue Intelligence is investigating certain entities belonging to the Adani Group of companies," the minister had stated in his response.

He had additionally said about his powerlessness to give data on examinations by theincome charge division as exposure of data under the annual duty with respect to explicit cases is restricted. The minister had also stated that the enforcement directorate was not conducting any investigations and that no investigations were in progress. In its order of June 16, 2016, Sebi directed depositories to freeze specific beneficiary accounts of certain foreign portfolio investors (FPIs), including Albula Investment Fund, Cresta Fund, and APMS Investment Fund, in relation to the issue of global depository receipts (GDRs) issued by certain Indian listed companies. In any case, no structure in regard of other recipient records of these three FPIs has been passed by Sebi," the pastor had expressed in his answer.

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