Reports reignite Adani row, put focus on regulator’s role
1 year, 3 months ago

Reports reignite Adani row, put focus on regulator’s role

Hindustan Times  

The Adani Group has “rejected” in a statement what it termed “recycled allegations”, following reports in both The Guardian and The Financial Times, based on documentary evidence that establish a trail between the individuals and the entities that bought shares of Adani companies, and Vinod Adani, Gautam Adani’s founder. Adani Group Chairman Gautam Adani While the group’s statement has described the reports as “yet another concerted bid by Soros-funded interests supported by the foreign media to revive the meritless Hindenburg report”, and sought to explain the issues raised by pointing to a closed investigation by the Directorate of Revenue Intelligence that looked at “allegations of over-invoicing, transfer of funds abroad, related party transactions and investments through FPIs, questions will be asked of Indian agencies and regulators, including Sebi, following some of the disclosures in the two news reports. “The head of the DRI wrote to his counterpart at the regulator because Sebi was investigating ‘the dealings of the Adani Group of companies in the stock market.’” It added his letter was accompanied by a CD of evidence from a DRI probe into alleged inflated invoices at Adani power projects, and said that “there are indications that a part of the siphoned off money may have found its way to stock markets in India as investment and disinvestment in Adani Group.” FT said DRI sent demands for information about Adani just before Modi took office in May 2014. “.we expressly reject all of them in toto.” Adani Group said it was not aware of the 2014 DRI documents but added that the Supreme Court had “concluded in our favour” over the matter.

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