Adani group under purview of SEBI: Union minister

Minister of State for Corporate Affairs Rao Inderjit Singh on Monday said the Hindenburg report is with regard to the listed companies of Adani group which fall under the purview of SEBI and that the Supreme Court has seized the matter.

His response in the Lok Sabah through a written reply was to a query on whether the corporate affairs ministry had conducted any review on the financial statements and other regulatory submissions of Adani group of companies after the Hindenburg report. “The Hindenburg report is with regard to the listed companies of Adani group which fall under the purview of SEBI,” the minister said.

According to Singh, the Supreme Court has seized on the matter and has passed an order constituting an expert committee to look into the matter. He noted that the court has also directed all the agencies of the Union government, including agencies connected with financial regulation, fiscal agencies and law enforcement agencies, to cooperate with the committee.

“The committee has been ordered to furnish its report before the Hon’ble court within two months. Hence, the matter is sub-judicial before the Hon’ble Supreme Court,” the minister said in response to queries from Congress member Adoor Prakash. In a separate written reply, Singh said matters related to registration of companies in foreign countries do not fall within the domain of corporate affairs ministry.

He was replying to a question by Congress member Manish Tewari on whether the government is aware of reports stating that the Adani group has 126 companies registered at a single address in London, United Kingdom. The member also asked whether the government is aware that 56 of these companies are active subsidiaries of a parent company called Adani Energy Holdings and whether the government is aware that the aforesaid companies have a sole director named Sanjay Newatia whose name figures in the Pandora Papers .