Old Adani Group transactions under SEBI lens

MUMBAI:  Decade-old financial transactions done by Adani group firms have also come under the scrutiny of the Securities and Exchange Board of India (SEBI). 

In its ongoing probe into the allegations of financial irregularities, the capital market regulator is scanning the financial transactions done 12 years ago by the Adani Group firms, according to a plea filed by SEBI.

In the past three months, the regulator has sought relevant information and documents from seven listed Adani firms and its subsidiaries, step-down subsidiaries and other private entities.

The documents sought by the Sebi include “financial statements of relevant entities involved in the transactions for the applicable years extending from 12 years in entities listed prior to 2009-10 to two-three years in case of recently listed entities,” said SEBI in its plea.

“The investigation would also require obtaining bank statements from multiple domestic as well as international banks and as the bank statements would also be for the transactions undertaken over 10 years ago, this would take time and be challenging,” it said.

Last week, SEBI approached the Supreme Court seeking a six-month extension to complete its probe into the allegations of stock price manipulation by the Adani Group and any lapses in regulatory disclosures.

On Saturday, the regulator filed its request with the Supreme Court, citing complex transactions involving the conglomerate’s listed, unlisted, and offshore entities that necessitate further investigation.

“During the course of the investigation, key officials of the companies under the investigation are expected to be called by Sebi to get more information and clarifications,” said a source.

Copies of the agenda and minutes of all the board and audit committee meetings where financial transactions, related to the case, have been discussed and approved are also under the lens of the regulator. Sebi is also looking at the details of the loans availed and given by the Adani Group firm to various entities.

MUMBAI:  Decade-old financial transactions done by Adani group firms have also come under the scrutiny of the Securities and Exchange Board of India (SEBI).  In its ongoing probe into the allegations of financial irregularities, the capital market regulator is scanning the financial transactions done 12 years ago by the Adani Group firms, according to a plea filed by SEBI. In the past three months, the regulator has sought relevant information and documents from seven listed Adani firms and its subsidiaries, step-down subsidiaries and other private entities.googletag.cmd.push(function() {googletag.display('div-gpt-ad-8052921-2'); }); The documents sought by the Sebi include “financial statements of relevant entities involved in the transactions for the applicable years extending from 12 years in entities listed prior to 2009-10 to two-three years in case of recently listed entities,” said SEBI in its plea. “The investigation would also require obtaining bank statements from multiple domestic as well as international banks and as the bank statements would also be for the transactions undertaken over 10 years ago, this would take time and be challenging,” it said. Last week, SEBI approached the Supreme Court seeking a six-month extension to complete its probe into the allegations of stock price manipulation by the Adani Group and any lapses in regulatory disclosures. On Saturday, the regulator filed its request with the Supreme Court, citing complex transactions involving the conglomerate’s listed, unlisted, and offshore entities that necessitate further investigation. “During the course of the investigation, key officials of the companies under the investigation are expected to be called by Sebi to get more information and clarifications,” said a source. Copies of the agenda and minutes of all the board and audit committee meetings where financial transactions, related to the case, have been discussed and approved are also under the lens of the regulator. Sebi is also looking at the details of the loans availed and given by the Adani Group firm to various entities. ALSO READ | Congress criticises SEBI's six-month extension plea to complete Adani probe ALSO READ | Adani Group begins USD 130 mn debt buyback, first since Hindenburg report