SEBI remained silent even on DRI’s warning on Adani Group: Petitioner
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Referring to the documents mentioned in the recent report on Adani Group by investigative reporting organization OCCRP, he has said that Mauritius-based Emerging India Focus Fund and EM Resurgent Fund invested in four companies of Adani Group during the year 2013 to 2018. Had invested extensively in shares.
In the case of alleged manipulation of shares of Adani Group, a petitioner has accused the market regulator SEBI of suppressing some important information from the Supreme Court and also keeping silent on the letter of the Directorate of Revenue Intelligence (DRI). After the Hindenburg Research report, several PILs were filed in the Supreme Court demanding an investigation into the alleged manipulation of shares of Adani group companies. Only after this the Securities and Exchange Board of India (SEBI) was asked to check compliance with the regulatory conditions. While presenting the status report of its investigation last month, SEBI said that it has reached conclusions in 22 out of 24 cases included in the investigation.
But in two cases, due to lack of information regarding ownership of foreign funds, it has not been able to complete the investigation yet. Anamika Jaiswal, a petitioner who filed a PIL in this case, has filed an affidavit in the Supreme Court and made serious allegations against the activities of SEBI. He has said that in the year 2014 itself, DRI had written a letter to the then head of SEBI raising the possibility of manipulation in share prices. For this, allegations were made of inflating the prices of imported electrical equipment and using that money to raise the prices of shares through foreign investors.
Jaiswal has said in the affidavit that along with this letter of DRI, a CD was also attached in which evidence related to misappropriation of Rs 2,323 crore was given. Apart from this, DRI had said that the market regulator can also collect additional information from its Mumbai regional office. The petitioner has stated in the affidavit that, SEBI has not only suppressed important facts from this Court and ignored the warnings of DRI, but SEBI is also in conflict of interest in probing the Adani case. Along with this, Jaiswal has said that out of 24 cases related to Adani Group of SEBI, investigation reports of five cases are related to insider trading.
Referring to the documents mentioned in the recent report on Adani Group by investigative reporting organization OCCRP, he has said that Mauritius-based Emerging India Focus Fund and EM Resurgent Fund invested in four companies of Adani Group during the year 2013 to 2018. Had invested extensively in shares. Adani Group has denied all the allegations leveled against it in the reports of both Hindenburg and OCCRP, saying that it follows all the regulatory provisions.
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