'Stand by the reply that SEBI was investigating some Adani Group companies'

The Finance Ministry said that it stands by its reply in Parliament in July 2021 that the stock market regulator was probing some Adani group companies It said this hours after Congress sought to target the government over the Securities and Exchange Board of India submission in the Supreme Court in which it termed as baseless the contention that it is already investigating Adani Group companies since 2016 reported ANIThe Finance Ministrys response came after Congress leader Jairam Ramesh made accusations that the government is misleading parliament Responding to Jairam Rameshs tweet Ministry of Finance said that the government stands by its reply in Lok Sabha on July 19 2021The Government stands by its reply in Lok Sabha on 19th July 2021 to Q No 72 which was based on due diligence and inputs from all concerned agencies read a Tweet by Finance MinistryThe Congress leader had alleged that there was inaction on part of SEBI or the government mislead the parliament The Minister of State for Finance Pankaj Chaudhary told the Lok Sabha on 19th July 2021 that SEBI was investigating the Adani Group Now SEBI tells the Supreme Court that they have not been investigating any of the serious allegations against Adani Jairam Ramesh said in a tweet Which is worsemisleading Parliament or being fast asleep as lakhs of investors are duped by alleged moneylaundering and roundtripping using offshore shell companies Or even worse was there a restraining hand from above he addedThe government had said in its reply that SEBI is investigating some Adani group companies with regard to compliance with the regulators guidelinesAccording to ANI report SEBI filed a rejoinder affidavit in Supreme Court in response to a petition relating to Hindenburg Researchs report on the Adani Group SEBI apprised the Supreme Court that the market regulator is already investigating Adani Group companies since 2016 is factually baselessPetitioners had alleged that SEBI was probing the Adani Group since 2016 SEBI has sought an extension to conclude the investigation in the report by US shortseller Hindenburg Research by a period of six months Petitioners had alleged that SEBI was probing the Adani Group since 2016Also readInsurance scam case CBI searches at nine locations in Delhi Jammu amp KashmirSEBI submitted before the Supreme Court that the application for extension of time filed by SEBI is meant to ensure carriage of justice keeping in mind the interest of investors and the securities market since any incorrect or premature conclusion of the case arrived at without full facts material on record would not serve the ends of justice and hence would be legally untenable SEBI told the SC that the investigation done earlier by SEBI pertains to the issuance of Global Depository Receipts GDRs by 51 Indian listed companies in respect of which investigation was conducted SEBI submitted before the Supreme Court that no listed company of Adani Group was part of those 51 companies it was investigatingOn March 2 the apex court directed the capital market regulator SEBI to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report which led to a massive wipeout of more than USD140 billion of the Adani Groups market value Supreme Court on March 2 set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group companies The committee will consist of six members headed by former apex court judge Justice AM SapreThe apex court had then asked SEBI to file a status report within two months The apex court was then hearing petitions pertaining to the Hindenburg report including on the constitution of a committee relating to regulatory mechanisms to protect investors interestsThe January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate The Adani Group has attacked Hindenburg as an unethical short seller stating that the report by the New Yorkbased entity was nothing but a lie A shortseller in the securities market books gains from the subsequent reduction in the prices of sharesWith inputs from ANI