No govt committee to probe Adani, DRI investigation in Indonesia coal import not yet concluded: MoS Finance

Government hasn't set up any committee to conduct probe on allegations made against the Adani group & DRI's investigation related to importing coal from Indonesia hasn't reached finality, said Chaudhary

New Delhi: The government has not set up any committee to probe allegations made by the Hindenburg Group against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, said Pankaj Chaudhary, Minister of State for Finance. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.

'No committee for investigating allegations on Adani group'

To a question asking if the government had constituted any committee to investigate allegations made against the Adani group by Hindenburg Research, he said, "No." To a separate question, Chaudhary said that the nine listed companies forming part of Adani group saw a 60 percent decline in market capitalisation from January 24 till March 1 subsequent to the publication of the Hindenburg report.

On the allegations, he said that the Securities and Exchange Board of India (SEBI), as the statutory regulator of securities markets, is mandated to put in place regulatory frameworks for effecting stable operations and development of the securities markets including protection of investors.

"As per its mandate, it conducts investigations into any alleged violations of its regulations by any market entity," he said. "It is, accordingly, undertaking investigation into the market allegations against the Adani Group of companies."

'DRI's probe into import of power generation & transmission concluded'

To a separate question on investigation by the Directorate of Revenue Intelligence (DRI) into import of power generation and transmission equipment by Adani, he said that the probe has concluded, and the report has been submitted before the relevant judicial authorities. However, he did not reveal the findings.

'DRI's investigation on imports of Indonesian coal by Adani hasn't reached finality'

On the alleged irregularities in imports of Indonesia coal by the Adani group companies, he said, "investigations by DRI have not reached finality as information sought from exporting countries through execution of Letters Rogatory (LRs) is under litigation."

In January 2020, the Supreme Court paved the way for DRI to investigate allegations of overvaluation of coal imports from Indonesia by the Adani group. The apex court through the January 9, 2020, order stayed an October 17, 2019 judgment of the Bombay High Court which granted relief to Adani group by quashing LRs sent to various countries including Singapore, seeking details of the group's coal imports from Indonesia.

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