Business & Finance

Amid SEBI Probe, Adani Group Companies Sink For Second Day

Adani

Junior finance minister told parliament on Tuesday that some of the Adani group companies are being probed by the country’s markets regulator.

After the junior finance minister told parliament on Tuesday that some of the Adani group companies are being probed by the country’s markets regulator over compliance with securities rules, the conglomerate’s companies fell for second day, denting Billionaire Gautam Adani’s fortune. Junior Finance Minister Pankaj Chaudhary, in a response to a lawmaker’s question in parliament on Monday, said besides the Securities and Exchange Board of India, Directorate of Revenue Intelligence, or DRI, is also “investigating certain entities” belonging to the Adani Group for compliance to another set of local laws. However, the minister didn’t elaborate on the investigations or name the Adani group companies being probed.

In early trading Tuesday, shares of all six listed Adani group companies slipped. In financial capital Mumbai, Adani Total Gas, Adani Transmission, Adani Green Energy and Adani Power declined by 5 per cent. Flagship Adani Enterprises sank by 3.2 per cent, while Adani Ports & Special Economic Zone dropped 2.6 per cent, compared with a 0.7 per cent drop in the benchmark S&P BSE Sensex during trading.

The minister’s comments come after a local media report last month that said accounts of three Mauritius-based funds, with a significant exposure to Adani Group stocks, were frozen by the national stock depository due to insufficient disclosures. Whil Adani strongly rejected the report, anxious investors stoked a stock rout that shaved billions of dollars off Adani companies’ market value.

In a statement on Monday, an Adani group spokesperson said: “We have always been transparent with all our regulators and have full faith in them.” According to the statement, the conglomerate has always complied with SEBI regulations and made full disclosures on “specific information requests” from the regulator in the past. It also added that the group had not received any communication or information requests recently.

 

 

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Amritpal Singh Still On The Run: Centre Asks BSF, SSB To Be Alert At Border Posts

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The Ministry of Home Affairs (MHA) has asked the chiefs of the Border Security Force (BSF) and the Sashastra Seema Bal (SSB) to be alert in the border areas as there is a possibility that Waris Punjab De chief Amritpal Singh Sandhu might cross over the International Border in Punjab or via the India-Nepal border, reported Indian Express.

An officer said a message has been sent to all units of the BSF and SSB along with two pictures of Amritpal – with and without his turban. “It is reliably learned that Amritpal Singh, the chief of a pro-Khalistan outfit, has been declared a fugitive by Punjab Police.

There is a possibility that he crossed the India-Nepal border or International Border in Punjab. They have been asked to be alert and to sensitize all personnel deployed in the border posts,” an officer said.

The police had planned to arrest Amritpal at Mehatpur on the Jalandhar-Moga Road on Saturday. He, however, managed to escape and sources said he left his vehicle and mobile phone near Nakodar.

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In a statewide crackdown, the police nabbed 78 of his associates Saturday. The hunt for Amritpal continued for the second day with district police chiefs carrying out flag marches in major towns in Punjab and the state government extending internet suspension till Monday noon.

The Punjab Police booked Amritpal and seven of his associates under the Arms Act Sunday after they claimed to have recovered six 12-bore rifles and 196 cartridges. Amritsar (Rural) SSP Satinder Singh said over 100 illegal cartridges were seized from an associate of Amritpal. Later, the seven persons arrested from his team were sent to police custody till March 23.

According to Officials in intelligence agencies,  Amritpal had gone to Dubai in 2012 to work as a truck driver in his family transport business. Around the time, he also came in contact with Jaswant Singh Rode, brother of Pakistan-based proscribed Khalistani operative Lakhbir Singh Rode, and militant Paramjit Singh Pamma. It is suspected that they put him through to the Pakistani Inter-Services Intelligence (ISI) which offered him money to revive Khalistan sentiments in Punjab.
“Avtar Singh Khanda (UK-based SAD-Amritsar activist and close associate of Khalistani terrorist Jagtar Singh Tara) is the main handler of Amritpal Singh and the brain behind his meteoric rise. Khanda is also close to Pamma and is known for holding theoretical radical training classes for Sikh youth,” a security establishment official said.

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