Documents show that there is no contradiction between the stand of SEBI & Union Finance Minister. Appears to be a deliberate attempt by vested interests to mislead stakeholders.
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Mumbai: Solicitor General of India (SGI) Tushar Mehta reiterated in the Supreme Court on Wednesday, that the 2016 Global Depository Receipts (GDRs) matter is totally different, distinct, and completely separate from the July 19, 2021 reply by the Union Finance Minister in the Parliament, which pertains to Minimum Public Shareholding (MPS).
It has no relation and/or connection to the issues referred to and/or arising out of the Hindenburg Report but there are attempts to connect these two. The same has also been clarified by Securities and Exchange Board of India (SEBI) in its rejoinder of May 15.
The 2016 “GDRs” matter pertains to the issuance of GDR by 51 Indian listed companies, in respect of which investigation was conducted. However, NO listed company of Adani Group was part of the aforesaid 51 companies. Pursuant to completion of investigation, appropriate enforcement actions were taken in this matter. Hence, the allegation that SEBI has been investigating Adani since 2016 is factually baseless.
The July 19, 2021 reply by the Union Finance Minister pertains to the investigation into Minimum Public Shareholding (“MPS”) norms. In this matter, SEBI has already approached eleven overseas Regulators under the Multilateral Memorandum of Understanding (“MMOU”) with the International Organization of Securities Commissions (“IOSCO”).
The SEBI has stated that various requests for information were made to these Regulators. The first request to overseas Regulators was made as early as October 6, 2020. Till date, there is no conclusion of any alleged wrong-doing in this matter as it is still under investigation.
Therefore, it is quite clear and evident that there is no contradiction between the stand taken by SEBI in its affidavit and the reply of the Union Finance Ministry (through the Minister of State for Finance). Therefore, this appears to be a blatant and deliberate attempt to mislead the stakeholders and public at large.
