Government agencies and the ministry of corporate affairs (MCA) will await the findings of the probe by the Sebi into the allegations around Adani Group before deciding on a further course of action.
“As of now, the matter is with the Supreme Court, which has set up an expert committee to investigate the matter. Sebi is also probing the allegations,” a senior government official said, adding that any further investigations will depend on the course of action decided by the Supreme Court and what the Sebi report unearths.
Further all agencies of the government, including those connected with financial regulation, fiscal and law enforcement, have been directed to co-operate with the expert committee.
The market regulator will conclude its investigations and submit its report by May 2.
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The apex court had in March this year directed Sebi to probe allegations into the Adani Group companies and to specifically investigate if there has been a violation of the minimum public shareholding norms in public limited companies, if there has been a failure to disclose transactions with related parties and if there was any manipulation of stock prices.
This direction came after allegations by the Hindenburg Research report on stock market manipulation and accounting fraud by the Group.