With regard to DRI probe, Adani Group said the authority had issued a show cause notice to Adani Power, a group company, five years back and subsequently passed an order in favour of Adani Power.
With regard to DRI probe, Adani Group said the authority had issued a show cause notice to Adani Power, a group company, five years back and subsequently passed an order in favour of Adani Power.

Hours after Union Minister of State for Finance Pankaj Chaudhary said SEBI and Directorate of Revenue Intelligence (DRI) were probing some Adani Group companies over alleged non-compliance with rules, the group issued a media statement saying it has received no 'recent' communication from the market regulator on the same.

With regard to DRI probe, Adani Group said the authority had issued a show cause notice to Adani Power, a group company, five years back and subsequently passed an order in favour of Adani Power.

"The department has approached The Tribunal and the matter stands sub judice now," the group posted on its official Twitter handle Monday.

Chaudhary, in a written reply to a question in Lok Sabha, said accounts of three of the six Mauritius-based funds that have invested most of their money in Adani Group firms were frozen in 2016 over the issuance of Global Depository Receipt (GDR) by certain listed firms. No freeze was ordered for their holding in other firms. The three funds owned about USD 6 billion of shares across the conglomerate.

The Adani Group on June 14 denied the report of the freeze, calling it "blatantly erroneous". A day later it clarified that three demat accounts of Cresta Fund Ltd, Albula Investment Fund Ltd and APMS Investment Fund were "suspended for debit", adding to the confusion over the status of the offshore funds.

Shares of Adani Total Gas Ltd, Adani Power Ltd, Adani Transmission, Adani Ports & Special Economic Zone , Adani Green Energy and flagship Adani Enterprises were impacted by the reports. Prior to the episode, some of Adani Group's listed stocks had soared more than six folds in value since the start of 2020.

Group's billionaire founder-chairman Gautam Adani had earlier this month blamed "reckless and irresponsible" reporting for the fall.

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