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The 2016 GDR Issue and 2021 MPS Issue are Different, Distinct, and Completely Separate matters

The 2016 GDR Issue and 2021 MPS Issue are Different, Distinct, and Completely Separate matters

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SG Tushar Mehta has reiterated in the SC today, that the 2016 GDR matter is totally different, distinct, and completely separate from the 19th July 2021 Reply by FinMin in the Parliament, which pertains to 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 SEBI in its rejoinder dated 15th May, 2023.

The 2016 Global Depository Receipts (“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 is investigating Adani since 2016 is factually baseless.

The 19th July 2021 Reply by FinMin 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 International Organization of Securities Commissions (“IOSCO”). SEBI has stated that various requests for information were made to these Regulators. The first request to overseas Regulators was made as early as 6th October, 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 Finance Ministry (through Minister of State for Finance). Therefore, this appears to be a blatant and deliberate attempt to mislead the stakeholders and public at large.

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