The Securities & Exchange Board of India (SEBI) has saved the preliminary public providing (IPO) of Adani Wilmar in abeyance.
The web site of the capital market regulator confirmed that the Rs 4,500 crore concern has been “kept in abeyance”.
As per the SEBI (Issuance of Observations on Draft Offer Documents Pending Regulatory Actions) Order, 2020, issued by the SEBI on February 5, 2020, the regulator is obligated to maintain issuance of observations in abeyance for a interval of 30 days or 45 days or 90 days or extra, because the case could also be.
Adani Wilmar is a three way partnership of Adani Group and Singapore’s Wilmar Group.
During the Monsoon session of the Parliament, Minister of State for Finance, Pankaj Chaudhary mentioned that the SEBI is investigating some Adani group corporations with regard to compliance with SEBI rules whereas the Directorate of Revenue Intelligence can be probing sure entities below the legal guidelines administered by it.
However, the minister added that the Enforcement Directorate is just not probing these corporations.