Certain investments and transactions of the Adani Enterprises are being enquired by the Enforcement Directorate (ED) which suspects violation of Foreign Exchange rules, but the company maintained today that all its business transactions were within "legal framework".
ED sources said that the company had been asked to furnish a number of business documents relating to the development of its ambitious Mundra Port and Special Economic Zone (SEZ), including the clearances obtained to incorporate a subsidiary in Australia. Economic credentials of some shareholders are also being ascertained.
When contacted, a company spokesperson told PTI that "the Adani group has received a letter seeking routine information on a couple of transactions undertaken by its overseas joint ventures and subsidiaries" and it was in the process of replying to the letter.
Adani Enterprises is part of Ahmedabad-based Adani group, which was founded in 1988 and has grown rapidly in the last two decades with presence in businesses ranging from ports, power and various other infrastructure segments.
