Ministry of Corporate Affairs begins review of Adani Group's financial records

NEW DELHI: The Ministry of Corporate Affairs has started looking into Adani's finances. The ministry has sought details of transactions and regulatory filings from the Adani Group under Section 206 of the Companies Act. This is the first inquiry from the government following the Hindenburg report. The preliminary inquiry is headed by the Director General of the Ministry of Corporate Affairs. Adani Group is yet to comment on this.

As per reports, SEBI has also started a preliminary inquiry against Adani. Meanwhile, the RBI has clarified that the ongoing setback to Adani has not affected the Indian banking system in any way. Union Finance Minister Nirmala Sitharaman also responded that the crisis is only for Adani. After the release of the Hindenburg report, Adani Group shares has suffered losses amounting to more than Rs 10 lakh crore.