Adani Group Issues Clarification On Reports Of US SEC Investigation; Says No Subpoena Received

The Adani Group on Monday issued a clarification that it is not aware of any US Securities and Exchange Commission scrutiny after a report claimed that the regulator had sent inquiries to the institutional investors on the representation made by the group after the release of the Hindenburg Research report.

Adani Group in an exchange filing said, "We are not aware of any subpoena to the US investors. All of our disclosures are a matter of public record. It is routine that various regulators will seek access to public material in an easy & referenceable manner."

The company further added that it has acted as per regulations and accounting standards of the jurisdictions in which they operate.

The company in the regulatory filing further went to talk about the report by the expert committee appointed by the Supreme Court of India. Adani Group said, "The report states that Adani Group has taken mitigation measures such as paring down debt, fresh infusion, which led to increase in investor confidence. SEBI (Indian securities regulator) is examining certain aspects and their queries are being responded by Adani portfolio entities. We request to avoid needless speculation at this time and wait for SEBI and the Hon'ble Supreme Court to complete their work and submit their findings."

Adani Group's global bonds

Adani Group also spoke about the company's bonds in the Singapore Exchange. The companies like Adani Ports and Special Economic Zone, Adani Enterprises, Adani Green Energy and Adani Transmission have global capital market papers and only Adani Ports is a corporate issuer.

The group in the statement said, "Most of the bond issuance by Adani Portfolio Companies are under the Regulation S and 144A and Regulation D. Almost all the bonds (non Regulation D) are listed on SGX and / or India INX."

Further it added that these bonds were raised as per the guidelines of Reserve Bank of India in the form of Non-convertible debentures. It also said that all the relevant disclosures related to the bonds were made as per requirement.

Adani Enterprises shares

The shares of Adani Enterprises on Monday gained after the clarification. The shares on Tuesday opened at Rs 2,324.95 after it closed on Monday at Rs 2,295.60.