Adani Group: After a report claimed that the US Securities and Exchange Commission had sent questions to institutional investors regarding the representations made by the group after the release of the Hindenburg Research report, the Adani Group on Monday clarified that it is not aware of any investigation.
Adani Group Asserts Compliance with Laws and Regulators’ Inquiries
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 business went on to say that it had acted in accordance with the laws and accounting requirements of the countries in which it operates. In its regulatory filing, the business also discussed the expert committee’s report that the Indian Supreme Court had commissioned. The study notes that Adani Group has taken mitigation steps, such as reducing debt and bringing in fresh capital, which have increased investor confidence,” according to Adani Group. “SEBI (India’s securities regulator) is looking into a few things, and Adani portfolio companies are answering their questions. We kindly ask that you refrain from making any unnecessary assumptions at this time and instead wait for SEBI and the Honourable Supreme Court to finish their work and publish their conclusions.”
Adani Group Provides Clarity on Bond Issuance and Stock Performance
Adani Group also discussed its bonds listed on the Singapore Exchange. Only Adani Ports is a corporate issuer among the entities Adani Ports and Special Economic Zone, Adani Enterprises, Adani Green Energy, and Adani Transmission that have worldwide capital market papers. 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.” Additionally, it stated that these bonds were issued in the form of non-convertible debentures in accordance with Reserve Bank of India norms. Additionally, it stated that all required disclosures on the bonds had been made. Following the clarification, Adani Enterprises’ stock price increased on Monday. After closing on Monday at Rs 2,295.60, the shares began on Tuesday at Rs 2,324.95 each.
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