Adani-Hindenburg Saga: Adani Group Clarifies On Reports Of US Regulator Investigation

Not aware of any subpoena to the US investors, says Adani group
Adani Group
Adani Group

Adani Group has clarified that it isn’t aware of any subpoena issued by the US SEC (Securities and Exchange Commission to the investors in US. The clarification came in after a report said that the regulator has sent inquiries to institutional investors on representation made by the conglomerate after the Hindenburg Research report.

“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 and referenceable manner,” the group said in a statement.

The Adani portfolio companies and its businesses have acted according to the regulations and accounting standards of the jurisdictions in which they operate, it said.

Some of the listed companies of Adani Group, including subsidiaries have issued bonds in the global capital market and the same are listed on the Singapore Exchange. The group clarified that most of these bonds have been raised under the ECB guidelines of the Reserve Bank Of India. 

Adani Group is in limelight since the allegations made by Hindenburg Research in January related to Adani Group and Stocks. The Supreme Court appointed a panel to investigate any breach of regulations. The initial report issued by the panel mentioned there was no regulatory lapse found with respect to the share price movement. 

The apex court has given market regulator SEBI till August to further investigate and submit its findings. 

The group has also taken several measures recently such as paring down debt, releasing pledged shares of promoters, and infusing fresh capital into group companies, which led to an increase in investor confidence. 

“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,” the group said.

Related Stories

No stories found.
Outlook Business & Money