No subpoena received from the US authorities, clarifies Adani Group

The Adani group has clarified that it is not aware of any subpoena to the US investors and reaffirmed that all of its disclosures are a matter of public record.

In a late evening statement, the group said it is routine that various regulators seek access to public material in an easy and referenceable manner.

"The Adani portfolio companies and its businesses have acted as per the regulations and accounting standards of the jurisdictions in which they operate," it said and added that the expert committee, appointed by the Supreme Court of India, has already filed a report.

"The report states that Adani Group has taken mitigation measures such as paring down debt, fresh infusion, which led to increase in investor confidence," it said.

 

"The Sebi is examining certain aspects and their queries are being responded to by Adani portfolio entities. We request to avoid needless speculation at this time and wait for the SEBI and the Supreme Court to complete their work and submit their findings," the statement said.

The Adani group operates a robust corporate governance framework and is strongly committed to following all applicable laws and regulations, it said.

The statement said the Adani companies are listed on the Indian exchanges i.e. NSE and BSE and certain listed companies Including subsidiaries have issued bonds in the global capital market and the same has been listed on the Singapore Exchange (SGX).

"In our listed portfolio six of our Ambuja, ACC, AWL, NDTV, APL, and ATGL are purely domestic issuers and listed on the Indian exchanges. Four of our portfolio companies AGEL, ATL, APSEZ, and AEL issue global capital market papers with only APSEZ being a corporate issuer. AGEL has one instrument issued on a corporate basis. All of the other issues are restricted group issuances," it said.

"Most of the bond issuance by Adani companies are under Regulation S and 144A and Regulation D. Almost all the bonds (non-Regulation D) are listed on SGX and/or India INX. Further, these bonds have been raised under the ECB guidelines of the Reserve Bank of India, in the form of Non-Convertible Debentures, and are subject to stringent extant ECB guidelines and regulations of the Reserve Bank of India, it said.

The offering circulars for these bonds contain full and complete disclosures. Further, post-issuance disclosures/filings are made, as per applicable relevant regulatory requirements, in a timely manner, consistent with the covenant package, the group said.