“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 clarification comes after Bloomberg last week reported that US authorities, including the SEC are enquiring about the representations made by Adani Group to its American investors in the wake of Hindenburg Research’s accusations that the group used offshore companies to manipulate its share prices.
“Adani Portfolio Companies and its businesses have acted as per the regulations and accounting standards of the jurisdictions in which they operate,” the group 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.
Following the allegations made by Hindenburg Research in January and the rout in Adani stocks, the Supreme Court appointed a panel to investigate any breach of regulations. The initial report issued by the panel mentioned there were no regulatory lapses found with respect to the share price movement.
Further, the apex court has given market regulator Sebi time till August to investigate further and submit its findings.
In the recent months, the group has also taken several measures 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.
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