No subpoena received from the US authorities, clarifies Adani Group

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The Adani Group has made it clear that it is not aware of any subpoenas to US investors and has confirmed that all of its disclosures are a matter of public record.

In a statement released late in the evening, the group said it is typical for many organizers to strive to access public materials in an easy and referable way.

“Adani’s portfolio companies and businesses have acted in accordance with the regulations and accounting standards of the jurisdictions in which they operate,” it added, adding that the panel of experts, appointed by the Supreme Court of India, had already submitted a report.

“The Adani Group has taken mitigating measures such as reducing debt and injecting new ones, which has led to an increase in investor confidence,” the report states.

The statement said, “SEBI is studying certain aspects and their queries are being answered by the Adani Portfolio entities. We request that undue speculation be avoided at this time and that we wait for SEBI and the Supreme Court to complete their work and present their findings.” .

The Adani Group operates on a strong corporate governance framework and is strongly committed to following all applicable laws and regulations.

The statement said Adani’s companies are listed on Indian stock exchanges such as NSE and BSE and some of the listed companies including subsidiaries have issued bonds in the global capital market and have been listed on the Singapore Stock Exchange (SGX).

“In our listed portfolio, six of Ambuja, ACC, AWL, NDTV, APL and ATGL are purely domestic issuers and are listed on Indian stock exchanges. Four companies from our portfolio, AGEL, ATL, APSEZ and AEL are issuers. Global capital market papers with only APSEZ being the corporate issuer. AGEL has one corporate-based issuance instrument. All other issuances are restricted group issuances.”

“Most of the bond issuances by Adani companies are subject to Regulation S, 144A and Regulation D. Almost all bonds (not regulated D) are listed on SGX and/or INX India. Further, these bonds were raised under ECB guidelines from the Bank of India. Reserve India, in the form of non-convertible debentures, and is subject to the current strict ECB guidelines and regulations of the Reserve Bank of India.

The offering circulars for these bonds contain full and complete disclosures. Further, post-issue disclosures/filings are made, in accordance with relevant applicable regulatory requirements, in a timely manner, consistent with the Covenant Package, the group said.