"Acted As Per Regulations": Adani On Reports Over US Regulator Scrutiny

The Adani Group has said their disclosures are "a matter of public record" and they are not aware of any "subpoena to the US investors" following reports that US authorities are looking into what representations the group made to its American investors.

The reports, quoting un-named sources, had said inquiries started from the US Attorney's office in Brooklyn after US short-seller Hindenburg's allegations.

In a statement today, the Adani Group said, "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 Adani Portfolio Companies and its businesses "have acted as per the regulations and accounting standards of the jurisdictions in which they operate," read the statement, which also pointed out that the expert committee appointed by the Supreme Court has filed a report on the matter.

"The report states that Adani Group has taken mitigation measures such as paring down debt, fresh infusion, which led to increase in investor confidence. SEBI (Indian securities regulator) is examining certain aspects and their queries are being responded by Adani portfolio entities. 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 statement read.

"Adani operates a robust corporate governance framework and is strongly committed to following all applicable laws and regulations," the Group added.

Requests for information from US prosecutors do not mean that criminal or civil proceedings will automatically follow. Law enforcement agencies often hold inquiries that do not lead to action.

The Adani Group has dismissed the Hindenburg allegations as lies, saying it complies with all laws and disclosure requirements.

In March, the Supreme Court set up a six-member committee of experts to examine issues arising out of the stock crash triggered by Hindenburg's allegations. The court also said market regulator Securities and Exchange Board of India (SEBI) should complete its ongoing investigation within two months and file a status report.

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