Not aware of any subpoena to the US investors, says Adani Group after reports of SEC scrutiny

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Ports-to-power conglomerate Adani group has said that it is not aware of any subpoena to the US investors. "It is routine that various regulators will seek access to public material in an easy & referenceable manner," it said in an exchange filing dated June 26.

The clarification comes two days after a Bloomberg report stated that the US attorney's office and Securities and Exchange Commission were scrutinising the group's representations made to its American investors.

"All of our disclosures are a matter of public record. Adani Portfolio companies and its businesses have acted as per the regulations and accounting standards of the jurisdictions in which they operate," the filing said.

The group has also clarified that most of the bond issuances by its portfolio companies are listed on SGX and/or India INX. Further, these bonds have been raised under the External Commercial Borrowings guidelines of the Reserve Bank of India.

"SEBI (Indian securities regulator) 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 SEBI and the Hon'ble Supreme Court to complete their work and submit their findings," the group added.

US short-seller Hindenburg Research in a January 24 report accused the  Gautam Adani-led group of fraud and stock manipulation, a charge denied by the conglomerate. Following this, the group's market capitalization had eroded down to Rs 7.5 lakh crore.

A Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies. The court has also set August 14 as the deadline for the Securities and Exchange Board of India to submit its report into the Adani group investigation following the Hindenberg report.