Adani Group gets SEBI notice on classification of investors as shareholders
This story was originally published at 22:42 IST on 22 October 2024
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AHMEDABAD - Adani Energy Solutions Ltd. Tuesday said that Adani Group has received a notice from the Securities and Exchange Board of India alleging "wrongful" classification of certain investors as public shareholders and consequences therefrom.
Adani Energy Solutions, which announced its Jul-Sept earnings earlier in the day, said this in disclosures, adding that it had received the show cause notice during the quarter. "The company will respond to the regulatory and statutory authorities by providing information, responses, documents and/or clarifications, as applicable, in the due course of time," the disclosure read.
US-based short-seller Hindenburg Research in its report early last year had alleged that some of the companies shown as foreign investors were wrongly classified as such and were indirectly connected to the promoters. The subsequent SEBI investigation into the matter was stated to be on similar lines and was said to have focussed on this angle of classification.
The company in its disclosure Tuesday further stated that based on various independent legal opinions obtained and an accounting review undertaken by the group, it continues to hold good its position as regards to the compliance of applicable laws and regulations. It also stated that there were no further regulatory proceedings against it, except two pending show-cause notices.
Other than the notice on investor classification, the group had in March quarter received another SEBI notice relating to the validity of peer review certificates issued by one of the former statutory auditors. The disclosure said the notice pertained to an earlier period and was duly responded to by the management. The issue is also pending as of now.
On the National Stock Exchange, shares of Adani Energy Solutions closed 0.8% lower at INR 1,009.85 rupees. End
Reported by Sunil Raghu
Edited by Ashish Shirke
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