Adani Enterprises Clarifies No Disclosure Needed on US SEC Report
Company states it is not party to proceedings and matter does not trigger SEBI disclosure rules.
Adani Enterprises has responded to queries from BSE and NSE regarding a Bloomberg report on the US Securities and Exchange Commission (SEC) seeking alternative methods to serve legal summons to Gautam Adani and Sagar Adani. In a stock exchange filing on Friday, the company emphasized that it is not involved in the legal proceedings and therefore the development does not require any disclosure under Indian listing regulations.
The clarification references an earlier statement issued by Adani Enterprises on November 21, 2024, addressing similar media reports. “There are no allegations made against the Company in, and the Company is not party to, these proceedings,” the filing stated. It further confirmed that the contents of the Bloomberg article do not meet the criteria for mandatory disclosure under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The exchanges had sought the company’s response under Regulation 30(11), which mandates listed entities to comment on media reports that could influence investor perception or necessitate clarification. The Bloomberg report, which the outlet noted had not been independently verified, mentioned the US regulator’s efforts to notify Gautam Adani and Sagar Adani through alternative means in connection with ongoing legal matters.
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Adani Enterprises reiterated that the reported developments have no bearing on the company itself and requested the stock exchanges to place the clarification on record. The response aims to address any potential market speculation arising from the international media coverage.
This development comes amid ongoing scrutiny of the Adani Group in various jurisdictions, though the company maintains that the specific proceedings referenced do not involve Adani Enterprises as an entity. Investors and market watchers continue to monitor such clarifications for their potential impact on sentiment toward the conglomerate.
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