Adani's many legal challenges

Exchanges seek information from group companies cited in alleged bribery case in the US

- BENN KOCHUVEEDAN

FOLLOWING a directive from markets watchdog Sebi, the stock exchanges have sought information from Adani group companies cited in an alleged bribery case in the US, and the non-disclosure of the same to investors and exchanges here on time. The direction and the follow-up action by BSE and NSE are part of the "regular surveillance mechanism".

Exchanges have written to the group companies seeking clarifications under listing obligation and disclosure requirements, a person in the know of the development said. They are checking if there were lapses or delays in disclosures on the probe in the US on which group chairman Gautam Adani and nephew Sagar Adani and six others charged on November 20, the person added.

If any lapses or delays are established, exchanges can take action or issue an advisory to the companies and the Sebi can take up the matter for adjudication, the person said, clarifying that exchanges are doing this as part of their regular surveillance mechanism.

Sebi spokespersons and exchanges didn't respond to queries from TNIE. Adani Group chief financial officer Jugeshinder Singh said in a statement that allegations relate to one contract of Adani Green, 10% of overall business of renewable arm of the company.