Adani Group refutes The Ken’s claims regarding repayment of loans against shares
Adani Group CFO, Jugeshinder Robbie Singh, criticised the digital publication for its deliberate misrepresentation
Adani Group has refuted The Ken’s recent claims regarding repayment of loans against shares.
On Tuesday, Adani Group CFO, Jugeshinder Robbie Singh, criticised the digital publication for its deliberate misrepresentation.
"Deliberate misrepresentation ( and if i speculate out right lies) of @TheKenWeb ( @SudzzBTS an @nimishshp) they know that relevant exchanges will update end of quarter. The deliberate subterfuge will be clear to all once exchanges update the data post end of quarter,"tweeted the company CFO.
In its latest article, The Ken had cited Adani group's regulatory filings and claimed the company of not paying a significant portion of the promoters' shares.
“Regulatory filings examined by The Ken show that banks have not yet released a large portion of its promoters’ shares, as they should have if the loans had indeed been completely repaid. As per Indian laws, disclosures on the release of shares need to be filed with stock exchanges by lenders within two working days, and by promoters within seven working days. But neither the Adani Group nor the lenders have made these disclosures to stock exchanges," Adani group quoted the Ken's article in its release.
Debunking the claims made in the article, the company clarified that all the pledged shares have been released subsequent to prepayments.
“As per the present rules, any share pledge or release is automatically reported by system driven disclosure (SDD) mechanism of the depository participant, and no separate filing is required to be made" said the company in its release.
