Just a day after the National Stock Exchange (NSE) sought clarification on Adani Group’s pledged shares, the Gautam Adani-led conglomerate’s chief financial officer (CFO) has slammed some media reports. Taking to Twitter, Adani CFO Jugeshinder Robbie Singh has called some reports as ‘misleading.’
Tagging a media report that read, “The Adani Group wants you to believe it has repaid all its loans against promoters’ shares,” the CFO slammed it. He said that the report was a ‘deliberate misrepresentation’ as relevant exchanges only update the data at the end of the quarter.
“Deliberate misrepresentation ( and if i speculate out right lies) of @TheKenWeb (@SudzzBTS and @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.”
He also added that it is easier to see public disclosure on the payments rather than misleading the audience. The next tweet read, “A normal professional journalist could have simply seen our public disclosure on the payments and would have easily verified that all margin loans of the promoter's have been paid in full.”
The media report that has been slammed by the Adani CFO alleged that “despite the group's claim of ‘complete’ repayment of $2.15 billion in share-backed debt, regulatory filings indicate that the debt has not been fully paid off.”
The report also claimed that the Adani Group only reduced the loan amount through partial repayments in order to avoid pledging more shares. Hence, it was in context of this report that the NSE sought clarification the Adani Group.
