Adani Gas stocks tanked up to 14 per cent to Rs 148 on the BSE on Friday following reports that the PNGRB has sent a notice to the company for not disclosing crucial information regarding a scheme of arrangement with Adani Enterprises
Reacting to reports of having received a notice from the petroleum regulator, which news dented company stocks in Friday trade, Adani Gas (AGL) clarified on Friday that it is in full compliance of the applicable rules and has responded to the Petroleum and Natural Gas Regulatory Board of India (PNGRB).
Adani Gas stocks tanked up to 14 per cent to Rs 148 on the BSE on Friday following reports that the PNGRB has sent a notice to the company for not disclosing crucial information regarding a scheme of arrangement with Adani Enterprises.
Adani Gas said that all concerned authorities were intimated about the proceedings pertaining reorganization of AGL through the media, newspapers, disclosures, public listing and bid submissions.
“We have duly responded to PNGRB with all required information’s to close the matter. Our project work at all GAs are going on in full swing and with the facilitation and support of PNGRB and all authorities we are committed to deliver CNG and piped gas to millions of our consumers on fast track basis”, an Adani Gas spokesperson said.
According to media reports, Adani Gas has bid for gas projects using networth calculations of the Gautam Adani-led Adani Enterprises and that the company’s shareholding changes and restructuring violated the city gas distribution regulations.
The reports also said PNGRB is seeking to cancel the company’s licences and levy a Rs 400 crore penalty for the violations.
“We are guided by the principles of corporate governance. It should be noted that we are fully compliant and have transparently represented facts in totality adhering to norms of compliance and disclosure. There is no question of penalties as same are not applicable and moreover Adani Gas is in full compliance of applicable rules/laws”, the spokesperson said.