“AGL shareholding remained unchanged from the time of ninth round bids submission till the issuance of letter of intent (LOI) by PNGRB,” said a person with direct knowledge of these developments, who did not wish to be identified. The person said the scheme results in promoters of Adani Enterprises directly owning Adani Gas
instead of indirect ownership through Adani Enterprises. A company response to the notice was sent in December 2019.
An Adani Gas spokesperson said: “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 added, “We have duly responded to PNGRB with all required information to close the matter.”