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OPG Power Ventures Plc announced on 15 November 2024 that it is the subject of an investigation. This investigation concerns alleged regulatory non-compliance by the Group under India's Foreign Exchange Management Act (FEMA).
| Date | 15 Nov 2024 |
| Time | 13:06:50 |
| Category | Corporate updates |
| ID | 4817M |
15 November 2024
OPG Power Ventures Plc
("OPG", the "Group" or the "Company")
Update
OPG (AIM: OPG), the developer and operator of power generation assets in India, announces that it is the subject of an investigation into alleged regulatory non-compliance by the Group under the Foreign Exchange Management Act ("FEMA"). FEMA regulates foreign exchange transactions by Indian entities or with non-residents, including foreign direct investment into India and overseas investment by Indian companies.
The Group considers that it has undertaken all material transactions, following professional advice on compliance with FEMA and is confident that it has been compliant. The Group will offer full co-operation to the investigation.
The Group's plants continue to operate as usual and the Group does not anticipate any material impact of the investigation process on the Group. The Group considers that it has a robust track record of corporate governance and compliance and has full faith and confidence in the regulatory system of India.
Further announcements will be made, in due course, as appropriate.
For further information, please visit www.opgpower.com or contact:
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OPG Power Ventures PLC |
Via Tavistock below |
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Ajit Pratap Singh |
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Cavendish Capital Markets Limited (Nominated Adviser & Broker) |
+44 (0) 20 7220 0500 |
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Stephen Keys/Katy Birkin/George Lawson |
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Tavistock (Financial PR) |
+44 (0) 20 7920 3150 |
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Simon Hudson / Nick Elwes |