OPG Power Ventures plc Update
16 November 2024 - 12:06AM
RNS Regulatory News
RNS Number : 4817M
OPG Power Ventures plc
15 November 2024
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:
|
OPG
Power Ventures PLC
|
Via
Tavistock below
|
|
Ajit Pratap Singh
|
|
|
|
|
Cavendish
Capital Markets Limited (Nominated Adviser &
Broker)
|
+44 (0) 20
7220 0500
|
|
Stephen Keys/Katy Birkin/George
Lawson
|
|
|
|
|
Tavistock (Financial PR)
|
+44 (0) 20
7920 3150
|
|
Simon Hudson / Nick Elwes
|
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