Mumbai: Adani group termed the latest Hindenburg Research report as “malicious mischievous and manipulative”. The report cherry-picks publicly available information to draw conclusions that facilitate personal profiteering, an Adani Group spokesperson said.
The group rejected the claims made in the report, calling them a “recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon’ble Supreme Court in January 2024.”
The group stated that its overseas structure is completely transparent with complete disclosure in the public domain. Regarding Anil Ahuja, the CIO of IPE Funds, Adani Group said he served as a director of Adani Enterprises until 2017 and represented 3i investment fund on Adani Power’s board during 2007-08.
Adani Group issues a statement on the latest report from Hindenberg Research.
The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with… pic.twitter.com/WwKbPLTkrv
— ANI (@ANI) August 11, 2024
The group reiterated its commitment to “transparency and compliance with all legal and regulatory requirements.” It denied commercial relations with the individuals or matters mentioned by Hindenburg Research in its report. “Hindenburg’s allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws,” the Adani group said.
Adani Group’s history with Hindenburg Research
Adani Group’s record Rs 20,000 crore follow-on public offer was hit by an explosive report by US-based short-seller Hindenburg Research which alleged financial wrongdoings and opacity in the group and its company’s shareholdings. Hindenburg Research accused the group of indulging in the roundtripping of funds and artificial inflation of group stocks. To be sure, the Supreme Court found no evidence of alleged stock price manipulation.
Since then, Hindenburg Research has been involved in a tug-of-war with SEBI, which slapped notices on it for violation of the code of conduct for research analysts among other regulatory guidelines. The US-based short-seller alleged that SEBI had tried to keep the identity of Kotak Mahindra Bank as an offshore fund operator for the fund used to short Adani group stocks. Now the US-based short seller has gone after SEBI chair Madhabi Puri Buch and her husband Dhaval alleging that they had links with the Adani Grou by virtue of their investment in an offshore fund which also counted Vinod Adani, the elder brother of billionaire Gautam Adani, as an investor.
Adani group rejected the allegations made by Hindenburg Research in its latest report, calling them malicious, michievous and manipulative. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
