The Adani Group chairman, Gautam Adani, criticized the Hindenburg Report as a “combination of intended deception and disregarded allegations” written by vested interests. Adani claimed the report was a mix of deliberately false information and debunked claims from 2004 to 2015. He claimed the report attempted to harm the group’s reputation and generate profit by lowering stock prices. Adani stated that the conglomerate was raising several billion from foreign investors and that no international credit agency declined any group firms’ ratings. The Supreme Court committee found no deteriorations at the conglomerate, and Adani emphasized the group’s confidence in its administration.
Attempting to harm our reputation intentionally: Adani on the Hindenburg report
Gautam Adani, the chairman of the Adani Group, asserted that the conglomerate is confident in its management and disclosure standards following the Supreme Court panel’s finding that the company had no deficiencies.
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Gautam Adani criticized the Hindenburg Research report on Tuesday
Adani, claimed on Tuesday that the Hindenburg Research report critical of the conglomerate was an effort to harm its reputation.
The Adani Group’s Annual General Meeting 2023
The Indian billionaire claimed in his speech to the group’s Annual General Meeting 2023 that the short seller’s report was a “combination of intended deception and disregarded allegations” written by “vested interests” and published just before the Adani Enterprise’s follow-on public deliver to damage the group’s reputation.
Gautam Adani’s statement
The report was a mix of deliberately false information and debunked claims. They mostly date from 2004 to 2015. At the time, authorities resolved them all, Adani said, adding that it “was an intentional and nefarious attempt intended to harm our reputation and generate a profit by lowering its stock prices.”
“To safeguard investors’ interests, we ultimately return the money to them regardless of a fully subscribed FPO. Many powerful interests focused on us as we responded,” Adani claimed.
The chairman of the Adani Group continued by stating that the conglomerate was raising several billion from foreign investors and that no international credit agency declined any of the group firms’ ratings.
The Supreme Court committee found no deteriorations at the conglomerate
After the Supreme Court panel found no failings at the conglomerate, he claimed that the group is confident in its administration and disclosure standards. Adani continued, “The Supreme Court committee’s report contributed to the group’s increased confidence. Maintain your faith in transparency and governance standards.”
The Hindenburg Research report
In a Hindenburg report that appeared in January, a US short seller claimed that the conglomerate participated in accounting frauds and stock market manipulation over ten years.
In May, a panel appointed by the Supreme Court concluded that there was no proof of a “regulatory failure” on the part of the market regulator Securities and Exchange Board of India.