Adani Group Refutes Hindenburg Allegations, Calls It “Attack On India”

Adani Group Refutes Hindenburg's Allegations, Calling It 'Attack on India'

The Adani Group issued a 413-page response to Hindenburg’s research. (Represent)

New Delhi:

The group of India’s richest man Gautam Adani on Sunday likened the accursed accusations by short seller Hindenburg Research to a “calculated attack” on India, its institutions and growth story. this, saying that the allegations were “just a lie”.

In a 413-page response, the Adani Group said the report was motivated by an “ulterior motive” to “create a fake market” to allow the US company to earn financial profits.

“This is not merely an unwarranted attack on any particular company but a calculated attack on India, the independence, integrity and quality of Indian institutions. , as well as India’s growth and ambition story,” it said.

Claims that the allegations in the January 24 report by Hindenburg Research are “nothing but lies”, the document is a “malicious combination of selective misinformation and factualized facts”. cover-up regarding baseless and discredited allegations that promote an ulterior motive”.

“This is rife with conflicts of interest and is only intended to create a fake market for securities to enable Hindenburg, an acknowledged short seller, to obtain huge financial gains through various means. wrong at the expense of countless investors,” it said.

It went on to question Hindenburg’s credibility and ethics, and said the nefarious intent behind the report was apparent based on the time when Adani Enterprises Limited was conducting one of its equity share offerings. largest public offering ever in India.

“Hindenburg did not publish this report for any altruistic reason that was purely out of selfish motives and in blatant violation of applicable securities and foreign exchange laws,” it said. “The report is not ‘independent’, ‘objective’ or ‘well researched’.”

Short-selling activist Hindenburg Research, which gained global attention with its takedowns of electric vehicle makers Nikola and Lordstown Motors, alleged in a report Wednesday that the investigation lasted two years. their year found that the Adani Group was “engaged in a blatant securities manipulation and accounting fraud scheme that spanned decades”.

The report of the small New York company specializing in short selling caused Adani Group to lose more than $50 billion in market value in just two trading sessions and Adani himself also lost more than $20 billion, or about a fifth of the total. his property. .

Hindenburg points to the group’s “substantial debt,” which includes pledging shares to lend; that Adani’s brother Vinod “manages a vast labyrinth of offshore organizations” that funnel billions of dollars into corporate companies without disclosure; and that its auditor “seems unlikely to be able to perform complex audit work”.

Of the 88 questions raised by Hindenburg, 65 of them related to issues that were duly published by companies in Adani’s portfolio, the Adani Group said. “Of the 23 balance questions, 18 concerns public and third-party shareholders (and not Adani’s portfolio companies), while balance 5 are allegations groundless based on imaginary factual patterns.”

It lists questions from the report and dismisses them as “false propositions based on malicious misrepresentation of governance practices” or “manipulated narratives around unrelated third-party entities.” opinion” or “biased and unsubstantiated claims”.

“We reaffirm that we comply with all applicable laws and regulations. We are committed to exercising the highest levels of governance to protect the interests of all our stakeholders.” it said.

“Adani’s Portfolio also has very tight internal controls and audit controls. All of the companies listed in the Adani Portfolio have a strong governance framework in place.” The focus of Adani’s portfolio and Adani verticals is to help build the nation and bring India to the world.

“We will exercise our rights to pursue remedies to protect our stakeholders from all appropriate authorities and we reserve the right to further respond to any allegations or content contained in Hindenburg’s report or to supplement this statement,” it added.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, a Company of the Adani Group.)

(This story has not been edited by NDTV staff and was automatically generated from an aggregated feed.)

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