Adani Group responded to Hindenburg’s report in 413 pages, told the allegations an attack on India

Adani Group responded to Hindenburg’s report in 413 pages, told the allegations an attack on India


New Delhi (Best Hindu News): Billionaire entrepreneur Gautam Adani-led Adani Group has given a strong reply to a 413-page report by American speculative market firm Hindenburg Research, saying the report was issued with ulterior motives and spread baseless confusion. . The Adani Group has said that the Hindenburg report is designed to make profits at the cost of its shareholders and public investment and is grossly ambiguous.

Adani Group has also submitted relevant documents and references along with its reply. In a media note issued in connection with a detailed reply to the Hindenburg report that created a controversy at the time of follow-on share issue (FPO) of group company Adani Enterprises, the Adani Group has said that the US company in its report on the same has misrepresented India. Judiciary and regulatory system have been ignored as per their convenience.

The Adani Group, in its response, has referred to the ideals of governance, reputation, integrity and transparent behavior adopted by its companies and the results and excellence of financial operations. The group has said that this report is neither independent nor factual. It can only be called a gimmicky document. In which the conflict of interest is reflected everywhere. The Adani Group has said that the purpose of this report is to create a fraudulent securities market to reap profits, which is stock market fraud as per Indian law.

The Adani group has said that the Hindenburg report raised 88 questions, of which 68 have already been published by the group companies in their annual reports, offer proposals, financial statements and stock exchanges. Is. Of the remaining 20, 16 questions are about public shareholders and their source of wealth. Apart from these, the remaining four questions are nothing but baseless allegations.

The Adani Group has said that Hindenburg raised these questions to divert the attention of his target persons and to take advantage of his short positions in Adani Group’s securities business at the cost of investors. Adani Group has said that the US company claims that it has conducted two years of investigation and collected a lot of evidence for this report, but its claim is nothing more than a selective and incomplete compilation of public information.

Adani Group said that this is not just an unwarranted attack on a specific company, but a planned attack on the independence, integrity and quality of India, Indian institutions and India’s growth story and ambition.

It is worth mentioning that after this report that came just before the FPO of Adani Enterprises, the stock of this company has come down to Rs 2762 whereas the company has fixed the range of application price for FPO from Rs 3112 to Rs 3276 per share. The issue is closing on 31 January.





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