According to the Financial Times, Gautam Adani’s company has hired US law firm Wachtell in a short-seller tussle with US-based Hindenburg Research. The law practise is well-known for its aggressive activism defence.
“In recent days, the Adani Group has tapped senior lawyers at New York’s Wachtell, Lipton, Rosen & Katz to advise it on how to stem the crisis facing the Indian conglomerate since Hindenburg accused it of accounting fraud and stock market manipulation in late January,” the FT report said quoting four sources.
Since a US-based research agency levelled charges against Adani group in a study on January 25, Adani group business stocks have been erratic. Since that day, the company has been fighting fires, culminating in the withdrawal of its much-anticipated 20,000-crore FPO. Since then, the organisation has even paid off some of its debt with pledged shares.
