The Adani Group has issued a strong rebuttal to the recent report published by Hindenburg Research, characterizing the allegations as “a red herring” and rejecting them entirely.
In a statement released today, a spokesperson for the Adani Group said, “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 wanton disregard for facts and the law.”
The Group emphasized that these claims are not new, stating, “We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon’ble Supreme Court in March 2023.”
Addressing concerns about their overseas holding structure, the spokesperson asserted, “It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents.”
The statement also clarified the role of Anil Ahuja, mentioning that he “was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017.”
Responding to allegations of connections with certain individuals, the Adani Group stated, “The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing.”
The Group reaffirmed its commitment to regulatory compliance, saying, “We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements.”
In a strong conclusion, the Adani Group spokesperson criticized Hindenburg Research, stating, “For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg’s allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws.”
This statement comes in response to a report published by Hindenburg Research on August 10, 2024, which made several allegations against the Adani Group and the current Chairperson of the Securities and Exchange Board of India (SEBI).
As this situation continues to develop, it highlights the ongoing tension between the Adani Group and Hindenburg Research, with both parties standing firm in their respective views.
