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AHMEDABAD, India, Feb. 1, 2023 /PRNewswire/ — The Adani Group responded to unsubstantiated allegations and misleading narrative by Hindenburg Research in over 400-page response, raising questions against the ulterior motives of Hindenburg that has conveniently ignored the Indian judiciary and regulatory framework.
Adani Group’s Response: https://www.adani.com/Newsroom/media-coverage
The response covers its governance standards, credentials, creditworthiness, best practices, transparent conduct, financial & operational performance and excellence. The Hindenburg report was made to profiteer at the cost of our shareholders and public investors. It is neither ‘independent’ nor ‘objective’ but manipulative to create a false market in securities to book wrongful gain, which is a securities fraud under Indian law.
Of the 88 questions posed by Hindenburg, 68 refers to matters already disclosed by the Group companies in their annual reports available on their websites, offering memorandums, financial statements and stock exchange disclosures from time to time. 18 questions are pertaining to public shareholders and third parties (and not the Adani portfolio companies), while the balance 5 are baseless allegations based on imaginary fact patterns.
The report claims to have undertaken a “2-year investigation” and “uncover evidence”, but it comprises only selective and incomplete extracts of information already in the public domain for years. We take serious objection to Hindenburg that chose to mislead the investors, watchdogs and policy makers at a time when Adani Enterprises Ltd has launched country’s largest FPO.
The Group is deeply committed to its stakeholders and is thankful to them for standing with us over the past 30 years. Shockingly, Hindenburg’s attack on the trust of the Group’s stakeholders undermines its commitment to ‘Growth with Goodness’.
EXTRACTS OF ADANI GROUP’S RESPONSE TO HINDENBURG
Our Response to the Allegations
None of the 88 questions is based on…
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