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Business News/ Companies / News/  ‘A calculated attack on India’: Adani Group on Hindenburg allegations
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‘A calculated attack on India’: Adani Group on Hindenburg allegations

In a 413-page response, Adani Group said the report was driven by ‘an ulterior motive’ to ‘create a false market’ to allow the US firm to make financial gains

Adani group says all transactions entered into by group with entities who qualify as ‘related parties’ under Indian laws have been disclosed by group (AP)Premium
Adani group says all transactions entered into by group with entities who qualify as ‘related parties’ under Indian laws have been disclosed by group (AP)

Richest Indian Gautam Adani's group on Sunday likened the damning allegations levied by short-seller Hindenburg Research to a "calculated attack" on India, its institutions and its growth story, saying the allegations are "nothing but a lie".

In a 413-page response, Adani Group said the report was driven by "an ulterior motive" to "create a false market" to allow the US firm to make financial gains.

"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," it said. Adani Group, in its 413-page report, has also responded to all 88 questions raised by Hindenburg.

"This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors," Adani said in 413-page response late on Sunday.

"All transactions entered into by us with entities who qualify as ‘related parties’ under Indian laws and accounting standards have been duly disclosed by us."

The Adani report states that by "holding short positions" in Adani stocks, which simply put it is betting on the stock falling. Hindenburg exposed its hand as it made huge money with the fall of Adani stocks immediately following the publication of the report on January 24.

Adani Group said on Sunday that a Hindenburg report intended only to create a false market in securities to enable the short seller to book gains.

Adani group says the report seeks answers to 88 questions, 65 of which relate to matters duly disclosed by Adani companies in annual reports.

Adani group says auditors who have been engaged have been duly certified, and qualified by relevant statutory bodies. Adani group says raising financing against shares as collateral is a common practice globally.

Adani group says all transactions entered into by the group with entities who qualify as ‘related parties’ under Indian laws have been disclosed by the group.

Adani group says all transactions entered into by the group with entities who qualify as ‘related parties’ under Indian laws have been disclosed by the group.

*With agency inputs

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Published: 29 Jan 2023, 10:24 PM IST
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