Amid the Hindenburg and Adani Group row, the latter shared a 413-page detailed rebuttal on Sunday, claiming it has complied with all the local laws and had made the necessary regulatory disclosures.
Subsequently, Hindenburg released its statement wherein the US-based short seller said that in terms of the sentence, Adani's 413-page response, only 30 pages focused on issues related to its 24 January report.
"The remainder of the response consisted of 330 pages of court records, along with 53 pages of high-level financials, general information, and details on irrelevant corporate initiatives, such as how it encourages female entrepreneurship and the production of safe vegetables.
Hindenburg’s 24 January report, constituting the research firm’s opinions and investigative commentary where readers are advised that use of the report is at their own risk, details a web of Adani-family-controlled offshore shell entities in tax havens, from the Caribbean, Mauritius, and the United Arab Emirates. It claims these were used to facilitate corruption, money laundering, and taxpayer theft while siphoning money from the group’s listed companies.
Targeting Gautam Adani's elder brother Vinod Adani, Hindenburg Research said the conglomerate has failed to answer about the source of funds flowed from Vinod Adani-associated offshore shell entities through the Adani Group.
- stock parking/stock manipulation
- engineering Adani's accounting
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.