August 11th 2024.
Ahmedabad: The Adani Group has strongly refuted the latest accusations made by Hindenburg Research, labeling them as "malicious" and "manipulative". According to the group, Hindenburg has cherry-picked information that is readily available to support their predetermined conclusions. The group believes that Hindenburg's motivations are solely focused on personal profit and show a blatant disregard for both facts and the law.
In a filing with the stock exchange, the Adani Group vehemently denied the allegations, stating that they have already been thoroughly investigated and proven to be baseless. The group also pointed out that the Indian Supreme Court had already dismissed these claims back in January of 2024.
The Adani Group made it clear that they see Hindenburg as a discredited short-seller who has been under scrutiny for multiple violations of Indian securities laws. They believe that Hindenburg's allegations are nothing more than a distraction tactic from a desperate entity that has no respect for Indian laws.
A spokesperson for the Adani Group emphasized that the company's overseas holding structure is completely transparent and that all relevant information is regularly disclosed in public documents. They also mentioned that Anil Ahuja, who was a nominee director for 3i investment fund in Adani Power, and later a director of Adani Enterprises, had no commercial relationship with the individuals or matters mentioned in the report.
The Adani Group made it clear that they are fully committed to transparency and compliance with all legal and regulatory requirements. They believe that their actions have always been in accordance with the law.
Earlier in the day, the Chairperson of the Securities and Exchange Board of India, Madhabi Puri Buch, and her husband Dhaval Buch, also denied the allegations made against them by Hindenburg Research. They called the accusations a "character assassination attempt" and believe that it is in response to the enforcement action and show cause notice issued by SEBI last month.
In a joint statement, the couple stated, "It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has resorted to character assassination in response." They strongly deny the baseless allegations and insinuations made in the report.
The couple also mentioned that they would be releasing a detailed statement in the near future to provide complete transparency on the matter. They believe that short-sellers like Hindenburg Research may face consequences for their actions, as even the US market regulator, the Securities and Exchanges Commission, has been tightening its grip.
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