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Adani Group: The Adani Group on Sunday responded to the allegations spread by Hindenburg Research in a 413-page reply with relevant documents. Adani Group’s response also raises questions against Hindenburg’s ulterior motives and modus operandi, which have conveniently bypassed the Indian judiciary and regulatory framework. Adani Group’s detailed response covered its governance standards, reputation, best practices, transparent conduct, financial and operational performance and excellence.
Know what Adani Group said about the Hindenburg report
Adani Group said that the Hindenburg report has been made with a clear intention to profiteer at the expense of our shareholders and public investors. It is a manipulative document fraught with conflict of interest and aimed solely at creating a false market in securities to book false profits, which clearly constitutes securities fraud under Indian law.
68 out of 88 questions already have information – Adani Group
It is pertinent to note that of the 88 questions asked by Hindenburg, 68 refer to matters duly disclosed by the Adani Group companies in their respective annual reports offering memorandum, financial statements and stock exchange disclosures from time to time. Has been done. Of the 20 questions, 16 are related to public shareholders and their sources of wealth, while the remaining four are mere baseless allegations.
Hindenburg has managed its short trades – Adani Group
Needless to say that Hindenburg created these questions to divert the attention of his target audience while managing his short trades for profit at the expense of the investors. The report claims to cover 2 years of investigation and uncovering evidence, but contains nothing but selective and incomplete extracts of exposed information that has been in the public domain for years.
In its statement on Sunday, Adani Group told the Hindenburg report a well-planned conspiracy
Adani Group said in its statement on Sunday that it is shocked and disturbed to read the report published by Hindenburg Research on ‘Madoffs of Manhattan’ on January 24, which is nothing but a lie. Adani Group said that the document is a malicious combination of selective misinformation. This report incites hidden facts related to baseless and defamatory allegations with an ulterior motive.
It is rife with conflict of interest and intended to create a false market in securities only to enable Hindenburg, an approved short seller, to unfairly book massive financial gains at the expense of countless investors.
It is a matter of great concern that the statements of an entity sitting thousands of miles away without any credibility or ethics have had a serious and unprecedented adverse impact on our investors. The malicious intent contained in the report is clear considering its timing when Adani Enterprises Limited will be the biggest ever public offering of equity shares in India. Adani Group said that this is not just an unwanted attack on a specific company, but a systematic attack on the independence, integrity and quality of India, Indian institutions and India’s growth story and ambition.
Hindenburg report made to benefit its short deals – Adani Group
Hindenburg has not published this report for any altruistic reasons but purely out of selfish motives and in flagrant violation of applicable securities and foreign exchange laws. The truth of the matter is that Hindenburg is an unethical short seller. A short seller in the securities market books gains from the subsequent reduction in the prices of the shares.
Hindenburg took a ‘short position’ and then, in order to influence the downward spiral of the stock price and make false profits, Hindenburg published a document to manipulate and drive down the stock price and create a false market. Allegations and insinuations presented as fact spread like wildfire, wiping out vast amounts of investors’ wealth and reducing profits for Hindenburg. The net result is that public investors lose out and Hindenburg makes a windfall.
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