Adani Group Refutes Hindenburg Allegations as Malicious and Manipulative
News Mania Desk/Agnibeena Ghosh/11th August 2024
The Adani Group has strongly refuted the recent allegations made by US-based short-seller Hindenburg Research, dismissing them as malicious and manipulative. On Sunday, the conglomerate responded to Hindenburg’s claims, asserting that these accusations are a calculated attempt to profit by selectively distorting public information.
Hindenburg Research had alleged that SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, had stakes in offshore entities linked to the Adani Group. According to the report, these investments were connected to a fund structure managed by India Infoline, in which Vinod Adani, the brother of Gautam Adani, had also invested. The report further claimed that these investments dated back to 2015, years before Madhabi Puri Buch’s appointment as a whole-time member of SEBI in 2017 and her elevation to SEBI Chairperson in March 2022.
The Adani Group categorically rejected these allegations, emphasizing that they are a rehash of discredited claims that have already been thoroughly investigated and dismissed by the Supreme Court in January 2024. The group asserted that the allegations are part of a deliberate and malicious effort to manipulate public perception and undermine the Adani Group’s reputation for personal gain.
In its response, the Adani Group also addressed the specific claims regarding its overseas holding structure. The conglomerate reiterated that its offshore holdings are fully transparent, with all relevant details regularly disclosed in public documents. The group emphasized that it has consistently adhered to legal and regulatory requirements, maintaining a strong commitment to transparency.
Furthermore, the Adani Group highlighted that Anil Ahuja, a former nominee director of the 3i investment fund in Adani Power, served as a director of Adani Enterprises until 2017. However, the group clarified that it has no commercial relationship with the individuals or entities mentioned in Hindenburg’s report. The Adani Group asserted that these claims are baseless and intended to malign the company’s standing.
The group also criticized Hindenburg Research, labeling the short-seller as a discredited entity under scrutiny for violations of Indian securities laws. The Adani Group accused Hindenburg of deliberately spreading misleading information with total disregard for Indian laws, characterizing the allegations as nothing more than red herrings.
The accusations by Hindenburg Research have brought renewed attention to the ongoing scrutiny of the Adani Group’s financial dealings. However, the group’s firm denial of the claims underscores its stance that these allegations are unfounded and part of a broader strategy to manipulate the market.
As the situation unfolds, the Adani Group remains resolute in its commitment to transparency and compliance with all legal and regulatory requirements. The conglomerate continues to reject the allegations as part of a calculated campaign to undermine its reputation, reiterating its position that it has no commercial ties to the individuals or entities mentioned in the Hindenburg report.
The controversy surrounding the Hindenburg allegations is likely to continue as both sides stand firm in their positions. However, the Adani Group’s strong rebuttal signals its determination to defend its reputation and uphold its commitment to transparency in the face of these accusations.
