Adani Group hits back at Hindenburg with 413-page response; calls them 'Madoffs of Manhattan'
By Vipin Vijayan | First Published Jan 30, 2023, 9:06 AM ISTThe statement said that the Hindenburg report, which accused Adani Group of engaging in 'brazen stock manipulation' and accounting fraud, has been made with a clear intent to profiteer at the cost of shareholders and public investors.
Days after facing investors' wrath at the bourses over damning claims made by the Hindenburg Research, the Adani Group has said that it had shot across a 400-page response to the misleading narrative and unsubstantiated allegations peddled by the New York-based activist short-selling firm.
In a statement issued on Sunday night, the Adani Group said its response also questioned the ulterior motives of Hindenburg that 'conveniently ignored the Indian judiciary and regulatory framework'.
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Click HERE to read Adani Group's full response to Hindenburg
The statement said that the Hindenburg report, which accused Adani Group of engaging in 'brazen stock manipulation' and accounting fraud, has been made with a clear intent to profiteer at the cost of shareholders and public investors.
While claiming that the Hindenburg investigation was neither objective nor independent, the Adani Group called the report a manipulative document aimed at creating a false market in securities to book wrongful gain, which clearly constitutes securities fraud under Indian law.
The statement highlighted that 68 out of the 88 questions posed by Hindenburg in its report refer to the matters that have already been duly disclosed by Adani Group companies in their respective annual reports, offering financial statements, memorandums, and stock exchange disclosures.
Another 16 out of 20 questions pertain to public shareholders and their sources of funds, while the balance four are baseless allegations. 'Needless to say that Hindenburg has created these questions to divert the attention of its target audience while managing its short trades to benefit at the cost of investors,' the statement said.
Dismissing the two-year Hindenburg investigation as nothing other than selective and incomplete extracts of disclosed information which have been in the public domain for years, the Adni Group said that Hindenburg chose to mislead the investors, watchdogs and policymakers at a time when Adani Group has launched country’s largest FPO.
Seeking to reach out to its investors, the Adani Group said: 'We are shocked and deeply disturbed to read the report published by the 'Madoffs of Manhattan' - Hindenburg Research.' 'The Hindenburg report is a malicious combination of concealed facts relating to baseless and discredited allegations and selective misinformation to drive an ulterior motive,' it added.
The Adani Group made it clear that it complies completely with all applicable laws and regulations. It also made its intentions clear to take Hindenberg to court, stating that it retains the right to pursue remedies to safeguard its stakeholders before all appropriate authorities.
Also Read: The Hindenburg challenge before Gautam Adani and his empire
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