On January 24, Hindenburg Research made wide-ranging allegations that the Adani Group was pulling off the “largest con in corporate history”. It claimed that the conglomerate has over the decades been involved in stock manipulation, accounting fraud, used offshore shells for money laundering and siphoned money from listed companies.
A day after the report’s publication, Adani Group’s chief financial officer Jugeshinder Singh pushed back against Hindenburg’s allegations in a video statement with the Indian flag in the background.
In another statement on Thursday, the Adani Group had framed the Hindenburg report as having harmed Indians. “The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens,” the group said.
On Sunday, in a 413-page response to these allegations of illicit financial activities, the Adani Group instead argued that it was involved in “nation building” and suggested that Hindenburg was deliberately targeting India. “This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” the Adani response read.
31/01/2023