Gautam Adani: Hindenburg Report False, Group's Trust in Administration
Latest Updates: "Gautam Adani Accuses Hindenburg Report of Deliberate Malice, Affirms Confidence in Adani Group's Governance"
During a shareholder address in New Delhi, Gautam Adani, the founder and chairman of Adani Group, denounced the Hindenburg report as a deliberate and malicious attempt to tarnish the reputation of the Adani Group and manipulate stock prices for short-term gains. Adani expressed unwavering faith in the group's governance and disclosure standards, pledging continuous efforts to enhance them further. He acknowledged the invaluable support of stakeholders throughout challenging times.
Furthermore, Adani highlighted that the Adani Group successfully raised substantial capital from international investors, and no international credit agency had downgraded the group's ratings, emphasizing the confidence placed in their financial stability.
"Billionaire Industrialist Accuses US-based Short-seller of Publishing Misleading Report to Manipulate Adani Group's Follow-On Public Offer"
Gautam Adani, the billionaire industrialist, revealed that the Hindenburg report, released by a US-based short-seller, was a deliberate concoction of discredited allegations and targeted misinformation. Adani emphasized that the report was strategically timed to coincide with the Adani Group's plans for the largest follow-on public offer in India's history. The intent behind the report, he asserted, was to manipulate the stock prices of the Adani Group and undermine investor confidence ahead of the FPO.
"Gautam Adani Highlights Temporal Scope of Hindenburg Report's Allegations, Affirms Adani Group's Commitment to Investor Protection"
According to Gautam Adani, a significant portion of the allegations mentioned in the Hindenburg report were based on events that occurred between 2004 and 2015. Adani further expressed that various parties with vested interests deliberately propagated false narratives across different news and social media platforms. Despite facing these challenges, the Adani Group took proactive measures to safeguard investor interests by withdrawing the Follow-On Public Offer (FPO) and returning funds to investors.
Gautam Adani also highlighted the findings of a Supreme Court Expert Committee, which publicly released its report in May 2023. The committee, after examining the Hindenburg allegations, found no instances of regulatory failure. Additionally, the committee acknowledged credible charges of targeted market destabilization and affirmed the Adani Group's adherence to high-quality disclosure practices. Adani emphasized the group's dedication to transparency and protecting the interests of stakeholders.