Latest Hindenburg Accusations Are ‘Malicious’ and Nothing More Than Misleading Leads: Adani Group

Ahmedabad:The Adani Group on Sunday strongly rejected the latest allegations by Hindenburg Research, saying it was a “malicious, malicious and manipulative cherry-picking of publicly available information” aimed at drawing “predetermined conclusions about personal gains with wanton disregard for facts and the law.”

In documents filed with the stock exchange, the Group has completely rejected these allegations “which replicate discredited claims that have been thoroughly investigated, found to be without merit and have already been dismissed by the Honourable Supreme Court in January 2024.”

“For a discredited bearish investor suspected of numerous violations of Indian securities laws, the Hindenburg allegations are nothing more than misleading leads thrown out by a desperate organisation with complete disregard for Indian law,” Adani Group said.

Adani Group spokesman reiterated that the company’s overseas holding structure is completely transparent and all relevant details are regularly disclosed in numerous public documents.

“Additionally, Anil Ahuja was a nominee director of 3i mutual fund in Adani Power (2007-08) and later a director of Adani Enterprises till 2017,” the spokesperson said.

The Adani Group said it has “absolutely no commercial links whatsoever with any person or matter mentioned in this deliberate act to discredit our position.”

The spokesperson added that the Group remains “steadfast in its commitment to transparency and compliance with all legal and regulatory requirements”.

On the same day, Securities and Exchange Board of India (SEBI) Chairwoman Madhabi Puri Buch and her husband Dhaval Buch vehemently denied the allegations made against them by Hindenburg Research, calling them an “attempted defamation”, as the Nate Anderson-led company was issued an enforcement order and summons last month.

The statement said, “Unfortunately, Hindenburg Research, against which SEBI has taken enforcement action and issued a show cause notice, has chosen to launch a defamation attempt in response to the same.”

The market regulator last month found that Hindenburg and Anderson had violated SEBI’s regulations on prevention of fraud and unfair trading practices and SEBI’s regulations on Code of Conduct for Research Analysts.

According to a joint statement issued by the couple: “In the context of the allegations contained in the Hindenburg Report of August 10, 2024 against us, we would like to state that we categorically deny the unfounded allegations and insinuations contained in the report.”

“Furthermore, in the interest of complete transparency, we will issue a detailed statement in due course,” they added.

Downside betting firms like Hindenburg Research could find themselves in trouble as even the U.S. market regulator, the Securities and Exchange Commission (SEC), tightens its scrutiny.

IANS