- The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts: Group CFO Jugeshinder Singh
NE BUSINESS BUREAU
AHMEDABAD, JAN 25
Billionaire Gautam Adani-led Adani Group on Thursday slammed the timing of the Hindenburg Research report released on Wednesday as a clear sign of a brazen, mala fide intention to undermine the conglomerate’s reputation with the principal objective of damaging the upcoming follow-on public offer (FPO) from Adani Enterprises.
The research firm in its report titled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’ said that the seven listed companies of the Adani group, controlled by world’s third richest man Gautam Adani, have taken on substantial debt, including pledging shares of their inflated stock for loans, putting the entire group on precarious financial footing.
Reacting on the same, the conglomerate has expressed shocked over the report that has been published “without making any attempt to contact us or verify the factual matrix.”
“The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts,” Group CFO Jugeshinder Singh said in a statement.
While Hindenburg report claimed that the Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades, the group has refuted the claims. “The investor community has always reposed faith in the Adani Group on the basis of detailed analysis and reports prepared by financial experts and leading national and international credit rating agencies,” it stated.
Adani Group’s informed and knowledgeable investors are not influenced by one-sided, motivated and unsubstantiated reports with vested interests, the statement added.
The Adani Group, which is India’s leader in infrastructure and job creation, is a diverse portfolio of market-leading businesses managed by CEOs of the highest professional calibre and overseen by experts in various fields for several decades. “The Group has always been in compliance with all laws, regardless of jurisdiction, and maintains the highest standards of corporate governance,” the statement added.
Jugeshinder Singh, Group CFO, Adani
