Adani Group Rejects Hindenburg's Latest Allegations, Terms Them 'Malicious And Manipulative'

Issuing a statement on Sunday, the Indian conglomerate rejected the claims made by the US-based short seller in its latest report released on August 10, 2024

Reacting to the latest allegations by Hindenburg Research, the Adani Group called the claims ‘malicious, mischievous, and manipulative’. Issuing a statement on Sunday, the Indian conglomerate rejected the claims made by the US-based short seller in its latest report released on August 10, 2024.

The statement read, “We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in January 2024.”

The conglomerate stressed that it held no commercial relationship with any of the entities mentioned in the latest report and called the allegations a measured attempt to malign the firm.

“The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements,” the statement read.

The Indian conglomerate expressed that its business structure remained transparent. "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents. Furthermore, Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007- 2008) and, later, a director of Adani Enterprises until 2017," it added.

In the latest report, Hindenburg claimed that SEBI Chief Madhabi Puri Buch and her husband, Dhaval Buch, held stakes in offshore funds involved in siphoning of funds by the Adani Group. These allegations were staunchly denied by the SEBI chief, who called them 'baseless' and said they were willing to share any documents required by the regulators.