Pawan Kumar
Adani Group Responds to the Hindenburg
Hindenburg Research asked Adani Group Responds 88 questions in its report on the company that came out on January 24. Adani Group answered those questions today. “We are shocked that Hindenburg Research published a report on January 24, 2023, without trying to get in touch with us or check the facts,” Group Chief Financial Officer Jugeshinder Singh said in a statement on Wednesday.
The Ahmedabad-based group said that its 2015 Adani Portfolio presentation answered 21 of the questions that had been asked. Hindenburg’s investigation into claims of fraud or bad accounting It also said that Hindenburg’s claims about accounting or fraud, which were part of the investigation, “lack facts.”
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In a presentation to analysts, Adani Group said that of the nine publicly traded companies, eight are audited by the BIG 6 auditors, and Adani Total Gas is also thinking about using a BIG 6 auditor for its audit. Adani Group said that about 100 of its different companies are rated for leverage or over-leverage, which is close to 100% of its EBITDA. Adani has pushed back on claims.
In its presentation to analysts, Adani Group Responds said that out of the nine publicly traded companies, eight are audited by the BIG 6 auditors, and Adani Total Gas is also thinking about using a BIG 6 auditor for its audit. Adani Group said that nearly all of its companies are rated for leverage or over-leverage, which accounts for nearly all of its EBITDA. Adani has denied claims.
Singh said that the report is a “malicious mix of selectively false information and old, unfounded, and disproven claims that have been tested and thrown out by India’s highest courts.” The report came out before Adani Enterprises Ltd.’s follow-on public offering on January 27. It “clearly betrays a brazen, bad-faith intention to hurt the group’s reputation,” which was the main goal.
Based on in-depth study and studies made by financial experts and top national and international credit rating organisations, Singh claims that the investment community has always had faith in the group. “Our savvy investors are not swayed by biassed, self-serving, or otherwise suspect media outlets.” According to Singh, the crew has never failed to follow instructions.
