Ajit Karn
Hindenburg
The Hindenburg report accusing the Gautam Adani-led Adani Group of stock manipulation was referred to as “maliciously nasty and unresearched” and the Adani Group said it was seeking corrective and legal action against it.
After the business conglomerate Adani Group declared it would pursue “remedial and punitive action” against it over claims of unlawful use of offshore tax havens, investment research firm Hindenburg retaliated against Gautam Adani-led Adani Group.
Adani hasn’t addressed a single significant issue we mentioned in the 36 years since we published the report, we claim. The company released a statement on its Twitter account that read, “At the end of our study, we asked 88 basic questions that we believe provide the company a chance to be truthful.”
After the business conglomerate Adani Group declared it would pursue “remedial and punitive action” against it over claims of unlawful use of offshore tax havens, investment research firm Hindenburg retaliated against Gautam Adani-led Adani Group.
Adani hasn’t addressed a single significant issue we mentioned in the 36 years since we published the report, we claim. The company released a statement on its Twitter account that read, “At the end of our study, we asked 88 basic questions that we believe provide the company a chance to be truthful.”
The investment company asserted that any legal action taken against it would be “meritless” and that it stands behind the report. The Adani Group was dared by Hindenburg to bring a lawsuit in the US, where it operates.
Where’s the popcorn?
Hindenburg defends report on Adani Group, says any action will be ‘meritless’https://t.co/WH4NA98bmY
— परितोष पप्पू #DontLetHateWin #डरो मत (@paritoshZero) January 26, 2023
In its analysis, the financial research firm said that over many years, Adani Group participated in blatant stock manipulation and accounting fraud. The report was made public as the corporate giant began a follow-on share sale worth 20,000 crore, according to PTI.
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The investigation listed a number of tax havens in the Caribbean, Mauritius, and the UAE where the Adani family reportedly controlled offshore shell companies that were allegedly used to “enable corruption, money laundering, and taxpayer theft.”
