Adani Group chief Gautam Adani once again opened a front against Hindenburg Research, saying that the US-based short seller company tried to defame the company with false and misleading reports. At the same time, the company's shares were deliberately brought down and earned profits. In his message to shareholders, Adani said that on the eve of Republic Day, a report was published by US-based shortseller.
This report came at a time when the group was preparing to bring the biggest FPO in history. Adani said in the company's annual report that Hindenburg's report contained false information and attempted to defame the group. The main objective of this report was to damage the reputation of the group and deliberately reduce the stock prices, so that maximum profits could be made.
Investors' money returned by withdrawing FPO
He said that despite the FPO being fully subscribed, the company had taken the decision to refund the money protecting the interests of the investors. Apart from this, reports of short-selling led to several adverse consequences that the company had to face, he said. Adani said that even though the group had issued a denial at the time, several different organizations and individuals tried to opportunistically take advantage of the claims made by the short seller. These organizations tried to create false narratives on news and social media platforms.
The committee did not find regulatory failure
He also said that the Supreme Court of India constituted an expert committee to look into the matter, which found no regulatory failure by the group. He said, although SEBI is yet to submit its report in the coming months, we are confident about our governance and disclosure standards. After the release of the Hindenburg Report on January 24, there was a big drop in the market cap of Adani Group's shares, in which the group was accused of fraud transactions, accounting fraud.
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