Adani Group chairman Gautam Adani on Tuesday said the Hindenburg Research’s report against the conglomerate was an attempt to damage its image.
Addressing the group’s Annual General Meeting 2023, the Indian billionaire alleged that the short seller’s report was a “combination of targeted misinformation and discredited allegations” written by “vested interests” released just before the Adani Enterprises’ follow-on public offer to harm the group’s reputation.
“The report was a combination of targeted misinformation and discredited allegations. The majority of them dating from 2004 to 2015. They were all settled by authorities at that time,” Adani said, adding that it ‘was a deliberate and malicious attempt aimed at damaging our reputation and generating a profit by driving down its stock prices’.
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“Subsequently, despite a fully subscribed FPO, we decided to return the money to investors to protect their interests. While we issued our rebuttal, various vested interests targeted us,” Adani said.
Also Read | What is Hindenburg Research, the company that has accused Adani Group of stock manipulation, fraud?
The Adani Group chairman went on to say that the conglomerate has raised several billions from international investors, while no credit agency internationally has cut any ratings of the group firms.
He said the group is confident of its governance and disclosure standards after the Supreme Court panel found no lapses at the conglomerate.
Adani added, “Report of Supreme Court committee helped build confidence in the group. Remain confident of governance and disclosure standards.”
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In January, the US short seller released a report on Adani Group, and said that the conglomerate was involved in stock market manipulation, and accounting frauds over the decade.
A Supreme Court-appointed panel in May said that there was no evidence of a “regulatory failure” on the part of markets regulator Securities and Exchange Board of India.