MUMBAI: India’s centibillionaire Gautam Adani is thinking about felony motion in opposition to US-based Hindenburg Research over its document, accusing his staff of “brazen stock manipulation and accounting fraud” that wiped just about Rs 97,000 crore off the worth of his conglomerate’s stocks in Wednesday’s industry.
Adani Group’s felony head Jatin Jalundhwala mentioned Thursday: “We are evaluating relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg.”
The American company therefore mentioned in its Twitter take care of: “If Adani is serious, it should also file suit in the US where we operate. We have a long list of documents we would demand in a legal discovery process.”
The Hindenburg document identified a internet of Adani family-controlled offshore shell entities in tax havens serving “several functions, including stock parking/stock manipulation and laundering money through Adani’s private companies onto the listed companies’ balance sheets to maintain the appearance of financial health”. and solvency”.
The “maliciously mischievous”, “unresearched” report has “adversely affected” the Adani Group, its shareholders and investors”, Jalundhwala mentioned. The “unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg, by their own admission, is positioned to benefit from a slide in Adani shares,” Jalundhwala mentioned.
“In the 36 hours since we released our report, Adani hasn’t addressed a single substantive issue we raised,” Hindenburg, described via Fortune as “one of Wall Street’s most feared short-selling research firms”, mentioned on Twitter. “At the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions,” the USA company mentioned, “Instead, as expected, Adani has resorted to bluster and threats.”
Regarding Adani’s danger of felony motion in opposition to Hindenburg, the analysis company mentioned: “We welcome it. We fully stand by our report and believe any legal action taken against us would be meritless.”
Later, Adani Group launched a document titled “myths of short seller” on its web site overdue Thursday. The document mentioned Hindenburg’s 21 questions about comparable birthday party transactions and court docket circumstances are “nothing but Adani Group of companies’ own public disclosure from as far back as 2015.” It mentioned Hindenburg’s accounting (or fraud kind assertions) investigation is devoid of info. Of Adani Group’s 10 publicly indexed entities, 8 are audited via one of the crucial “big 6” auditors. The document mentioned that the whole promoter leverage in Adani Group of businesses is lower than 4% in their maintaining.
Adani Group’s felony head Jatin Jalundhwala mentioned Thursday: “We are evaluating relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg.”
The American company therefore mentioned in its Twitter take care of: “If Adani is serious, it should also file suit in the US where we operate. We have a long list of documents we would demand in a legal discovery process.”
The Hindenburg document identified a internet of Adani family-controlled offshore shell entities in tax havens serving “several functions, including stock parking/stock manipulation and laundering money through Adani’s private companies onto the listed companies’ balance sheets to maintain the appearance of financial health”. and solvency”.
The “maliciously mischievous”, “unresearched” report has “adversely affected” the Adani Group, its shareholders and investors”, Jalundhwala mentioned. The “unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg, by their own admission, is positioned to benefit from a slide in Adani shares,” Jalundhwala mentioned.
“In the 36 hours since we released our report, Adani hasn’t addressed a single substantive issue we raised,” Hindenburg, described via Fortune as “one of Wall Street’s most feared short-selling research firms”, mentioned on Twitter. “At the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions,” the USA company mentioned, “Instead, as expected, Adani has resorted to bluster and threats.”
Regarding Adani’s danger of felony motion in opposition to Hindenburg, the analysis company mentioned: “We welcome it. We fully stand by our report and believe any legal action taken against us would be meritless.”
Later, Adani Group launched a document titled “myths of short seller” on its web site overdue Thursday. The document mentioned Hindenburg’s 21 questions about comparable birthday party transactions and court docket circumstances are “nothing but Adani Group of companies’ own public disclosure from as far back as 2015.” It mentioned Hindenburg’s accounting (or fraud kind assertions) investigation is devoid of info. Of Adani Group’s 10 publicly indexed entities, 8 are audited via one of the crucial “big 6” auditors. The document mentioned that the whole promoter leverage in Adani Group of businesses is lower than 4% in their maintaining.