The Adani Group on Sunday issued an in depth remark at the Hindenburg document and stated the allegations towards the corporate are not anything however lies. The Hindenburg document is neither impartial, objector nor well-researched, the 413-page remark stated. learn | LIC doubles down on Adani amid Hindenburg’s fraud claims
The Adani Group stated there are a couple of false narratives being created in the case of sure allegations regarding diamond exports. Reports made deceptive claims round offshore entities being allegedly ‘similar events’ with out regard for acceptable regulation. The document simplest meant to create a false marketplace in securities to allow Hindenburg to guide good points. The Adani Group is in compliance with all acceptable rules and rules, the remark stated.
‘Loot Investment for Cronies’: Congress assaults Modi government as LIC doubles down on Adani
Raising financing towards stocks as collateral is a not unusual follow globally, the Adani Group remark stated.
“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” it stated. learn | Answer on LIC, SBI’s publicity to Adani shares: BRS leaders to Modi government
US-based brief dealer Hindenberg Research got here up with a document on January 24 and claimed that their researchers after a two-year investigation discovered that Adani Group “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.
Of the 88 questions raised via Hindenburg, 65 of them relate to issues which have been duly disclosed via Adani portfolio corporations, Adani Group stated. “Of the balance 23 questions, 18 relate to public shareholders and third parties (and not the Adani portfolio companies), while the balance 5 are baseless allegations based on imaginary fact patterns,” the remark learn.