It said on Sunday that the Adani Group "categorically rejects the latest set of Hindenburg Research accusations as malicious, mischievous, and manipulative selections of publicly available information to reach predetermined conclusions for personal gain, with blatant disregard for facts and the law." In an intensified fight, the group, in its filing at the stock exchange, emphatically denied these allegations, calling it a rehash of already discredited allegations which have already been investigated, found to be without merit, and dismissed by the Honourable Supreme Court in January 2024.
The Adani Group dismissed these charges by Hindenburg as no more than the actions of an un-credentialled short-seller who is under active investigation in India for multiple alleged violations of securities laws. These, according to the group, were mere diversionary tactics that showed plain and brazen disregard for Indian regulations.
The overseas holding structure of the Adani Group had been absolutely transparent, with its details disclosed regularly in various public documents, said the spokesperson of the Adani Group. According to him, Anil Ahuja was a nominee director for the 3i investment fund in Adani Power between 2007-08 and went on to be Adani Enterprises' director until 2017.
The Adani Group claims not to have a commercial relationship with the individuals and matters referred to in what they term a mala fide attempt to damage their reputation. He reaffirmed full commitment to transparency and compliance with all legal and regulatory requirements.
Early in the day, chairperson of Securities and Exchange Board of India, Madhabi Puri Buch along with her husband Dhaval Buch came out strongly denying charges levelled by Hindenburg Research against them saying that it was a case of character assassination in the backdrop of an enforcement action and show cause notice that was issued to the Nate Anderson led firm last month.
In a statement, the couple has expressed shock that Hindenburg, against whom action has already been initiated by SEBI, would stoop to this. They further clarified that Hindenburg and Anderson have violated provisions under SEBI relating to Prevention of Fraudulent and Unfair Trade Practices relating to Securities Market, and Code of Conduct for Research Analysts.
The Buchs came out to say that allegations raised against them in the Hindenburg Report dated August 10, 2024, were untenable and totally lacking in merit. They also announced their intention to issue a detailed statement due course for full transparency.
Meanwhile, short-sellers like Hindenburg Research might also face some heat with the U.S. Securities and Exchange Commission tightening things up a bit in that sector.
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