The group questioned the “ulterior motives” and modus operandi of Hindenburg that, it stated, has conveniently ignored the Indian judiciary and regulatory framework.
The Adani Group stated there are three key themes from the Hindenburg report:
Selective and manipulative presentation of issues already within the public area to create a false narrative.
Full ignorance or deliberate disregard of the relevant authorized and accounting requirements in addition to business observe.
Contempt for the Indian establishments together with the regulators and the judiciary.
Not one of many 88 questions raised is predicated on impartial or journalistic truth discovering, stated the group’s response. They’re merely “selective regurgitations” of public disclosures or “rhetorical innuendos colouring rumours as truth”, it stated.
The group stated Hindenburg has sought solutions to “88 questions”—65 of those relate to issues which were duly disclosed by Adani portfolio corporations of their annual studies out there on their web sites, providing memorandums, monetary statements and inventory trade disclosures infrequently. It stated that of the steadiness 20 questions, 18 relate to public shareholders and third events (and never the Adani portfolio corporations), whereas 5 are baseless allegations primarily based on “imaginary truth patterns”.
The Adani Group claimed that the Hindenburg report has been made with a transparent intent to “profiteer at the price of its shareholders and public buyers”. Its report is neither “impartial” nor “goal. It’s a “manipulative doc that’s rife with battle of curiosity and supposed just for making a false market in securities to e-book wrongful achieve, which clearly constitutes securities fraud beneath Indian regulation”, the group stated.
It alleged Hindenburg has created these inquiries to “divert the eye of its target market whereas managing its quick trades to profit at the price of buyers”.
Hindenburg had claimed to have undertaken a “2-year investigation” to “uncover proof”. The Adani Group stated the report includes nothing aside from “selective and incomplete extracts” of disclosed info which has been within the public area for years.
“We take critical objection to Hindenburg that selected to mislead the buyers, watchdogs and coverage makers at a time when Adani Group has launched the nation’s largest FPO,” the corporate within the report.
The 413-page response from the Adani Group covers governance requirements, credentials, creditworthiness, greatest practices, clear conduct, monetary and operational efficiency.