Adani Group rejects latest claim

Ahmedabad: The Adani Group on Sunday vehemently rejected the latest allegations by Hindenburg Research as malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law.

In a stock exchange filing, the Group completely rejected these allegations, which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Honourable Supreme Court in January 2024.

“For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg’s allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws,” said the Adani Group.

A spokesperson from the Adani Group reiterated that the company’s overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents.

“Furthermore, Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017,” said the spokesperson. The Adani Group said it has “absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing”.

The spokesperson further said that the Group remains “steadfastly committed to transparency and compliance with all legal and regulatory requirements”.