Adani Group Rejects Hindenburg Allegations, Labels Them as Manipulative and Baseless

The Adani Group has strongly refuted the recent allegations made by Hindenburg Research, calling them “malicious” and “manipulative” attempts to twist public information for personal gain. These claims involve SEBI chairperson Madhabi Puri Buch and her husband’s alleged investments in offshore entities linked to the Adani family.

Adani Group emphasized that these recycled allegations have already been dismissed by the Supreme Court in January 2024. The group reiterated that it has no commercial ties with the individuals mentioned by Hindenburg. The Adani Group accused Hindenburg, a firm under scrutiny for securities law violations in India, of trying to malign its reputation through these baseless claims.

The allegations center around purported investments made by Madhabi Puri Buch and her husband in offshore funds connected to Vinod Adani, Gautam Adani’s brother, dating back to 2015. Hindenburg claims that these funds were part of a structure used to manipulate stock prices. However, the Adani Group maintains that its overseas holdings are fully transparent and regularly disclosed in public documents.

The Adani Group stressed that this is a calculated effort to harm its reputation and asserted its commitment to transparency and compliance with all legal and regulatory requirements. They concluded by labeling Hindenburg’s actions as a desperate move by a discredited entity with total disregard for Indian laws.

The group also highlighted that Hindenburg’s latest report is nothing more than a rehash of discredited claims that have been thoroughly investigated and found baseless by the highest court in the country. Despite the repeated accusations, the Adani Group remains steadfast in its operations, vowing to continue its commitment to transparency and legal compliance.

This marks yet another chapter in the ongoing conflict between Adani Group and Hindenburg, which has previously targeted the conglomerate with similar allegations. The latest report by Hindenburg has once again stirred controversy, but the Adani Group remains confident in its standing and legal compliance, urging stakeholders to disregard the baseless claims.

As the situation unfolds, it remains to be seen how both the Adani Group and regulatory bodies will respond to these allegations, and whether any further legal action will be taken. For now, the Adani Group stands firm in its denial of any wrongdoing, dismissing the claims as unfounded and manipulative.

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