On Monday, Gautam Adani addressed the 32nd Annual General Meeting (AGM) of Adani Enterprises, where he asserted that the Hindenburg incident was a deliberate and orchestrated effort to tarnish the company's reputation.
Adani remarked, "The incident was designed to defame us. It was a two-pronged attack, an unfounded criticism of our financial stability," referring to the report released last year by the US short seller, Hindenburg Research, targeting his conglomerate.
He went on to emphasize that despite the fallout from the Hindenburg report, the Adani Group not only survived but emerged stronger, showcasing their resilience. "Our perseverance was unmistakably demonstrated last year. The Adani Group successfully countered attacks on our integrity and reputation from foreign short sellers, proving that no challenge can undermine the foundations of the Adani Group," Adani stated.
Hindenburg Research had accused the Adani Group of stock price manipulation and improper use of tax havens, which resulted in a significant sell-off across the ports-to-power conglomerate.
Adani also noted that over the past year, the Adani Group faced a dual challenge of misinformation and politically motivated accusations. These accusations were strategically timed to disrupt a crucial follow-on public offer (FPO).
Gautam Adani stressed that throughout these challenges, the Adani Group remained committed to prioritizing the trust and interests of its investors. During the investigation into the allegations, the Group refunded the Rs 20,000 crore raised through the FPO to its investors.
Earlier this year, the Supreme Court exonerated the Adani Group, dismissing all allegations and expressing confidence in the Securities and Exchange Board of India's (SEBI) authority.
The Supreme Court ruled that the petitioners did not provide sufficient evidence to warrant transferring the Adani-Hindenburg investigation to a special investigation team. The court concluded that the "threshold for a transfer of investigation" had not been met, thus disposing of the petitions.
