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Adani Group chairman Gautam Adani said on Tuesday that US-based research firm Hindenburg’s report against the conglomerate was an attempt to damage the company’s image and false allegations written by vested interests.
Addressing the group’s 2023 annual general meeting live, the billionaire said Hindenburg Research released the report before Adani’s company went public.
The report was a mixture of misinformation and distorted allegations. The majority of them date from 2004 to 2015. They were all settled by the authorities at the time,” he said, adding: “This report was a deliberate and malicious attempt designed to damage our reputation…”
“We remain confident in our governance and disclosure standards,” Al-Adani said.
The Chairman of the Adani Group went on to say that the group has raised several billions from international investors, while no international credit agency has cut any ratings of the group companies.
Al-Adani added, “The Supreme Court committee’s report helped build confidence in the group. Be confident in the standards of governance and disclosure.”
In January, a US short seller released a report on the Adani Group, saying the group had engaged in stock market manipulation and accounting fraud over the course of the decade.
A panel appointed by the Supreme Committee said in May that there was no evidence of “regulatory failure” on the part of India’s market regulator, the Securities and Exchange Commission.
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