The Adani Group has rejected the latest report by US-based short-seller Hindenburg Research as “recycled claims” that were earlier “proven baseless and dismissed by the Supreme Court”. The conglomerate said the allegations were aimed at personal profiteering that disregarded facts and the law.

“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,” the group said in an exchange filing.

The statement was referring to the show-cause notice sent by markets regulator SEBI last month to Hindenburg and its sole beneficial owner Nathan Anderson.

In July, the Securities Exchange Board of India had flagged violations by Hindenburg and Anderson under the SEBI Act, SEBI’s Prevention of Fraudulent and Unfair Trade Practices regulations, and SEBI’s Code of Conduct for Research Analyst regulations.

Full Statement by Adani Group

Hindenburg Report – A Red Herring

The latest allegations by Hindenburg are 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. We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon’ble Supreme Court in March 2023.

It is reiterated that our 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.

The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements.

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.

– Spokesperson, Adani Group

The statement came after the chief of markets regulator SEBI denied the report and called it an attempt at “character assassination”.

SEBI chairman Madhabi Puri Buch and her husband Dhaval Buch, in a statement, called the report an
attempted “character assassination” in response to the SEBI’s July action against the short-seller.

SEBI chief’s full statement:

In the context of allegations made in the Hindenburg Report dated August 10,2024 against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book.  All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course.

It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same.   

Madhabi Puri Buch
Dhaval Buch

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