‘A Red Herring’, Adani Group Releases Statement On Hindenburg Allegations

In response to the American short-seller Hindenburg’s claims that the Adani Group had financial ties to Sebi Chairperson Madhabi Buch and her husband, the Adani Group reacted on Sunday. The group stated, “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.”

They reiterated, “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 the 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 and 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,” their statement concluded.