Hindenburg's report an attempt to damage reputation, says Gautam Adani

Adani Group chairman Gautam Adani on Tuesday addressed shareholders at the Annual General Meeting of Adani Group  firmly dismissing allegations of fraud made against the ports-to-power conglomerate by US short-seller Hindenburg Research.Gautam Adani strongly refuted the claims made in the Hindenburg report and said it was an attempt to tarnish the reputation of the group.

He said the Hindenburg report, which raised concerns over Adani Group's business practices and suggested regulatory failures, has been thoroughly investigated by an expert committee. The committee's findings revealed no evidence of regulatory misconduct or any wrongdoing on the part of the Adani Group, said the billionaire while addressing shareholders.  The report was a combination of targeted misinformation and discredited allegations. The majority of them dating from 2004 to 2015. They were all settled by the authorities at that time. This report was a deliberate and malicious attempt aimed at damaging our reputation," Gautam Adani said. Adani expressed confidence in the company's operations and highlighted the comprehensive compliance measures in place to ensure adherence to all regulatory requirements. He emphasised that the Hindenburg report's allegations were baseless and driven by malicious intent. He added that the expert committee's review validated the Adani Group's commitment to transparency, integrity, and ethical business practices. It showcased that the allegations lacked substance and failed to provide any substantial evidence to support their claims.

He highlighted the positive impact of several structural reforms that have been instrumental in facilitating strong, sustainable, and balanced growth.Adani further stressed the significance of India's demographics and the continuous expansion of internal demand, which together create a potent combination for the country's economic development. With these factors in place, he expressed optimism about the future prospects of the Adani Group and its contribution to the nation's progress.