The Securities and Exchange Board of India (SEBI) may allege that a certain investor suffered financial loss as the Hindenburg Research is based on lies, according to Adani Group CFO Jugeshinder Singh. In such a case, the regulatory body can take legal action. Even an investor or a ministry or even the Attorney-General for India can file a case, civil or criminal, based on such understandings.
Singh was speaking to Sajeet Manghat of BQ Prime when he said that Hindenburg would have to face justice in India. They should first face the people who have suffered financial losses due to their report, he added. Singh has also said that the company answered all the questions raised by US short seller Hindenburg Research. Moreover, he said that the Adani Group had attached relevant documents in support of each answer. According to Singh, Hindenburg doesn’t even have a formal office and works out of a shared office space.