Adani Group Denies New Allegations by Hindenburg Research
The Adani Group has strongly denied the latest allegations made by Hindenburg Research. A spokesperson for the group described the claims as malicious and manipulative, aimed at personal profiteering. The spokesperson emphasized that these allegations are recycled and have already been dismissed by the Supreme Court in January 2024.
The Adani Group reiterated that its overseas holding structure is fully transparent, with all relevant details disclosed in public documents. The group also stated that it has no commercial relationship with the individuals mentioned in Hindenburg’s report.
Earlier, Hindenburg Research alleged that SEBI Chairperson Madhabi Buch and her husband had stakes in offshore entities linked to Adani. Both Madhabi Buch and her husband denied these claims, accusing Hindenburg of character assassination. They stated that their finances are transparent and open to scrutiny.
In January 2023, Hindenburg had published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company’s stock price. The Supreme Court has directed SEBI to complete its probe into the allegations within three months.
Doubts Revealed
Adani Group -: The Adani Group is a big company in India that works in different areas like energy, resources, and transportation.
Hindenburg Research -: Hindenburg Research is a company that investigates and reports on other companies, often finding problems or wrongdoings.
malicious -: Malicious means something done with bad intentions to harm someone.
manipulative -: Manipulative means trying to control or influence someone in a clever or unfair way.
Supreme Court -: The Supreme Court is the highest court in India that makes important decisions about laws and justice.
SEBI -: SEBI stands for Securities and Exchange Board of India, which is a government agency that regulates the stock market and protects investors.
Chairperson -: A Chairperson is the leader or head of an organization or committee.
offshore entities -: Offshore entities are companies or accounts located in a different country, often used for business or tax reasons.
transparency -: Transparency means being open and honest, making sure that all actions and decisions are clear and visible to everyone.
compliance -: Compliance means following rules, laws, and regulations set by authorities.
