Adani Group Overcomes Adversity: Gautam Adani Condemns Hindenburg Incident as Attempt to Defame

In a resolute address at Adani Enterprises’ 32nd Annual General Meeting (AGM), Gautam Adani fiercely denounced the Hindenburg incident as a calculated smear campaign aimed at undermining Adani Enterprises. Speaking on Monday, Adani emphasized that the controversial report, authored by a US-based short seller, was designed to tarnish the conglomerate’s reputation and financial integrity. The report, released last year, accused Adani of market manipulation and improper tax practices, precipitating a significant downturn in investor confidence and stock prices across Adani’s diverse portfolio from ports to power generation.

Adani asserted that despite the orchestrated attack, the conglomerate not only weathered the storm but emerged stronger, demonstrating unwavering resilience. He highlighted the Adani Group’s steadfast response to what he termed as “misinformation and political accusations” strategically timed to coincide with critical financial events. Refuting the allegations, Adani underscored the Group’s commitment to transparency and investor trust, noting the voluntary refund of Rs 20,000 crore raised through a follow-on public offer (FPO) amidst the controversy.

Earlier this year, the Supreme Court of India delivered a decisive verdict, dismissing all allegations against the Adani Group and affirming the Securities and Exchange Board of India’s (SEBI) regulatory oversight. The court’s ruling marked a significant legal victory for Adani, reinforcing confidence in the Group’s business practices while rejecting the plea to transfer the investigation to a special team due to insufficient evidence. Adani concluded his address by reaffirming the Adani Group’s dedication to integrity and resilience in the face of adversities aimed at destabilizing its operations.

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