Skip to content
Search

Latest Stories

Adani group mulls legal options in US, India against Hindenburg Research

Hindenburg, an US investment research firm published a report claiming that Adani group had links with a labyrinth of off shore tax havens linked to Gautam Adani’s family and the firms exposure to high debt was a concern.

Adani group mulls legal options in US, India against Hindenburg Research

Adani Group on Thursday said it is mulling legal options in the US and India against Hindenburg Research after its report accused firms owned by Gautam Adani of "brazen" market manipulation and accounting fraud.

Jatin Jalundhwala, Group Head - Legal, Adani Group, said, "The maliciously mischievous, unresearched report published by Hindenburg Research on 24 January 2023 has adversely affected the Adani Group, our shareholders and investors." The legal head said, "We (the Group) are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research."


"The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens," the legal head said in a statement on Thursday.

Hindenburg, a US investment research firm published a report claiming that the Adani group had links with a labyrinth of offshore tax havens linked to Gautam Adani's family and the firm's exposure to high debt was a concern. The report also claimed that Adani group's stock price was inflated and had significant downside risks.

On the report affecting Adani shares, Jatin Jalundhwala said, "Clearly, the report and its unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg Research, by their own admission, is positioned to benefit from a slide in Adani shares."

Jalundhwala also mentioned Hindenburg which said that it had taken "short positions in Adani Group Companies through US-traded bonds and non-Indian-traded derivatives, along with other non-Indian-traded reference securities."

The Adani group's legal head said, "We are deeply disturbed by this intentional and reckless attempt by a foreign entity to mislead the investor community and the general public, undermine the goodwill and reputation of the Adani Group and its leaders, and sabotage the FPO (Follow-on Public Offering) from Adani Enterprises."

Jugeshinder Singh, the chief financial officer (CFO) of the Adani Group, on Wednesday said the conglomerate was "shocked" by the Hindenburg Research's report and termed it a "malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts".

Reportedly, the research firm, in its report on Tuesday, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations.

"We are shocked that Hindenburg Research published a report on January 24, 2023, without making any attempt to contact us or verify the factual matrix. The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts," the CFO said in a statement.

The timing of the report by Hindenburg Research, the CFO, in his statement, said "clearly betrays a brazen, mala fide intention to undermine" the Adani Group's reputation with the "principal objective of damaging" the upcoming Follow-on Public Offering from Adani Enterprises, the biggest FPO ever in India.

(ANI)

More For You

Sir Sajid Javid leads commission 'tackling social divisions'

Sir Sajid Javid (Photo by Tom Nicholson-WPA Pool/Getty Images)

Sir Sajid Javid leads commission 'tackling social divisions'

A cross-party group has been formed to tackle the deep divisions that sparked last summer's riots across England. The new commission will be led by former Tory minister Sir Sajid Javid and ex-Labour MP Jon Cruddas.

The Independent Commission on Community and Cohesion has backing from both prime minister Sir Keir Starmer and Tory leader Kemi Badenoch. It brings together 19 experts from different political parties and walks of life.

Keep ReadingShow less
​Masum

Masum was seen on CCTV trying to steer the pram away and, when she refused to go with him, stabbed her multiple times before walking away and boarding a bus. (Photo: West Yorkshire Police)

West Yorkshire Police

Habibur Masum convicted of murdering estranged wife in front of baby

A MAN who stabbed his estranged wife to death in Bradford in front of their baby has been convicted of murder.

Habibur Masum, 26, attacked 27-year-old Kulsuma Akter in broad daylight on April 6, 2024, stabbing her more than 25 times while she pushed their seven-month-old son in a pram. The baby was not harmed.

Keep ReadingShow less
Air India flight crash
Air India's Boeing 787-8 aircraft, operating flight AI-171 to London Gatwick, crashed into a medical hostel complex shortly after take-off from Ahmedabad on June 12.
Getty Images

India declines UN investigator’s participation in Air India crash probe: Report

INDIA has declined a request from the United Nations aviation agency to allow one of its investigators to observe the probe into the Air India crash that killed 260 people in Ahmedabad on June 12, Reuters reported, citing two senior sources familiar with the matter.

The International Civil Aviation Organization (ICAO) had offered to provide assistance by sending one of its investigators, following the crash of the Boeing 787-8 Dreamliner earlier this month. It was an unusual move, as ICAO typically deploys investigators only upon request from the country leading the investigation.

Keep ReadingShow less
Anna Wintour

Wintour’s style of leadership earned her the nickname “Nuclear Wintour”

Getty Images

Anna Wintour steps down as editor of US Vogue after 37 years

Key points

  • Anna Wintour steps down as editor of US Vogue after 37 years
  • She will remain Vogue’s global editorial director and hold senior roles at Condé Nast
  • Wintour transformed US Vogue into a global fashion authority
  • The 75-year-old has received numerous honours, including the Presidential Medal of Freedom

End of an era at US Vogue

Anna Wintour has stepped down as the editor of US Vogue, bringing to a close a 37-year tenure that redefined the publication and saw her become one of the most influential figures in global fashion.

The announcement was made on Thursday (26 June) during a staff meeting in New York. Wintour, 75, will no longer oversee the day-to-day editorial operations of Vogue’s US edition. However, she will continue to serve as Vogue’s global editorial director and Condé Nast’s chief content officer, maintaining senior leadership roles across the company.

Keep ReadingShow less
Post Office scandal trials 'unlikely before 2028'

FILE PHOTO: A Post Office van parked outside the venue for the Post Office Horizon IT inquiry at Aldwych House on January 11, 2024 in London. (Photo: Getty Images)

Post Office scandal trials 'unlikely before 2028'

THE people responsible for the Post Office Horizon scandal may not face trial until 2028, according to the senior police officer leading the investigation.

Commander Stephen Clayman has said that the process is taking longer because police are now looking at a wider group of people, not just those directly involved in decisions about the faulty Horizon computer system, reported the Telegraph.

Keep ReadingShow less