After the business conglomerate Adani Group declared it would pursue remedial and punitive action against it over claims of unlawful use of offshore tax havens, investment research firm Hindenburg retaliated against the Gautam Adani-led Adani Group. We claim that Adani hasn’t addressed a single significant issue we mentioned in the 36 years since we published the report.
The company released a statement on its Twitter account that read, At the end of our study, we asked 88 basic questions that we believe provide the company a chance to be truthful.
The Adani Group described Hindenburg’s idea as maliciously nasty and unresearched and noted that the article had a negative impact on the business, its shareholders, and investors, in addition to inflicting unwanted anguish among Indian citizens.In a statement to the media today, Adani referred to our 106-page, 32,000-word report with over 720 citations, prepared over the course of two years, as unresearched and said it is evaluating the relevant provisions under US and Indian laws for remedial and punitive action against us, Hindenburg claimed, accusing the Adani Group of using bluster and threats. The investment company asserted that any legal action taken against it would be meritless and that it stands behind the report. The Adani Group was dared by Hindenburg to bring a lawsuit in the US, where it operates.What are your thoughts on the accusation against the Adani Group? Comment it down.
