A Supreme Court Expert Committee studying Hindenburg allegations, which made its report public in May 2023, found no instances of regulatory failure, he said.

1. Adani Group’s Response to Hindenburg Report

Gautam Adani, founder and chairman of Adani Group, addressed shareholders and stated that the Hindenburg report was a deliberate and malicious attempt to damage the reputation of the Adani Group for short-term profit gains.

Mr. Adani expressed confidence in the group’s governance and disclosure standards and committed to continuously improving them. He thanked stakeholders for their support during this challenging time.

2. International Investors’ Trust

Adani Group raised several billions from international investors, and Mr. Adani highlighted that no credit agency internationally downgraded the ratings of the Adani Group. This showcases the trust and confidence of international investors in the group.

3. Motive behind Hindenburg Report

The US-based short-seller published the Hindenburg report with the intention of shorting Adani Group stocks ahead of its Follow-On Public Offer (FPO). The report was a combination of targeted misinformation and discredited allegations, according to Gautam Adani.

4. Adani Group’s Decision to Withdraw FPO

Despite full subscription, Adani Group decided to withdraw the FPO to protect investor interests. The group took this step to safeguard against false narratives promoted by parties with vested interests across news and social media platforms.

5. Expert Committee’s Findings

A Supreme Court Expert Committee, which made its report public in May 2023, found no instances of regulatory failure related to the Hindenburg allegations. The committee also confirmed the quality of Adani Group’s disclosures and cited credible charges of targeted destabilization of the Indian markets.