'Hindenburg's report an attempt to damage reputation': Gautam Adani at AGM

During the 31st Annual General Meeting (AGM) of Adani Enterprises, Gautam Adani, the founder took the opportunity to address the allegations made by US-based short-seller Hindenburg Research. Adani accused Hindenburg of attempting to tarnish the company's reputation with a report that he described as a combination of "targeted misinformation and discredited allegations."

In a video message delivered at the AGM, Adani mentioned that a US-based short-seller published a report aimed at shorting Adani Group's stocks at a time when they were preparing to launch the largest follow-on public offering in India's history. Although Adani did not explicitly name Hindenburg Research, it was clear that his remarks were directed towards the Nathan Anderson-founded firm.

Supreme Court agrees to hear Rahul Gandhi's plea to stay conviction in defamation case on July 21

Adani used the platform to defend the company's integrity and counter the allegations put forth by Hindenburg Research. His remarks emphasized the significance of the situation and the impact it had on the company's plans and operations.

During the period when he was considered the third-richest person globally and the wealthiest individual in Asia, the industrialist refuted the allegations put forth in Hindenburg Research's report.

He labeled the report as a combination of "targeted misinformation and discredited allegations." He clarified that most of these allegations date back to the years between 2004 and 2015, which were previously addressed and resolved by the authorities.

He deemed the report as a deliberate and malicious attempt to tarnish the reputation of the Adani Group.

'PM Modi govt, UP CM Adityanath are on target': Mumbai's traffic control room receives threat messages

The report, published in January, accused the Adani Group of orchestrating what Hindenburg described as the "largest con in corporate history." However, both the Adani Group and its billionaire founder vehemently denied these allegations.

In India, the accusations sparked a significant political controversy, with opposition parties collectively demanding an investigation by a joint parliamentary committee (JPC). They also raised concerns about the perceived silence of Prime Minister Narendra Modi, alleging favoritism towards Adani due to their shared state (Gujarat) and familiarity with each other.