The timing and content of the news reports were mischievous and malicious and aimed at profiting by depressing Adani Group shares
We remain confident in the quality of disclosure and standards of corporate governance: Adani Group.
AHMEDABAD, India – (BUSINESS WIRE) –#Adani Group– Adani Group, India’s leading integrated business conglomerate, issued a media statement today in response to a report by the Organized Crime and Corruption Reporting Project (OCCRP), which accused the Adani Group of violating certain laws.
Adani Group strongly denied the report. This report is the second time an international organization has made baseless allegations against the group. This followed a report by New York-based short-seller Hindenburg Research that made similar allegations. In this regard, Adani Group made a detailed response, strongly denying its statement. For more updates on this, visit the Adani Updates Resource Center.
Subsequently, India’s Supreme Court formed a committee and submitted a report, but did not draw conclusive conclusions about any wrongdoing by the Adani Group. The matter is currently pending and overseen by the Supreme Court of India and the Securities and Exchange Board of India.
Adani Group issued the following statement in response to the OCCRP report:
“We categorically reject these repeated allegations. These news reports appear to be yet another concerted effort by funding interests, backed by some in the foreign media, to revive the worthless Hindenburg report. In fact, as the media reported last week As reported, this was to be expected.
The charges build on a case that was closed a decade ago, when the Directorate of Tax Intelligence (DRI) investigated allegations of high invoices, transfers of funds overseas, related party transactions and investments through FPIs. Both an independent adjudicator and an appeals tribunal confirmed that there was no overvaluation and that the transaction complied with applicable law. In March 2023, the Supreme Court of India ruled in our favor and the case was finally settled. Clearly, these allegations of money transfers have no relevance or basis as there is no overvaluation.
Notably, these FPIs have been part of the investigation by the Securities and Exchange Board of India (SEBI). According to the Supreme Court-appointed committee of experts, there is no evidence of violation of the minimum public float (MPS) requirement or manipulation of the share price.
Unfortunately, the publications that sent us inquiries chose to publish our responses incompletely. One of the purposes of these attempts is to make a profit by driving down our share price, and these short sellers are being investigated by various authorities. Since the Supreme Court and the Securities and Exchange Board of India are overseeing these matters, it is crucial to respect the ongoing regulatory process.
We fully believe in due process of law and are confident in the quality of our disclosures and our standards of corporate governance. Given these facts, the timing of these news reports is suspicious, mischievous, and malicious – and we reject them outright. “
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