Adani AGM 2024: ‘Hindenburg A Calculated Strike, Two-Sided Attack,’ Says Gautam Adani (image-X/gautam_adani)
In his address to shareholders during the Adani Group’s Annual General Meeting 2024 held on Monday, Adani said that the Hindenburg report was designed and orchestrated to defame the Adani Group.
Addressing the report, Adani said that the Hindenburg incident was a “two-sided attack,” from which the conglomerate survived and came out stronger. “Adani Group fought back against attacks in integrity, and reputation by foreign short sellers. Proved no challenge can weaken the foundations of the Adani Group,” he said.
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In January, the US-based firm Hindenburg Research published a report titled “Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History,” alleging that Adani had improperly used tax havens, indulged in stock manipulation, and engaged in accounting fraud schemes over many decades.
During his speech, Adani stated that the firm had faced the challenge of misinformation and political accusations in a “calculated strike” just two days after a crucial follow-on public offer (FPO).
The conglomerate had to call off its Rs 20,000 crore FPO as shares plunged following the publication of the Hindenburg report, and Adani Group had to return the money collected from investors.
Calling the report an “information distortion campaign,” Adani claimed that the Hindenburg incident had dragged them into a “political battlefield.” In his speech, he stated that despite the setbacks, the company had raised Rs 40,000 crore, “comfortably covering the next two years of our debt repayment.”
Disposing of the petitions, the Supreme Court ruled that there was not enough material to transfer the Hindenburg-Adani probe to a special investigation team. The Adani Group received a clean chit, with the top court dismissing all allegations.
The billionaire also claimed that by the end of the decade, India will become the third-largest economy in the world. “Given our demographic dividend, we are well on our way to being the largest middle class that the world will ever witness,” he said.
