These accusations come as the Adani empire seeks to attract the general public and foreign institutional investors to a $2.5 billion offering.
‘A Calculated Attack on India’: Adani Hindenburg’s report caused a stock-market rout for the entities making up the Adani conglomerate on the Mumbai stock exchange. In total, the Adani empire lost $68 billion in market value during the three stock market sessions following the publication of the Hindenburg report.
Aware that its two first declarations failed to allay the concerns and questions raised by Hindenburg, Adani, 60, has just pulled out the patriotism weapon.
“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” Adani said in a របាយការណ៍ 413 ទំព័រ . According to the company, the report answers most of the questions posed by Hindenburg on Jan.29.
In this report, the conglomerate repeatedly says that Hindenburg does not understand how Indian institutions work. It suggests that Hindenburg simply does not understand India.
The company is reaching for nationalism in the hope of undoubtedly provoking a surge of sympathy among the local population and the authorities. The word “Indian” comes up regularly in Adani’s 413 response pages.
“The queries make reckless statements without any evidence whatsoever and purely on unsubstantiated speculations without any understanding of the Indian laws around related parties and related party transactions,” Adani said of questions asked by Hindenburg about its governance and alleged malpractices.
“The assumption that the entities, as stated in the report, are related to Adani listed entities, is imaginary, vague and unsubstantiated and flows only from a lack of understanding by Hindenburg of the Indian laws, regulations and accounting standards,” the company also said.
Adani ‘Stoked a Nationalist Narrative’: Hindenburg “Hindenburg Research does not appear to have any understanding on matters of Indian law or accounting standards and yet makes claims of entities being undisclosed ‘related parties’ with no understanding of what constitutes a related party.”
In addition to accusations of ignorance of Indian institutions, Adani also does not hesitate to accuse the New York firm of snubbing India.
“Hindenburg deliberately ignores Indian legal processes and regulations in their insinuations against us,” Adani said.
The short-seller sensed the strategy.
“Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised,” Hindenburg said in a statement.
Adani Group “predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a ‘calculated attack on India.’ In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself.”
Adani Group គឺជាក្រុមហ៊ុនដ៏មានតម្លៃបំផុតមួយនៅក្នុងប្រទេសឥណ្ឌា។ ក្រុមហ៊ុននេះកាន់កាប់អណ្តូងរ៉ែ កំពង់ផែ និងរោងចក្រថាមពល។ វាកាន់កាប់កំពង់ផែពាណិជ្ជកម្មរាប់សិប ហើយមានវត្តមាននៅក្នុងធ្យូងថ្ម អគ្គិសនី និងថាមពលកកើតឡើងវិញ។ វាក៏បានបង្វែរទៅជាព្រលានយន្តហោះ មជ្ឈមណ្ឌលទិន្នន័យ និងការពារជាតិផងដែរ។
The company also recently entered the cement sector by buying assets of cement manufacturer Holcim (HCMLY in India and is also looking to set up an aluminum factory.
Adani បានពង្រីកក្រុមដោយទិញក្រុមហ៊ុនដែលមានបំណុល។
កាលពីខែសីហាកន្លងទៅនេះ ក្រុមហ៊ុនបុត្រសម្ព័ន្ធរបស់ CreditSights នៃ Fitch Ratings បានព្រមានថាក្រុមហ៊ុន Adani ត្រូវបាន "លើសកម្រិត" ហើយអាច "នៅក្នុងសេណារីយ៉ូករណីដ៏អាក្រក់បំផុត" ចូលទៅក្នុងអន្ទាក់បំណុល។
ប៉ុន្តែពីរសប្តាហ៍ក្រោយមកក្រុមហ៊ុនផ្តល់ចំណាត់ថ្នាក់ឥណទានបាននិយាយថាខ្លួនបានរកឃើញថាខ្លួនបានបង្កើត "កំហុសក្នុងការគណនា" នៅក្នុងក្រុមហ៊ុនចំនួនពីរនៃក្រុមហ៊ុន Adani Group ។ វាបានកែរបាយការណ៍របស់ខ្លួន ហើយបានលុបពាក្យដែលមានន័យថា «លើសកម្រិតយ៉ាងខ្លាំង»។
CreditSights បានសន្និដ្ឋានថា "ទស្សនៈរបស់ CreditSights មិនបានផ្លាស់ប្តូរពីរបាយការណ៍ដើមរបស់វាទេ ហើយយើងនៅតែរក្សាថាអានុភាពរបស់ក្រុមត្រូវបានកើនឡើង" CreditSights បានសន្និដ្ឋាន។