Addressing the AGM, Gautam Adani asserted that the Adani Group not only navigated through the aftermath of the Hindenburg incident but also thrived, showcasing its unwavering strength in the face of adversity.
During the 32nd Annual General Meeting (AGM) of Adani Enterprises, Gautam Adani addressed the Hindenburg incident, asserting that it was a deliberate attempt to tarnish the reputation of Adani Enterprises. He characterized it as a dual assault targeting both the company’s integrity and financial stability.
Adani emphasized that despite the challenges posed by the Hindenburg report, the Adani group emerged resilient and even stronger, showcasing their unwavering perseverance. He highlighted the group’s ability to withstand external pressures and reiterated their commitment to integrity and investor trust.
The Hindenburg report, which alleged stock price manipulation and improper use of tax havens by the Adani group, triggered a sell-off in the conglomerate’s assets. Adani acknowledged facing a barrage of misinformation and political accusations, particularly timed to coincide with a critical follow-on public offer (FPO).
Throughout the ordeal, Adani stressed the group’s dedication to its investors’ interests. In response to the allegations, the group conducted an investigation and refunded investors the Rs 20,000 crore raised through the FPO.
Earlier this year, the Supreme Court dismissed all allegations against the Adani Group and reaffirmed confidence in the regulatory powers of SEBI (Securities and Exchange Board of India). The court found insufficient evidence to warrant transferring the Adani-Hindenburg probe to a special investigation team, thus concluding the matter.
