Adani Group Dismisses New Hindenburg Allegations as “Red Herring”

The Adani Group has dismissed the recent accusations made by the US-based short seller Hindenburg, labeling them as a “red herring.”

In a statement issued to the stock exchanges on Sunday, an Adani Group spokesperson criticized the new allegations as malicious and deceitful. The spokesperson claimed that Hindenburg’s latest claims are manipulative distortions of publicly available information designed to reach pre-determined conclusions for personal gain, disregarding factual accuracy and legal standards.

“We firmly reject these renewed allegations against the Adani Group, which recycle previously discredited claims that have been thoroughly investigated and dismissed by the Supreme Court in January 2024,” the spokesperson stated.

The statement emphasized that the group’s overseas holding structure is fully transparent, with all relevant details consistently disclosed in public documents. It was also noted that Anil Ahuja, who was a nominee director for the 3i investment fund in Adani Power from 2007 to 2008 and a director at Adani Enterprises until 2017, had no commercial ties to the issues raised by Hindenburg.

The spokesperson further criticized Hindenburg as a discredited short-seller under scrutiny for violations of Indian securities laws, suggesting that the allegations are merely attempts by a desperate entity to undermine the Adani Group’s reputation.

According to the Hindenburg report released on Saturday, Ahuja is identified as the Founder and Chief Investment Officer of the Mauritius-based IPE Plus Fund, which is reportedly structured two layers below the Global Opportunities Fund. The report also mentioned Ahuja’s previous directorial roles at Adani Enterprises, spanning three terms until June 2017, and his earlier position at Adani Power.