Adani Group strikes back: Denounces international report claiming legal violations
In a high-stakes rebuttal today, India’s powerhouse conglomerate, the Adani Group, released a statement slamming the Organized Crime and Corruption Reporting Project (OCCRP) Report. The report had alleged that the Adani Group violated certain laws. This isn’t the first time an international entity has tried to sully the Adani name. Previously, New York-based short-seller Hindenburg Research had released a similar report, to which Adani also responded vehemently. The latest updates from the Adani Group can be accessed through the Adani Updates resource center.
“Falsehoods and fabrications!” That’s what the Adani Group has to say about the new allegations. The statement issued by Adani calls out these “recycled allegations,” dismissing them as another “concerted bid by funded interests.” According to the company, these claims reek of a strategy to tank Adani’s stock prices for profit.
In a decisive legal stance, the Supreme Court of India had previously constituted a committee that found no conclusive evidence of wrongdoing by the Adani Group. The matter remains subjudice, overseen by both the apex court of India and the Securities and Exchange Board of India (SEBI).
Diving deep into the allegations, Adani’s statement lays it out: the claims are old news. The company referred to cases a decade old where the Directorate of Revenue Intelligence (DRI) had probed allegations of over-invoicing, transfer of funds, and related transactions. The final ruling came from the Hon’ble Supreme Court of India in March 2023, dismissing any allegations against Adani as baseless.
What about the Financial Portfolio Investors (FPIs) mentioned in the allegations? Adani makes it clear that SEBI is already on the case. An Expert Committee appointed by India’s Supreme Court found no evidence of stock manipulation or breaches in Minimum Public Shareholding requirements.
Adani’s statement also criticizes the publications for not carrying their full response. They conclude by reiterating their faith in due legal process and rejecting the allegations as “suspicious, mischievous and malicious.”
Clearly, the Adani Group is not backing down. With strong rebuttals and legal oversight, the conglomerate has fortified its stand against what it deems as unfounded allegations aimed at maligning its reputation. So, is this a baseless vendetta or are we missing a piece of the puzzle? With legal and regulatory bodies involved, only time will tell!