18 July, New Delhi (ANI) At a shareholders meeting on Tuesday, Gautam Adani, the CEO of the Adani Group, addressed directly the accusations made by the American research firm Hindenburg Research, declaring his complete faith in the management of the group’s firms and the quality of their reporting. He added that the committee assembled by the top court in this case discovered no irregularities.
The market noticed a surge in the share prices of the company’s shares of three to six percent following Gautam Adani’s speech to the shareholders of Adani Enterprises at today’s annual general meeting.
Hindenburg Report on Adani is only for harm the company
Adani expressed his complete trust in the management of the group’s companies and their financial reports. He stated that the report issued by Hindenburg Research earlier this year, which had led to a significant decline in the shares of the group’s companies, was written with the intention of causing damage to the company by presenting various misleading information and baseless allegations driven by hidden motives.
He stated, “The committee of experts appointed by the highest court has verified the quality of our group’s public reports and has found no discrepancies whatsoever.”
Adani urged the shareholders to ignore the report by Hindenburg Research and focus on the expansion plans of the group’s businesses and the potential of the Indian economy. He also presented an overview of the group’s expansion projects.
Committee appointed by SC found no irregularities
He said, “The committee of experts appointed by the highest court has confirmed the integrity of our group’s public reports and found no irregularities in any way.”
He further mentioned that the Hindenburg Report on Adani was a mix of various misleading information and unsubstantiated allegations aimed at causing harm and serving hidden interests.
Following his address, shares of the group’s major company, Adani Enterprises, rose by up to four percent. The companies operating in the fields of Adani Wilmar, Power, Transmission, and Green Energy also witnessed a rise in share prices ranging from three to six percent.