Adani Enterprises AGM: Stock up. What Gautam Adani says on Hindenburg Research allegations

At Adani Enterprises annual geneal meeting (AGM), founder Gautam Adani said the US-based short-seller Hindenburg Research's report earlier this year, at the same time as Adani Enterprises was launching India's biggest follow on public offering (FPO), was "a combination of a targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015."

Adani said the allegations were all settled by appropriate authorities at that time, noting the Hindenburg report was a deliberate and malicious attempt aimed at damaging the reputation of the Adani group and generating short-term profit by driving down Adani group stocks.

On Tuesday, shares of Adani Enterprises were trading 1.17 per cent higher at Rs 2,436.40 on BSE.

Adani, 61, said despite a fully subscribed FPO, the conglomerate decided to protect investor interest by returning the money. "While we promptly issued our comprehensive rebuttal, various vested interests tried to exploit the claims made by the short seller."

"While we promptly issued a comprehensive rebuttal, various vested interests tried to exploit the claims made by the short seller. These entities encouraged and promoted false narratives across various news and social media platforms," Adani said.

Watch: Adani Enterprises AGM: Gautam Adani outlines Adani Green Energy, Adani Ports, NDTV other group firms' business plans; hits at Hindenburg report, says 'confident of our governance'

The Supreme Court's expert committee to look into the matter did not find regulatory failure, Adani said. The committee report no only observed that the mitigating measures undertaken by your company helped rebuild confidence but also cited that there were credible charges of targeted destabilization of the Indian markets, Adani said at Adani Enterprises' AGM. 

"It also confirmed the quality of our Group’s disclosures and found no instance of any breach. While SEBI is still to submit its report, we remain confident of our governance and disclosure standards. It is my commitment that we will continue to strive to keep improving these, every single day," he said.

While Sebi is still to submit its report, Adani said he remained confident of his goup's governance and disclosure standards. 

"It is my commitment that we will continue to strive to keep improving these, every single day. Our track record speaks for itself, and I am grateful for the support our stakeholders have shown as we went through our challenges. It is worth noting that even during this crisis – not only did we raise several billions from international investors – but also that – no credit agency – in India or abroad – cut any of our ratings," Adani said.

 

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