NEW DELHI: Threatening legal action, American activist investors Hindenburg Research Said on Thursday that he stood by his report which allegedly alleged market rigging and accounting fraud Adani GroupHaving said that there is a long list of documents it demands in the legal discovery process.
respond Adani The group’s statement that it was investigating legal action against Hindenburg, a US-based investment research firm that specializes in activist short-selling, said the Adani group did not answer any of the 88 direct questions put forth in the report. is not given.
“In the 36 hours since we released our report, Adani has not addressed a single important issue raised by us,” Hindenburg Shodh said on Twitter. “At the conclusion of our report, we asked 88 direct questions that we believe will give the company an opportunity to be transparent. So far, Adani has not answered any of these questions.”
Stating that it “fully stands by” the report, Hindenburg said it believed any legal action taken against it would be meritless.
“If Adani is serious, it should also file a lawsuit in the US where we operate. We have a long list of documents to be sought in the legal discovery process.” Report of 32,000 words, with over 720 citations and prepared over the course of 2 years, without research.
On Wednesday, Hindenburg said its two-year investigation had revealed that the Adani group “engaged in a brazen stock manipulation and accounting fraud scheme spanning decades”.
The report came as a follow-on share sale of Rs 20,000 crore Adani Enterprises Opened to institutional investors.
respond Adani The group’s statement that it was investigating legal action against Hindenburg, a US-based investment research firm that specializes in activist short-selling, said the Adani group did not answer any of the 88 direct questions put forth in the report. is not given.
“In the 36 hours since we released our report, Adani has not addressed a single important issue raised by us,” Hindenburg Shodh said on Twitter. “At the conclusion of our report, we asked 88 direct questions that we believe will give the company an opportunity to be transparent. So far, Adani has not answered any of these questions.”
Stating that it “fully stands by” the report, Hindenburg said it believed any legal action taken against it would be meritless.
“If Adani is serious, it should also file a lawsuit in the US where we operate. We have a long list of documents to be sought in the legal discovery process.” Report of 32,000 words, with over 720 citations and prepared over the course of 2 years, without research.
On Wednesday, Hindenburg said its two-year investigation had revealed that the Adani group “engaged in a brazen stock manipulation and accounting fraud scheme spanning decades”.
The report came as a follow-on share sale of Rs 20,000 crore Adani Enterprises Opened to institutional investors.