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Adani Group says Hindenburg fraud claim 'calculated attack on India'

Last week the Indian firm owned by Asia’s richest man had more than $50bn wiped off its market value.

Source link The Adani Group has rejected a recent report from the global financial research firm, Hindenburg Research, and labeled it as a “calculated attack on India”.

The Hindenburg Research report suggested various alleged accounting and environmental issues associated with Adani Group’s businesses, including money laundering, manipulating numbers and profits and illegal land acquisition.

Although the Adani Group denied the allegations made in the report, reports indicated that Indian authorities including the Ministry of Corporate Affairs, the Securities and Exchange Board of India, and the income-tax department would begin investigating the allegations.

The Adani Group has since responded to the allegations, stating that they “take such unfounded and baseless attacks seriously”. They went on to say that “This is a calculated attack on India by a foreign entity” and that they “are confident that due process and law will prevail, the truth will come to light and all such defamatory efforts will prove unsuccessful.”

The Adani Group is one of India’s leading business conglomerates, with operations in sectors ranging from energy to agribusiness, education, and defense, among others. Founded in 1988, it is one of the country’s largest, with some 50 businesses and 107,000 employees. It has had a strong presence in India for a number of years and has grown rapidly under the leadership of Gautam Adani and his sons Karan Adani and Rajesh Adani.

This incident has sparked a debate in the nation over the importance of financial transparency and accountability for all businesses, particularly those with close ties to the government. Many have defended the Adani Group, calling the allegations an attack on India and its corporate structure, while others have reminded them of the importance of upholding their commitment to transparency and proper financial conduct.

Overall, while this is an unfortunate development, it could lead to a more accountable, transparent and responsible corporate culture in India. It is a reminder to corporate India that in this day and age all corporations must adhere to high standards of ethical and financial conduct if they want to be taken seriously.

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