Adani Group Counters Hindenburg Research's Allegations, Affirms Strong Governance and Disclosure Standards

India's Adani Group has expressed confidence in its governance practices and disclosure standards while hitting back at the Hindenburg Research, Reuters Reported.

Gautam Adani, chairman of Adani, said in his opening remarks on the findings that the panel "confirmed the quality of our group's disclosures and found no instance of any breach."

Adani claimed at his address to the company's annual general meeting that the Hindenburg short-seller report was a "deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices."

After the short seller's report in January accused inappropriate use of tax havens and worries over its debt levels, shares of its group firms are still down by about $100 billion. Any wrongdoing by the conglomerate has been refuted.

A court-appointed panel stated in May that the Indian markets regulator's investigations into alleged irregularities in foreign investments in the business had "drawn a blank" and that the case's continued pursuit might be "a journey without a destination."

Although the Securities and Exchange Board of India has not yet submitted its report, billionaire Adani declared, "We remain confident in our governance and disclosure standards."

The agency has until August 14 to wrap up its probe.

Adani Enterprises was also forced to postpone its significant $2.5 billion share sale in February as a result of the short-seller report. Since then, it has gained assistance from investors and paid back some of the debt.

According to Adani, the company is constructing a hybrid renewables park with a 20 gigawatt capacity for producing green energy.

He also mentioned that the largest transshipment hub in India will be put into operation by Adani Ports (APSE.NS) in the following 12 to 24 months.