Adani AGM 2024: “Hindenburg was designed to defame us,” Gautam Adani Declares

Gautam Adani, Chairman of the Adani Group, has vehemently defended his company’s actions at the group’s annual general meeting (AGM) held on [Insert Date], 2024. He dismissed the allegations made by US-based short-seller Hindenburg Research as a “malicious” and “defamatory” attempt to damage the group’s reputation.

Adani’s statement comes as the group grapples with the fallout of the Hindenburg report, which was released in January 2023 and accused the Adani Group of accounting fraud, stock manipulation, and money laundering. The report sent shockwaves through Indian markets, causing a significant decline in the group’s share prices and raising concerns about corporate governance practices.

Addressing the AGM, Adani said the Hindenburg report was “designed to defame us” and “damage the reputation of India”. He asserted that the group’s businesses are “built on strong fundamentals” and that the allegations made against them are “baseless”.

“We have always been transparent in our dealings,” Adani said, adding that the group has “nothing to hide”. He further stated that the group has taken legal action against Hindenburg and will continue to defend itself against the accusations.

The AGM saw Adani highlight the group’s ambitious growth plans, particularly in renewable energy and infrastructure development. He reiterated the group’s commitment to achieving its target of becoming a global leader in these sectors.

Adani’s comments come as the group faces mounting pressure from regulators and investors. The Securities and Exchange Board of India (SEBI) is conducting an investigation into the allegations made by Hindenburg. Meanwhile, several foreign investors have withdrawn their investments from Adani Group companies.

The Adani AGM 2024 has been a significant event for the group as it seeks to rebuild investor confidence and move forward from the Hindenburg controversy. The outcome of the investigations by SEBI and the group’s ability to achieve its ambitious growth plans will be crucial factors in determining the future of the Adani Group.

Keywords: Adani, AGM, Hindenburg, Gautam Adani, Adani Group, allegations, defamatory, growth plans, renewable energy, infrastructure development, SEBI, investor confidence, corporate governance.