{"id":37107,"date":"2023-07-18T03:04:15","date_gmt":"2023-07-18T07:04:15","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/indias-adani-confident-of-governance-slams-hindenburg\/"},"modified":"2023-07-18T03:04:16","modified_gmt":"2023-07-18T07:04:16","slug":"indias-adani-confident-of-governance-slams-hindenburg","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37107","title":{"rendered":"India’s Adani confident of governance, slams Hindenburg"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO-The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS\/Amit Dave\/file photo<\/span>
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By Chris Thomas and Sethuraman N R<\/p>\n

BENGALURU (Reuters) -India’s Adani Group is confident of its governance and disclosure standards after a top court panel found no lapses at the conglomerate, its chairman said on Tuesday, calling a U.S. short-seller’s report earlier this year a “malicious attempt” at damaging its reputation.<\/p>\n

The panel “confirmed the quality of our group’s disclosures and found no instance of any breach,” Adani Chairman Gautam Adani said in his first comments on the findings.<\/p>\n

Speaking at the Adani Enterprises’ annual general meeting, Adani said 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.”<\/p>\n

Shares of its group companies are still down around $100 billion after the short-seller’s report in January alleged improper use of tax havens and concerns over its debt levels. The conglomerate has denied any wrongdoing. <\/p>\n

A court-appointed panel said in May India’s markets regulator had “drawn a blank” in its investigations into suspected violations in overseas investments in the group and its ongoing pursuit of the case could be a “journey without a destination”.<\/p>\n

“While the Securities and Exchange Board of India is still to submit its report, we remain confident of our governance and disclosure standards,” billionaire Adani said.<\/p>\n

The regulator must complete its investigation by Aug. 14.<\/p>\n

The short-seller report had also forced Adani Enterprises to shelve its key $2.5 billion share sale in February. It has since garnered investor support and repaid part of the debt.<\/p>\n

Adani Enterprises shares climbed over 4% on Tuesday,\u00a0while Adani Transmission and Adani Green Energy rose 4.7% and 5.7%,\u00a0respectively.<\/p>\n

The group is building a hybrid renewables park capable of generating 20 gigawatts of green energy, Adani said on Tuesday.<\/p>\n

He also added that Adani Ports, in the next 12-24 months, will commission India’s largest transshipment hub. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO-The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS\/Amit Dave\/file photo By Chris Thomas and Sethuraman N R BENGALURU (Reuters) -India’s Adani Group is confident of its governance and disclosure standards after a top court panel […]<\/p>\n","protected":false},"author":1,"featured_media":2090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-37107","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nIndia's Adani confident of governance, slams Hindenburg | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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