NEW DELHI: Gautam Adani, Chairman of Adani Group, on Thursday, welcoming the Supreme Court order of a time-bound probe into allegations levelled by Hindenburg Research against his port-to-power conglomerate, saying this will bring finality and “truth will prevail”.
“The Adani Group welcomes the order of the Hon’ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail,” Adani tweeted shortly after the SC ordered the setting up of a committee to investigate Adani Group and suggest measures to strengthen the framework to protect Indian investors. The apex court has also asked markets regulator Sebi to complete an investigation into the US short-seller Hindenburg’s allegations against Adani Group within two months.
Hindenburg has accused Adani Group of pulling the “largest con in corporate history” by engaging in “brazen stock manipulation and accounting fraud” over the course of two decades. The Adanis have called the Hindenburg report “maliciously mischievous and unresearched”. Following Hindenburg’s report published on January 24, four Public Interest Litigation have been filed in the Supreme Court on the issue. Adani Group company shares have plummeted by up to 80% since January 24 and the stock rout seen across Adani portfolio has wiped out investors’ wealth by over Rs 11 lakh crore.