MUMBAI: In the ongoing arguments and counter-arguments between Hindenburg and the Adani Group, the US-based research firm alleged that the conglomerate has draped itself in the Indian flag while systematically looting the nation.
Saying that the Adani Group has failed to specifically answer 62 of 88 of its questions, Hindenburg said that the Indian billionaire tried to lead the focus away from substantive issues and instead stoked a nationalist narrative.
“We believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation,” said the research firm.
“We also believe that fraud is a fraud, even when it’s perpetrated by one of the wealthiest individuals in the world,” it added.
Adani’s ‘413 page’ response only included about 30 pages focused on issues related to our report, said Hindenburg in reply to Adani's responses issued on Sunday. It said that the remainder of the response consisted of 330 pages of court records, along with 53 pages of high-level financials, general information, and details on irrelevant corporate initiatives, such as how it encourages female entrepreneurship and the production of safe vegetables.
“Our report asked 88 specific questions of the Adani Group. In its response, Adani failed to specifically answer 62 of them. Instead, it mainly grouped questions together in categories and provided generalized deflections,” it said.
Of the few questions Adani Group answered, the responses largely confirmed its findings. According to Hindenburg, the core allegations of its report - focused on numerous suspect transactions with offshore entities - were left completely unaddressed.
“Adani Group tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a ‘calculated attack on India’. In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself,” said the research firm.