Tag: group

Maha Cong chief questions investments by PSUs, LIC in Adani Group; seeks SIT probe

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Mumbai: Maharashtra Congress chief Nana Patole has alleged the money of LIC and other PSUs was invested in Adani Group at the behest of Prime Minister Narendra Modi which he claimed was “a massive scale of irregularities” and demanded a probe by Special Investigation Team (SIT).
He also demanded the Maharashtra government take back the Dharavi redevelopment project in Mumbai from the Adani group.
The Congress’ demand for an SIT probe came days after a New York firm alleged in a report that its two-year investigation found the Adani Group “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.
Adani Group has threatened to sue Hindenburg Research for its “reckless” attempt to sabotage the mega share sale at Adani Enterprises and called the report “maliciously mischievous”.
“Prime Minister Narendra Modi and industrialist Gautam Adani’s close relations are well known. The money of State Bank of India, LIC (Life Insurance Corporation), and other public sector undertakings (PSUs) have been invested by PM Modi without any thought and procedure in Adani group,” Patole alleged in a statement issued on Saturday.
He claimed such “favouritism” over the Adani Group has caused the fear of losing this money (against the backdrop of the group’s share tumbling on bourses).
“It is a massive scale of irregularities and there should be an SIT to probe it,” the Congress leader stated.
Patole alleged Narendra Modi’s closeness with Adani was well-known even before Modi became the prime minister (in 2014).

“After coming to power at the national level, PM Modi showed special favour and helped the group with a loan from SBI. The LIC has invested nearly Rs 74,000 crore in it. Adani could rank among the world’s richest persons so soon only because of Modi’s blessings.
“The public sectors undertakings that were performing well, have been given to Adani group for its operations as well. The bubble was burst and Adani may have to go to jail like Sahara group’s Subrato Roy,” Patole alleged.
He said it is a “world-known secret” that probe agencies were used to force a company to hand over the Mumbai international airport’s operations to Adani Group.
“Even Maharashtra deputy chief minister Devendra Fadnavis has planned to hand over operations of state distribution utility to Adani group but it could not materialise because of the strong opposition from its union,” Patole added.
He claimed a Dubai-based real estate development company had put in the highest bid for the Dharavi slum rehabilitation project in Mumbai but the contract was awarded to Adani Group.
“Going by this group’s irregularities, it endangers the people living there and small businesses. The government should take back the Dharavi redevelopment project from the Adani group,” he demanded.
The Adani Group has termed the Hindenburg report malicious with unsubstantiated contents.
“The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023 has adversely affected the Adani Group, our shareholders and investors. The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens,” Adani Group’s legal head Jatin Jalundhwala had said in a statement.
“We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research,” he stated.
However, Hindenburg has stood by the report.
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#Maha #Cong #chief #questions #investments #PSUs #LIC #Adani #Group #seeks #SIT #probe
( With inputs from www.siasat.com )

January 29, 2023
G20 International Financial Architecture Working Group meeting to begin on Monday

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Chandigarh: A G20 International Financial Architecture Working Group meeting will start on Monday, where participants will discuss ways to enhance the stability and cohesion of the global financial architecture and how to make it fit to address global challenges of the 21st century.
The two-day meeting will also focus on exploring ways to provide maximum support to poor and vulnerable countries, Anu P Mathai, economic advisor, department of economic affairs, told the media here on Sunday.
Around 100 delegates from G20 countries, invitee countries and international organisations will participate in the meeting.
Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar and Minister of Food Processing Industries Pashupati Kumar Paras will inaugurate it, she said.
The discussions during the meeting will be jointly steered by the ministry of finance and the Reserve Bank of India along with France and Korea who are the co-chairs of the International Financial Architecture Working Group.
“The meeting will discuss ways how to increase the stability and cohesion of the international financial architecture and how to make it fit to address the global challenges of the 21st century,” she said.
Sharing details about the working group, she said it plays an important role in shaping and strengthening global financial architecture on major international economic issues.
“This group originated in response to the Asian financial crisis. Initially, it was a grouping of the finance ministers and the central bank governors of these countries.

“In 2008, when there was a global financial crisis, it was elevated to a summit level and it means that the heads of the states of these countries also begin to meet every year,” she said.
This working group particularly deals with how to strengthen the crisis response at the times of crisis, she said.
Replying to a question, she said the debt is a major item on the agenda of the International Financial Architecture Working Group.
“Then how multilateral development banks and international financial institutions can be made stronger to meet the funding needs of the challenges of the 21st century like pandemic and climate change.
“Then the global financial safety net which is a term used for the network of institutions and lending arrangements and regional financial arrangements for increasing liquidity and for providing resources both as preventive measures and in times of crisis. So how can this be made stronger and that is another area which is going to be discussed.
“There is an issue like what are the implications, macroeconomic implications of the central bank digital currency that is another issue. Then the issue related to capital flows, volatility of the capital flows. So there are the broad areas of the International Financial Architecture Working Group,” she said.
Under the Indian Presidency, there will be a comprehensive look at the global debt situation, she said in a response to a question.
On the sidelines of the meeting on Monday, a G20 side event titled ‘Central Bank Digital Currencies (CBDCs): Opportunities and Challenges’ will also be held.
The event is aimed at sharing countries’ experiences and developing a deeper understanding of the macro prudential implications of CBDCs, she further said.
This working group will meet again in March, June, and September at other places to continue discussions on the priorities set under the Indian Presidency.
Discussions from the International Financial Architecture Working Group meeting will further inform the G20 Finance Ministers and Central Bank Governors (FMCBG) on the key deliberations on related priorities under India’s G20 Finance Track, said an official release.
The first meeting of the G20 Finance Ministers and Central Bank Governors is scheduled to be held on 24-25 February 2023 in Bengaluru.
Baldeo Purushartha, joint secretary, department of economic affairs, said the foreign delegates will be apprised of the art and culture of North India through a cultural event.
They will also be taken to famous sites like Sukhna Lake and Rock Garden in Chandigarh and on February 1, the delegates will be taken to Virasat-e-Khalsa in Anandpur Sahib in Punjab, he said.
Meanwhile, Chandigarh city has been decked up with national flags of the G20 countries at various roundabouts.
Guides well-versed in multiple languages will also accompany the delegates when they visit famous places in Chandigarh.
India assumed the G20 presidency for one year on December 1, 2022. The G20, or Group of 20, is an intergovernmental forum of the world’s major developed and developing economies.
It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).
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( With inputs from www.siasat.com )

January 29, 2023
Startup20 Engagement Group holds inception meeting in Hyderabad

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Hyderabad: The Startup20 Engagement Group, initiated under India’s G20 Presidency in 2023, held its inception meeting in Hyderabad.
The second day of the two-day inception meeting on Sunday was addressed by Paytm founder Vijay Shekhar Sharma, YourStory founder and CEO Shradha Sharma, and actor and active investor in the Indian startup ecosystem Suniel Shetty. The three addresses focused on personal stories and their journey through the startup ecosystem in India.
The Startup20 Engagement Group aims to create a global narrative for supporting startups and enabling synergies between startups, corporates, investors, innovation agencies, and other key ecosystem stakeholders.
The engagement group comprises three taskforces – Foundation & Alliance, Finance, and Inclusion & Sustainability, where delegates will come together to discuss efficient policy frameworks to promote scaling up of startups in the G20 nations.
Startup20 Chair, Dr Chintan Vaishnav launched the Startup 20X, which has also been incorporated under the Startup20 Engagement Group.
Startup20X has been launched to bring together leaders, entrepreneurs, innovators, visionaries, educators, incubation professionals, women, youth, artisans, artists, activists, and others, to discuss experiences and best practices. The conferences and series of talks will enable efficient policy formulation throughout Startup20 Engagement Group and task force discussions.
Following the Startup20X launch, the delegates proceeded to round table discussions on the objectives and deliverables of each of the task forces where each participant recorded their opinions and discussion through an online form. This was followed by nominations for the international and national delegations to the three task forces. The session concluded with closing remarks from Vaishnav.
Post the networking lunch, the country representatives proceeded to a closed-door session on Startup20. This was followed by a cultural excursion tour to Hussain Sagar Lake and Golkonda Fort for the Incredible India light and sound show.

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#Startup20 #Engagement #Group #holds #inception #meeting #Hyderabad
( With inputs from www.siasat.com )

January 29, 2023
Hindenburg report: KTR goes after BJP, asks who was aiding Adani group

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Hyderabad: BRS working president and Telangana IT minister KT Rama Rao on Saturday went after the BJP-led Centre and said that there are serious questions that need to be answered by the ‘NPA’ govt on findings of the Hindenburg Report.
“There are serious questions that need to be answered by the NPA Govt on #HindenburgReport Why do LIC & SBI have such large exposure ₹77,000 Cr & ₹80,000 Crore to Adani group stocks? Who pushed them to do so? Who was aiding & abetting them in this entire episode?” he asked on Twitter.
There are serious questions that need to be answered by the NPA Govt on #HindenburgReport
Why do LIC & SBI have such large exposure ₹77,000 Cr & ₹80,000 Crore to Adani group stocks? Who pushed them to do so?
Who was aiding & abetting them in this entire episode?
— KTR (@KTRBRS) January 28, 2023
Along with the Adani Group share pummelling on Friday, with the group losing Rs 3.37 lakh crore in aggregate market capitalisation in a single day, Life Insurance Corporation (LIC), the single largest non-promoter domestic shareholder in five of the largest Adani Group companies by market capitalisation, lost Rs 16,627 crore due to a drop in the value of its Adani Group holdings.
Indeed, the value of LIC’s Adani Group assets fell from Rs 72,193 crore on Tuesday to Rs 55,565 crore on Friday, a 22% drop in only two days.
Meanwhile, LIC’s share price declined 3.5 percent during the day on Friday, falling 5.3 percent in the prior two days.
What is the Hindenburg report?
Hindenburg Research, a well-known short seller in the United States, disclosed short positions in the Adani Group on Wednesday, accusing the conglomerate of the improperly wide use of businesses established in offshore tax havens and expressing worry about excessive debt levels.
The revelation, which comes just days before Adani Enterprises’ (ADEL.NS) $2.5 billion share sale, sent Adani group businesses’ shares tumbling.
It also said that seven Adani listed firms had an 85% downside on a fundamental basis because to what it dubbed ‘sky-high valuations’.

The firm published an investigative document titled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History‘ and revealed findings of their two-year investigation presenting evidence that the Rs 17.8 trillion worth Adani group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.
According to the report, Gautam Adani, the Adani Group’s founder, and chairman, has a net worth of about $120 billion, which he has increased by more than $100 billion in the last three years, primarily as a result of stock price growth in the group’s seven most important publicly traded companies, which have increased by an average of 819 percent during that time.
KT Rama Rao had also challenged the central investigative agencies including the Enforcement Directorate (ED), Central Bureau of Investigation (CBI), Income Tax Department (IT) and Securities and Exchange Board of India (SEBI) to probe into the Adani enterprise’s ‘scam’.
The challenge comes hours after US’s Hindenburg Research’s investigative document, alleging fraud in Adani Group’s dealings, surfaced.
KTR challenged the agencies to probe into the matter stating in a tweet “ED, CBI, IT & SEBI; Hain Dum probe Karne Ka👇??
KTR further went on to criticise mainstream and national media remarking on their ‘inefficiency’ to manifest such matters.
ED, CBI, IT & SEBI; Hain Dum probe Karne Ka👇??
I am sure NO mainstream National media will report/discuss this & even Social Media platforms will be coerced by NPA Govt into removing the report #NewIndia https://t.co/qpyBPsob5t
— KTR (@KTRBRS) January 25, 2023

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#Hindenburg #report #KTR #BJP #asks #aiding #Adani #group
( With inputs from www.siasat.com )

January 28, 2023
Hindenburg fraud-type assertions are devoid of facts: Adani Group

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New Delhi: The Adani Group has said that accounting (or fraud-type assertions) “investigation” by Hindenburg Research are devoid of facts.
Of Adani’s portfolio’s nine publicly listed entities, eight are audited by one of the Big 6.
On leverage or over-leverage issue — 100 of our various companies are rated (these account for nearly 100 percent of our EBITDA), Adani Enterprises said in a stock exchange filing.
On revenue or balance sheet being artificially inflated or managed — out of nine listed companies in Adani portfolio six are subject to specific sector regulatory review for revenue, costs, and capex, Adani Group said.
In relation to governance, four of our large companies are in the top 7 percent of the peer group in Emerging markets or the sector of the world.
On the LAS position do note that overall promoter leverage is less than 4 percent of promoter holding, the group said.
Hindenburg asked 89 questions in total, the following Question by number: 1,2,3 5,6,7 19,20,21, 27,28,29 62,63,64 and 72,74,75,77,78,79 are in relation to Related party transactions, DRI (Directorate of Revenue Intelligence) and court cases.
Twenty-one in total cannot be claimed to be the result of any investigation over a two-year period or any such assertion as they were disclosed in the public documents all the way back from 2015 onwards, the group said.

The 21 questions are nothing but Adani Portfolio’s own public disclosure from as far back as 2015, the statement said.
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#Hindenburg #fraudtype #assertions #devoid #facts #Adani #Group
( With inputs from www.siasat.com )

January 28, 2023
Startup 20 group to hold two-day inception meeting in Hyderabad starting today

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Hyderabad: Hyderabad will host a two-day inception meeting of the Startup 20 Engagement Group, set up under India’s G20 presidency, from Saturday.
G20 is a grouping of developed and developing nations. India is holding its presidency for this year.
Startup 20 is an important engagement group and Hyderabad has a culture of innovation, G20 Sherpa Amitabh Kant told reporters on Friday.
Startup20 has three different tracks, namely, foundation and alliance, finance and inclusivity, and sustainability, said Anurag Jain, Secretary, the Department for Promotion of Industry and Internal Trade.
Startup20 aspires to create a global narrative for supporting startups and enabling synergies between startups, corporates, investors, innovation agencies and other key ecosystem stakeholders, an official release said.
The purpose of this group is to provide a common platform for startups from G20 member countries to come together to develop actionable guidance in the form of building enabler capacities, identification of funding gaps, enhancement of employment opportunities, achievement of SDG targets and climate resilience, and growth of an inclusive ecosystem, it said.
The Startup20 activities will span over five events. The Inception Meet of Startup20 will be held in Hyderabad on Saturday and Sunday (January 28 and 29).
The summit event will take place in July in Gurugram with three intervening events planned in different parts of the country.

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#Startup #group #hold #twoday #inception #meeting #Hyderabad #starting #today
( With inputs from www.siasat.com )

January 28, 2023
Pune techie murder case: All accused including Hindu group leader acquitted

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Pune: Nine years after the murder of an IT professional Mohsin Shaikh rocked Maharashtra, a Pune Sessions Court acquitted all 20 accused including the Hindu Rashtra Sena (HRS) President Dhananjay Desai, here on Friday.
Reading out the verdict on Friday, Pune Additional Sessions Judge S.B. Salunkhe said that the evidence brought on record was not strong enough to convict Desai and other co-accused and the prosecution had failed to prove its case beyond reasonable doubts, lawyer Sudhir Shah said for one of the accused.
“It was a conspiracy to frame me and the police were misused… I was innocent,” Desai remarked briefly after the court verdict.
Shaikh, 28, had allegedly posted some objectionable content on social media pertaining to Chhatrapati Shivaji Maharaj, the late Balasaheb Thackeray and others, which resulted in protests and violence in Unnatnagar and surroundings of Hadapsar, on June 2, 2014.
At that time, Shaikh, who hailed from Solapur, was returning home with his friend Riyaz A. Shendrare after offering prayers in a mosque and was targeted by some motorcycle-borne men armed with hockey sticks, cricket bats, stones and other weapons, who created mayhem in the vicinity, attacking people and properties.
Seriously hurt in the attack by a cricket bat blow, Shaikh died while under treatment in hospital, and his brother Mobin Shaikh lodged an FIR.
In his complaint, Mobin stated that the attackers intercepted his brother Mohsin and his friend Riyaz at Satav Plot around 9.15 p.m. as he sported a beard and wore a light-green Pathani suit.
After investigations, the Pune Police charged Desai of inciting passions through inflammatory speeches in January and March 2014 in Manjari and Lonikalbhor areas in Hadapsar.

A total of 21 people, including a minor, all said to be HRS activists, were nabbed in the case and all secured bail later, as their lawyers argued about political motives, with the state assembly elections which were due then.
Taking strong cognizance, the government of the then Chief Minister Prithviraj Chavan had appointed eminent lawyer Ujjwal Nikam, Special Public Prosecutor, but after objections from some groups, he finally opted out in May 2017.
Later, the government appointed the District Government Pleader Ujjwala Pawar as the SPP and after her retirement, Dhaigude Patil continued the matter.
The Sessions Court verdict on Friday has evoked sharp reactions from various political parties in the state.
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#Pune #techie #murder #case #accused #including #Hindu #group #leader #acquitted
( With inputs from www.siasat.com )

January 27, 2023
Sensex, Nifty go into a tailspin after ‘fraud’ report on Adani group

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Mumbai: Benchmark indices Sensex and Nifty plunged over 1 per cent to close at three-month lows on Friday due to selling in banking, financials, utilities and oil shares triggered by an unfavourable report on Adani group as well as FIIs taking a cautious stance ahead of the Union budget.
Continuing its decline for a second session, the 30-share BSE benchmark tanked 874.16 points or 1.45 per cent, its biggest single day loss in more than a month, to settle at 59,330.90. This is the lowest closing level since October 21.
During the day, Sensex plunged 1,230.36 points or 2.04 per cent to 58,974.70.
The broader NSE Nifty fell 287.60 points or 1.61 per cent to end at a three-month low of 17,604.35, also marking its worst single-day fall since December 23, 2022.
“Indian benchmark equity gauges Sensex and Nifty hit their over three month lows on Friday, dragged by massive selling mainly in Adani group and banking stocks. Adani shares were in the line of the fire following the Hindenburg report accusing the group of serious irregularities,” said Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities.
Vinod Nair, Head of Research at Geojit Financial Services also said that the sharp slump in the Indian market was triggered by an unfavourable research report on Asia’s richest promoter group companies.
“This is also affecting the banking stocks even though the results of the sector are optimistic due to high group lending, indicating potential risk. PSU banks are the most impacted compared to private banks owing to high exposure. The FIIs’ cautious stance ahead of the Union Budget and FOMC meetings also fuelled the collapse.”
From the Sensex pack, SBI fell the most by 5.03 per cent. ICICI Bank by 4.41 per cent, IndusInd Bank by 3.43 per cent, Axis Bank by 2.07 per cent, Kotak Bank by 2.03 per cent, HDFC Bank by 1.96 per cent, Reliance by 1.9 per cent and HDFC by 1.87 per cent.

Bucking the trend, auto stocks Tata Motors and Mahindra & Mahindra closed with gains. Tata Motors, which returned to profitability in the third quarter of FY23, rose the most by 6.34 per cent among Sensex shares. Mahindra & Mahindra advanced 0.71 per cent.
ITC and UltraTech Cement were also among the winners.
In the broader market, the BSE smallcap gauge tanked 1.89 per cent and midcap index fell by 1.29 per cent.
Among sectoral indices, utilities tanked 7.34 per cent, power tumbled 6.79 per cent while oil & gas (5.75 per cent), energy (5.22 per cent), telecommunication (3.79 per cent), commodities (3.27 per cent), bankex (3.06 per cent) and financial services (2.48 per cent) also declined.
FMCG, healthcare and auto ended in the green.
Adani group stocks took a beating falling up to 20 per cent after the US-based investment research firm Hindenburg Research made damaging allegations.
The group’s flagship Adani Enterprises, which launched the Rs 20,000 crore FPO on Friday, tanked 18.52 per cent. Adani Ports plunged 16 per cent, Adani Power by 5 per cent, Adani Green Energy by 19.99 per cent, and Adani Total Gas by 20 per cent.
In two days, the Adani group firms have lost a whopping Rs 4,17,824.79 crore from their market valuation. The market valuation of Adani Total Gas plummeted Rs 1,04,580.93 crore while that of Adani Transmission by Rs 83,265.95 crore.
Adani Enterprises market capitalisation fell by Rs 77,588.47 crore, Adani Green Energy lost Rs 67,962.91 crore and Adani Ports by Rs 35,048.25 crore.
The market valuation of Ambuja Cements declined by Rs 23,311.47 crore, Adani Power by Rs 10,317.31 crore, ACC by Rs 8,490.8 crore and Adani Wilmar by Rs 7,258.7 crore.
Elsewhere in Asia, equity markets in Seoul, Tokyo and Hong Kong ended in the green.
European benchmarks were trading higher during mid-session deals. Markets in the US had ended higher on Thursday.
Stock markets were closed on Thursday on account of Republic Day.
International oil benchmark Brent crude climbed 1.35 per cent to USD 88.65 per barrel.
Foreign Institutional Investors (FIIs) offloaded shares worth Rs 2,393.94 crore on Wednesday, according to exchange data.
“Traders will now gear up for the next 2-big catalysts; interest-rate decision from the Federal Reserve to trickle in on February 1, and the Union Budget for 2023-24 to be presented on the same day,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd.
(Except for the headline, this story has not been edited by Siasat staff and is published from a syndicated feed.)
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#Sensex #Nifty #tailspin #fraud #report #Adani #group
( With inputs from www.siasat.com )

January 27, 2023
Justice Department disrupts group behind thousands of ransomware attacks

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Garland, at a press conference in Washington, said Hive was behind attacks in the past two years on a Midwest hospital, which was forced to stop accepting new patients and to pay a ransom to decrypt health data. While Garland did not name the hospital, the Memorial Health System in West Virginia and Ohio was attacked by Hive affiliates at the same time. Hive was also linked to an attack last year on Costa Rica’s public health service.
Hive is known to go after health care organizations, and the Justice Department, the Cybersecurity and Infrastructure Security Agency and the Department of Health and Human Services put out a joint alert last year warning of additional Hive attacks on health care and public health groups.
Garland said the Justice Department had assisted around 300 victims around the world since July, and stopped the payment of around $130 million to Hive.
“Cybercrime is a constantly evolving threat, but as I have said before, the Justice Department will spare no resources to identify and bring to justice anyone, anywhere who targets the United States with a ransomware attack,” Garland said.
FBI Director Christopher Wray said the “disruption campaign” against Hive had taken place over the past year and a half, and involved FBI personnel gaining access to Hive’s control panels in order to give victims keys to unlock their encrypted systems. Wray pressed victims of cyberattacks to come forward and inform law enforcement, noting that only around 20 percent of Hive’s victims had done so.
“A reminder to cybercriminals: No matter where you are, and no matter how much you try to twist and turn to cover your tracks — your infrastructure, your criminal associates, your money and your liberty are all at risk, and there will be consequences,” Wray told reporters.
Hackers linked to some ransomware attacks have often been based out of Russia, including the hackers behind the 2021 attack on Colonial Pipeline, which temporarily crippled the supply of gas to the East Coast. While the Biden administration opened discussions with Moscow in 2021 about cracking down on cybercriminals based in Russia, these talks collapsed following the Russian invasion of Ukraine last year.
When asked whether Hive cybercriminals were based in Russia, Garland declined to answer, noting “we are in the middle of an ongoing investigation.”

While the dismantling of Hive’s operations is a win for the Justice Department — which launched a ransomware task force in 2021 to better prioritize investigating and bringing to justice ransomware cybercriminals — at least one expert is skeptical of its long-term impact.
“The disruption of the Hive service won’t cause a serious drop in overall ransomware activity, but it is a blow to a dangerous group that has endangered lives by attacking the health care system,” John Hultquist, the head of Mandiant Threat Intelligence at Google Cloud, said Thursday. He noted that a new competitor will likely be “standing by” to take Hive’s place.
“Actions like this add friction to ransomware operations. Hive may have to regroup, retool, and even rebrand,” Hultquist said. “When arrests aren’t possible, we’ll have to focus on tactical solutions and better defense. Until we can address the Russian safehaven and the resilient cybercrime marketplace, this will have to be our focus.”
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#Justice #Department #disrupts #group #thousands #ransomware #attacks
( With inputs from : www.politico.com )

January 26, 2023
‘Malafide intention’: Adani Group on Hindenburg Research’s allegations of fraud

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Soon after US’s Hindenburg Research investigative report accused Adani Group of the improper wide use of businesses established in offshore tax havens and expressed worry about excessive debt levels, the conglomerate released a statement terming the report as ‘malicious combinations of selective misinformation.’
The statement was released by Adani Group’s Chief Financial Officer (CFO) Jugeshinder Singh who stated the allegations made are stale, baseless and discredited that have been tested and rejected by India’s highest courts.
Pointing that the timings of the report are to undermine the Adani Group’s reputation, the statement read, “The report’s publication clearly betrays a brazen, malafide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming Follow-On-Public Offering from Adani Enterprises.”
It further said that its investors are unperturbed by the report and have full faith and will not be influenced by “one-sided, motivated and unsubstantiated reports with vested interests.”
The firm published an investigative document titled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History‘ and revealed findings of their two-year investigation presenting evidence that the Rs 17.8 trillion worth Adani group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.
According to the report, Gautam Adani, the Adani Group’s founder and chairman, has a net worth of about $120 billion, which he has increased by more than $100 billion in the last three years, primarily as a result of stock price growth in the group’s seven most important publicly traded companies, which have increased by an average of 819 percent during that time.
As a reaction to the announcement, the market capitalization of the seven Adani Group equities fell by 46,086 crore on Wednesday.
On Wednesday, Adani Total Gas lost Rs 12,366 crore, followed by Adani Ports, which lost Rs 8,342 crore, and Adani Transmission, which lost Rs 8,039 crore.

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#Malafide #intention #Adani #Group #Hindenburg #Researchs #allegations #fraud
( With inputs from www.siasat.com )

January 25, 2023