Tag: Hindenburg

Cong calls protest on Feb 6 over Hindenburg report on Adani

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New Delhi: The Congress party has decided to hold nationwide district level protests on Monday, February 6, in front of the Life Insurance Corporation office and the State Bank of India office here over the Hindenburg report.
“The government can’t jeopardize the hard earned money of the people of India to profit the crony friends of the Prime Minister.” said KC Venugopal, party general secretary.
He said the LIC has invested Rs 36,474.78 crore in the Adani Group whereas Indian banks together have invested nearly Rs 80,000 crore in the group. They continue to do so even when there are allegations of stock manipulation, accounting fraud and other malfeasance.
The group has lost $100 billion since the Hindenberg report came out.
All the Pradesh Congress Committees have been requested to issue the necessary instructions to the District Congress Committees so that apart from senior leaders, party functionaries and workers, mobilisation from the BCC, Panchayat and Booth level is ensured in full measure.
The Congress is also demanding a JPC probe or an enquiry under the supervision of the Chief Justice of India into the Adani saga, involving hundreds of thousands of crores of public money.
He said that amidst the all round gloom due to unprecedented unemployment, uncontrolled inflation and economic distress, the Modi government was expected to present a budget which addressed these urgent concerns of the people.
“Sadly, the characteristically insensitive and callous government, rather than acting to safeguard the people’s interest and stop the squandering and loot of public money, is still single mindedly bent on helping PM Modi’s friends, blatantly throwing all caution and prudence to the winds,” he said.

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( With inputs from www.siasat.com )

February 2, 2023
Hindenburg effect: RBI asks banks for exposure details to Adani Enterprises

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The Reserve Bank of India (RBI) has asked for details from banks on their exposure to the Adani Group, several reports said on Thursday.
The information being sought by the central bank includes details of collateral being employed to back loans and indirect exposure that banks may have.
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#Hindenburg #effect #RBI #asks #banks #exposure #details #Adani #Enterprises
( With inputs from www.siasat.com )

February 2, 2023
Hindenburg report on Adani: AAP demands probe into ‘biggest scam’

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New Delhi: The Aam Aadmi Party (AAP) on Tuesday termed the allegations of financial fraud against the Adani Group as the “biggest scam” and urged Prime Minister Narendra Modi to order “a fair probe” into the matter.
In a letter to the prime minister, AAP Rajya Sabha MP Sanjay Singh also demanded that the passport of Adani Group’s founder and chairman Gautam Adani along with that of “all the important people concerned” be also confiscated so that they do not leave the country till the completion of the probe.
The AAP’s demands came after a US-based firm, Hindenburg Research, last week released a report alleging that the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.
The Adani Group’s listed companies have lost over USD 70 billion since the January 24 report that flagged high debt levels at the ports-to-energy conglomerate and the alleged use of offshore entities in tax havens.
Modi जी का मित्र Adani बोला Hindenburg Report ‘भारत पर हमला है’
अब हर चोरी को ये बोलेंगे, भारत पर हमला हो गया?
जो करोड़ों लोगों को लूट रहा है, उसका भ्रष्टाचार उजागर करना भारत पर हमला कैसे?
सदन में चर्चा हो।
कहां छिपी है ED, IT, SEBI?
क्यों चुप है Modi सरकार?
—@SanjayAzadSln pic.twitter.com/6DpMI6OEqC
— AAP (@AamAadmiParty) January 31, 2023
The group has denied all charges and threatened to sue the US firm.
“This is the biggest scam committed by Narendra Modi’s closest friend. Lakhs of crores of money of the investors have gone down the drain due to this. Allegations levelled against the Adani Group are very serious and cause of worry for crores of people of this country,” Singh, who is also AAP’s national spokesperson, told a press conference.
The AAP demands that “a fair and honest probe” be ordered into the matter so that truth comes out before the nation, he said.
“We also demand a JPC (joint parliamentary committee) probe into the matter. We will raise this issue during the ongoing Budget Session of Parliament,” he added.

Singh wrote to the prime minister on Monday, urging him to order a probe into the matter.
In his five-page letter to the prime minister, Singh listed the allegations levelled by Hindenburg Research against the Adani Group and said the US firm’s report brings forth “several serious examples and proofs of how the Adani Group and its affiliates are cheating the government, regulators and investors.”
With the US firm’s report, it has become “a very serious matter” and calls for immediate action, the AAP leader noted.
“It is our demand that after registration of a case in this matter as soon as possible, an honest and a fair investigation into each and every aspect be started,” Singh said in his letter to the prime minister.
The passports of all the important people concerned, including Adani Group’s founder and chairman Gautam Adani, should also be confiscated “so that all these people cannot leave the country until the investigation is complete and the truth comes out,” the AAP leader added.

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( With inputs from www.siasat.com )

January 31, 2023
Hindenburg Research’s expose: Adani Group to go forward with planned IPO

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As the Adani Group tries to grapple with the Hindenburg Research report that accused them of financial fraud, mounting debts and offshore tax havens, the former has announced that it will go forward with the planned initial public offering (IPO) as scheduled.
In a statement, Adani Group said, “There is no change in either the schedule or the issue price. All our stakeholders including bankers and investors have full faith in the FPO (Follow on Public Offer). We are extremely confident about the success of the FPO.”
However, bankers have expressed serious concerns, three people familiar with the matter told Reuters on Saturday.
“Everyone was shocked. They did not expect such a poor response,” one source said. They plan to either extend the subscription closing date by four days or lower the price.
The Hindenburg Research expose
On January 26, Hindenburg Research’s report called out the conglomerate’s “substantial debt”, which includes pledging shares for loans; that Adani’s elder brother Vinod “manages a vast labyrinth of offshore shell entities” that move billions into group companies without required disclosure; and that its auditor “hardly seems capable of complex audit work”.
Hindenburg Research believed India was a vibrant democracy and an emerging superpower with an exciting future and it was the Adani Group which was holding it back through “systematic loot”.
Soon after the expose, Adani’s share fell down by 20% and then 11% below the minimum offer price of the secondary sale. Adani himself lost in excess of USD 20 billion, or about one-fifth of his total fortune.
It lost 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.

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% during the day on Friday, falling 5.3% in the prior two days.
On January 29, the Adani Group responded to the allegations and narrative peddled by Hindenburg Research in a 400-page response.
The group alleged that the report was not an attack on any specific company but a “calculated attack” on India, its growth story, and ambitions.
Replying to the claim, Hindenburg Research tweeted, ‘Fraud Cannot Be Obfuscated By Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised’.
It welcomed Adani Group’s decision to take legal action but stated that they file a suit in the United States where they operate. However, if Adani fails to move forward with legal proceedings, then they stand corrected.
In a statement, Hindenburg Research said, “In the 36 hours since we released the report, Adani hasn’t addressed a single substantive issue we raised. At the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions,” the statement read.
Hindenburg Research’s want Adani to sue them in the US, where they operate.
If Adani is not proceeding legally, Hindenburg’s claims stand correct. pic.twitter.com/OeKFB4fPQe
— Facts check (@Facts_chek) January 30, 2023
“If Adani is serious, it should also file suit in the U.S where we operate. We have a long list of documents we would demand in a legal discovery process,” the statement concluded.

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( With inputs from www.siasat.com )

January 30, 2023
Adani buys majority stake of Hindenburg Research Company

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India’s Gautam Adani, Asia’s richest man, faces possibly the biggest challenge of his career after a U.S. short seller, Hindenburg accused Adani conglomerate of stock manipulation and accounting fraud.
Adani Group responded Hindenburg report with an over 400-page data, the group led by Gautam Adani called all the allegations “unsubstantiated” and “misleading”.
However, despite the response by Adani’s group, the investors remained apprehensive and Adani’s share price kept falling.
Reportedly, in an hostile takeover, Adani Group has bought majority stake at Hindenburg Research company. This is the second hostile takeover by Adani Group after it took over its another critic NDTV.
“After completing the formalities with SEBI and US’ Securities and Exchange Commission (SEC) we will take complete control of Hindenburg Research and the story will be deleted” told Adani Group CFO to The Fauxy.
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#Adani #buys #majority #stake #Hindenburg #Research #Company
[ Disclaimer: With inputs from The Fauxy, an entertainment portal. The content is purely for entertainment purpose and readers are advised not to confuse the articles as genuine and true, these Articles are Fictitious meant only for entertainment purposes. ]

January 30, 2023
Adani issues 413-page response, calls Hindenburg allegations attack on India

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New Delhi: Richest Indian Gautam Adani’s group on Sunday likened the damning allegations levied by short seller Hindenburg Research to a “calculated attack” on India, its institutions and growth story, saying the allegations are “nothing but a lie”.
In a 413-page response, Adani Group said the report was driven by “an ulterior motive” to “create a false market” to allow the US firm to make financial gains.
“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” it said.
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#Adani #issues #413page #response #calls #Hindenburg #allegations #attack #India
( 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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( 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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( With inputs from www.siasat.com )

January 28, 2023
Adani evaluating remedial and punitive action against Hindenburg Research

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New Delhi: The maliciously mischievous, unresearched report published by Hindenburg Research on January 24 has adversely affected the Adani Group, our shareholders and investors, the Adani Group said in a statement on Thursday.
“The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens”, Jatin Jalundhwala, Group Head, Legal, Adani, said.
“Clearly, the report and its unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg Research, by their own admission, is positioned to benefit from a slide in Adani shares,” he said.
“We hold short positions in Adani Group Companies through US-traded bonds and non-Indian-traded derivatives, along with other non-Indian-traded reference securities”, Hindenburg Research had disclosed.
“We are deeply disturbed by this intentional and reckless attempt by a foreign entity to mislead the investor community and the general public, undermine the goodwill and reputation of the Adani Group and its leaders, and sabotage the FPO (Follow-on Public Offering) from Adani Enterprises. We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research,” the Adani Group said.
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#Adani #evaluating #remedial #punitive #action #Hindenburg #Research
( With inputs from www.siasat.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