Monday, March 27th, 2023 22:43:36

Gautam Adani to launch a conclusive fight against Hindenburg

Updated: February 10, 2023 6:28 pm

The Gautam Adani group has suffered a major setback after the Hindenburg Research report. There has been a downward trend in Adani’s shares and he has dropped from 3rd number to 21st number in the list of the richest persons of the world. Now Adani will take legal action against Hindenburg founder Nathan Anderson to recover from this setback. According to the Financial Times report, Adani has hired American legal firm Wachtel. It is noteworthy that this company is famous for fighting legal battles in popular and controversial cases. The Adani group has approached US-based company Watchtel through its legal firm Cyril Amarchand Mangaldas. Watchtel will primarily focus on coordination of legal, regulatory and public relations for the Adani Group. According to information given on Wikipedia, Watchtel also played a role in the legal battle for its $44 billion acquisition of Twitter.

The FT report quoted four sources as saying that “in recent days, Adani has been in contact with senior New York-based lawyers at Wachtel, Lipton, Rosen & Katz for advice.” It is noteworthy that after the Hindenburg report, Adani Group faced the biggest corporate crisis ever and to deal with it, the group had been in contact with veteran American lawyers. Now the Indian company has hired Wachtel to lead the legal battle against American research firm Hindenburg.

It is worth mentioning here that the Hindenburg report claimed that the Adani group has been involved in manipulation of shares and fraud of accounts for decades. It is notably that this report was released on January 25, just before the Rs 20,000 crore FPO of Adani Enterprises. The effect of this report was such that Adani Group had to cancel its FPO.

It is apt to mention here that Hindenburg Research is a financial research company. This company was founded in the year 2017. Its founder is Nathan Anderson. The company analyzes data from equity, credit and derivatives markets. It is famous for its disclosures about the activities of the corporate world. The company finds out whether there is any misappropriation of money in the share market.

Hindenburg in its report asked 88 questions. Adani Group had answered 88 questions in 413 pages after the upheaval, which was cause by publication of the Hindenburg Report. In its reply, it was said on behalf of the group that this report has been brought to the fore to defame the Adani group. The report is driven by a false belief. We are following all the rules.

Posted By- Uday India

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