The CFO of the conglomerate claimed that the “bogus study based on lies and misrepresentation” could not discover any way to falsify the group’s enterprises. This was in response to the Hindenburg report on the Adani Group.
Hindenburg Research has been charged by The Adani Group with conducting inadequate research and “copy-pasting” from business disclosures. Additionally, it said that they either conducted inadequate research or did so but mislead the public. Jugeshinder Singh, the chief financial officer of Adani Group, stated in an interview with Business Today Television’s managing editor Siddharth Zarabi that Hindenburg needs to answer why they distorted the questions they asked Adani Group in their report.
According to Singh in the interview that followed the 413-page report released to investors on Saturday, Adani Group responded to all 88 inquiries made by Hindenburg Research. “There are solutions to all 88 questions. They used our disclosures and did not conduct any research, even if we did not respond to all 88 of the questions. One hundred and sixty-eight of these questions are false and misleading. The report was a hit job on the FPO because they did no investigation and simply cut, copied, and pasted it. They conducted the studies and purposefully deceived the audience, so it could be worse. Inquire with them. The 68 questions were distorted, so ask them why Singh said.
Singh responded that the 20 unanswered questions included inquiries into why the Adani Group does not welcome criticism. “Yes, but we don’t tolerate lying. Then there are inquiries about a person’s private family office, to which we are unable to respond. We gave every response we could,” Singh added.
Even Hindenburg’s “bogus study based on lies and misrepresentation,” according to the CFO, was unable to discover anything to falsify the Adani Group’s operations. Even that investigation, he claimed, “finds nothing on our core operations.”
Singh also defended Shah Dhandharia, the audit company whose qualifications and capacity to examine a conglomerate the scale of the Adani Group have been questioned. The Hindenburg report had questioned the firm’s capacity since it “appeared to be incapable of undertaking such a mammoth assignment” and had four partners and 11 staff.
Singh responded, “Do you think as a significant Indian company like us has no duty to grow Indian vendors,” when asked why they hadn’t hired one of the major accounting firms like Deloitte, KPMG, Ernst & Young, or PwC. Is this a terrible thing if we are assisting a tiny Indian company? There are 21,000 little sellers here.