During the 32nd annual general meeting of Adani Enterprises on Monday, Gautam Adani stated that the Hindenburg incident was a deliberate and orchestrated effort to tarnish the reputation of Adani Enterprises.

“It was designed to defame us. It was a two-sided attack, a vague criticism on our financial standing,” said Adani on the report issued by the US short seller about the conglomerate last year.

He also mentioned that the Group not only weathered the aftermath of the Hindenburg incident but emerged even stronger, proving that no obstacle could undermine its resilience.

Adani highlighted that the previous year showcased the group’s perseverance, as they fought back against attacks on their integrity and reputation by foreign short sellers. He emphasized that the Adani enterprises proved that no challenge could weaken its foundations.

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Hindenburg, in a report, accused the Adani Group of stock price manipulation and improper use of tax havens, causing a sell-off in Gautam Adani’s ports-to-power conglomerate. Over the past year, the Group faced the dual challenges of misinformation and political accusations, strategically timed to coincide with a crucial follow-on public offer (FPO). Gautam Adani emphasized that the group continued to prioritize the trust and interests of its investors, refunding the Rs 20,000 crore raised through the FPO during the investigation into the allegations.

Earlier this year, the Supreme Court cleared the Adani Group of all allegations, expressing confidence in SEBI’s authority. The court ruled that the petitioners failed to provide sufficient evidence to justify transferring the Adani-Hindenburg probe to a special investigation team. Consequently, the court dismissed the petitions, stating that the “threshold for a transfer of investigation” had not been met.

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