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The Adani Group on Sunday issued a detailed statement on the Hindenburg report and said the allegations against the company are nothing but lies. The Hindenburg report is neither independent, objector nor well-researched, the 413-page statement said.
The Adani Group said there are multiple false narratives being created in relation to certain allegations concerning diamond exports. Reports made misleading claims around offshore entities being allegedly ‘related parties’ without regard for applicable law. The report only intended to create a false market in securities to enable Hindenburg to book gains. The Adani Group is in compliance with all applicable laws and regulations, the statement said.
Raising financing against shares as collateral is a common practice globally, the Adani Group statement said.
“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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