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We stood firm in face of adversity, Gautam Adani at AGM on Hindenburg storm of past year
Photo courtesy: X/@gautam_adani

We stood firm in face of adversity, Gautam Adani at AGM on Hindenburg storm of past year

| @indiablooms | 24 Jun 2024, 04:42 pm

New Delhi/IBNS: Reacting to the attack by foreign shot-seller Hindenburg, Adani Enterprises Chairman Gautam Adani on Monday said the company fought to defend its integrity and reputation and came out stronger.

Speaking at the 32nd Annual General Meeting (AGM) of the company, as quoted by NDTV, Adani said the Group not only weathered this storm but emerged stronger, proving that no challenge could undermine its foundational strength.

"The true measure of success," Adani stated, "is our ability to stand firm in the face of adversity." He talked about the businesses' record-breaking achievements in 2023, along with the best financial performance ever seen.

"Perseverance never more evident than what we demonstrated last year. Adani Group fought back against attacks on integrity, and reputation by foreign short sellers. Proved no challenge can weaken the foundations of the Adani Group," he added, according to the NDTV report.

Adani said last year the group confronted with a two-pronged assault involving information distortion and political allegations timed to coincide with a critical follow-on public offer (FPO).

He said the Adani group remained focused on its investors' trust and interests. Amid a probe into the allegations, the Group had returned investors the₹ 20,000 crore raised through the FPO, according to the NDTV report.

"Short-seller attack was designed to defame, do maximum damage, erode market value. Despite raising ₹ 20,000 crore through the largest ever FPO, we decided to return proceeds. The decision to return FPO proceeds underscored dedication to our commitment to the investors," he said.

He said the challenges that "tested us,"  "ultimately forged us into a stronger entity, more resilient and prepared for the future."

Delivering its judgment on the Adani-Hindenburg issue, the Supreme Court bench of Chief Justice of India DY Chandrachud and justices JB Pardiwala and Manoj Misra  in January this year refused to transfer the probe on Adani group to a special investigation team, thus turning down the plea for a CBI probe.

Dismissing allegations and reposing faith in SEBI's powers, the apex court said the scope of power of the Supreme Court to enter into the regulatory domain of SEBI in framing delegated legislation is limited and scope of judicial review is only to see whether any fundamental right has been violated.

"No valid ground invoked (in this case) for us to direct SEBI to revoke its regulations and the current regulations are tightened by amendments in question," the Court said, the site quoted.

"Truth has prevailed,"  Gautam Adani said in January in his first reaction to the Supreme Court order, which denied transfer of probe into the allegations of fraud against the Adani Group of Companies from the Securities and Exchange Board of India (SEBI) to an alternate agency.

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