“This report was a deliberate and a malicious attempt aimed at damaging our reputations…” Here’s what Gautam Adani said in response to the Hindenburg Research report.
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00:00The report was a combination of targeted misinformation and discredited allegations.
00:30As all of you are aware, on the eve of Republic Day this year, a US-based short-seller published
00:42a report to short our stocks, just as we were planning to launch the largest fallout public
00:49offering in India's history.
00:51The report was a combination of targeted misinformation and discredited allegations.
00:59The majority of them, dating from 2004 to 2015, were all settled by appropriate authorities
01:07at that time.
01:08This report was a deliberate and malicious attempt aimed at damaging our reputation and
01:15generating profits through a short-term drive-down on our stock prices.
01:19Subsequently, despite a fully subscribed FPO, we decided to withdraw and return the money
01:26to our investors to protect their interests.
01:29While we promptly issued a comprehensive rebuttal, various vested interests tried to exploit
01:35the claims made by the short-seller.
01:37These entities encouraged and promoted our false narratives across various news and social
01:44media platforms.
01:45Consequently, the Honorable Supreme Court of India constituted an expert committee to
01:51look into this matter.
01:52The committee included individuals known for their independence and integrity.
01:58The report of the expert committee was made public in May 2023.
02:02The expert committee did not find any regulatory failure.
02:06The committee's report not only observed that the mitigating measures undertaken by
02:12your company helped rebuild confidence but also cited that there were credible charges
02:19of targeted destabilization of the Indian markets.
02:22It also confirmed the quality of our group's disclosures and found no instance of any breach.
02:29While SEBI is still to submit its report, we remain confident of our governance and
02:36disclosure standards.
02:37It is my commitment that we will continue to strive to keep improving this every single
02:44day.
02:45Our track record speaks for itself and I am grateful for the support our stakeholders
02:50have shown as we went through these challenges.
02:54It is worth noting that even during this crisis, not only did we raise several billions from
03:01international investors but also that no credit agencies, in India or abroad, cut any of our
03:08ratings.
03:09This is the strongest validation of the belief that the investors have in your company's
03:14governance and capital allocation practices.
03:18For the past decade, one statement that I have repeated dozens of times is my belief
03:25in the future of the nation we call our Matruh Bhoomi.