Hindenburg vs Adani: Hindenburg Research has said that it stands by its report and any legal action taken against the organisation will be ‘meritless'
Just a few hours after Hindenburg Research report alleging fraud by Adani Group caused havoc, the research firm has come up with another official statement. After hearing various claims of ‘remedial action’ by the Adani Group, Hindenburg has responded to the same and ‘welcomed’ a lawsuit.
As per an official tweet, Hindenburg Research has said that it stands by its report and any legal action taken against the organisation will be ‘meritless.’ Adding weight to its side of the arguments, Hindenburg also said that if Adani files a lawsuit in the USA, it would demand a long list of documents, in a ‘legal discovery process.’
The official statement by Hindenburg reads, “Regarding the company's threats of legal action, to be clear, we would welcome it. We fully stand by our report and believe any legal action taken against us would be meritless. If Adani is serious, it should also file suit in the U.S. where we operate. We have a long list of documents we would demand in a legal discovery process.”
For those unversed with the latest developments in the Hindenburg vs Adani case, the latter has alleged come forward and suggested that it would take necessary action against the research firm. As per an official statement, the Adani Group’s lead head Jatin Jalundhwala, in an official statement said, “The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023 has adversely affected the Adani Group, our shareholders and investors.”
Hence, in response to the Hindenburg’s claims of a fraud by the Adani Group, the latter has said, “We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research.”
In addition to this, Hindenburg has also said that the Adani Group has not addressed any of the issues it raised. It adds, “At the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions.”