Gautam Adani-led Adani Group has retained US legal firm Wachtell to defend itself against recent accusations made against the business by short-seller Hindenburg Research, according to a Financial Times report.
Wachtell, Lipton, Rosen & Katz
The Adani Group has reportedly hired senior attorneys at Wachtell, Lipton, Rosen & Katz to assist it on how to deal with the issue the company is currently experiencing, according to a British daily news article.
The corporate law practise of the New York-based law firm specialises in corporate law, and often deals with significant and complex transactions.
Over the past week, share prices of companies in the Adani Group have dropped significantly, following the report, which alleged stock manipulation and fraud by the conglomerate.
The Adani Group has attacked Hindenburg as "an unethical short seller" and stated that the report by the New York-based entity was "nothing but a lie".
Adani Enterprises' FPO
Adani Enterprises Limited, the group's flagship company, has cancelled a fully subscribed Rs 20,000 crore follow-on public offer as a result of the group's stocks' ongoing sell-offs.
On January 29, Adani Group released a lengthy 413-page report in which it claimed that the recent Hindenburg Research research was not an attack on any particular company but rather a "calculated attack" on India, its growth trajectory, and its ambitions.
"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.
The following decline in share prices benefits a short seller in the securities market.
With inputs from Agencies.
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