Mumbai: Industrialist Gautam Adani has touted the group's performance in the aftermath of USbased short-seller Hindenburg Research's revelations as a sign of the business house's 'resilience'.
Speaking at the city's Jai Hind College on Thursday, the tycoon said that the conglomerate was able to raise 'several thousand of crores' from various sources even as it decided to return the proceeds of Adani Enterprises' Rs 20,000 crore follow-on public offer (FPO), after Hindenburg, in January, published a report questioning Adani's business practices.
About The Origin Of The Remarks
The remarks come in the wake of a fresh report by the short seller claiming that SEBI chairperson Madhabi Puri Buch had a conflict of interest in probing complaints against the Adani group. While Adani didn't address these new allegations in his speech, he called the Hindenburg attack a 'calculated move'.
"It was a short-selling attack initiated from abroad. This was not a typical financial strike. It was a dual assault targeting our financial stability and pulling us into a political storm. It was a calculated move, timed just days before the close of our Follow-on Public Offer and designed to cause maximum damage – and further amplified by certain media with vested interests," he said.
Industrialist Gautam Adani Cites Supreme Court's Verdict
In addition to his business's financial health, the industrialist also cited the Supreme Court's verdict following the Hindenburg report as the 'final vindication' of its practices. During his remarks, Adani also briefly talked about the controversial Dharavi revamp, calling it the world's most complex redevelopment project.
‘‘Or consider the world’s most complex redevelopment project in Mumbai’s Dharavi, where we are transforming the world’s largest slum over the next decade to create an unmatched ecosystem of sustainable living. For me, Dharavi is not just about urban renewal. It is about restoring dignity to over one million residents of our country," he said.
