According to the Financial Times, the Gautam Adani-led company has recruited US law firm Wachtell to represent it in its legal dispute with US-based Hindenburg Research. The law firm is renowned for its tenacious defence of activism.
“In recent days, the Adani Group has tapped senior lawyers at New York’s Wachtell, Lipton, Rosen & Katz to advise it on how to stem the crisis facing the Indian conglomerate since Hindenburg accused it of accounting fraud and stock market manipulation in late January," the FT report said quoting four sources.
Since the US-based research agency made claims against Adani group in a study on January 25, the stock price of the company has fluctuated. Since that day, the company has been in firefighting mode, which has caused it to withdraw its much anticipated FPO of 20,000 crore. Even some of the group's debt secured by pledged shares has been settled since then.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)