If Adani Group Files Lawsuit, We Will Demand Company Documents, Says Hindenburg Research

Adani Group head of legal Jatin Jalundhwala has reportedly called the report by the US research group "maliciously mischievous, (and) unresearched

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By Teena Jose

Adani Groups Twitter handle

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Threatened with legal action, US activist investor Hindenburg Research on Thursday reportedly said that it stands by its report that alleged "brazen" market manipulation and accounting fraud by the Adani group, the short-seller said it fully stands by the report on the Indian conglomerate and believes any legal action taken against them would be meritless.

As per an official statement, Hindenburg Research has said that it stands by its report and any legal action taken against the organisation will be 'meritless.'Moreover, 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.'

"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, we 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," the Hindenburg's statement read.

According to report, Hindenburg Research this week alleged that Adani Group had used undisclosed related-party transactions and earnings manipulation to "maintain the appearance of financial health and solvency" of its listed business units

Adani Group head of legal Jatin Jalundhwala has called the report by the US research group "maliciously mischievous, (and) unresearched".

"We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research," the statement said.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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