After the Hindenburg incident, Adani Group’s chairman, Gautam Adani, said in the first AGM that a conspiracy was hatched against us. Adani spoke about Hindenburg Research’s report, stating that Hindenburg issued a false report against us on the eve of Republic Day, which levied false allegations against us and attempted to harm the Adani Group. It was an attempt to create a negative environment against the Adani Group.
Gautam Adani said that this American short seller, Hindenburg, released a report against the Adani Group to serve its interests, and its timing was deliberately aligned with Adani’s FPO. This report also affected the price of shares of the Adani Group, causing significant volatility. We withdrew the follow-on public offer to protect our investors, so they wouldn’t have to endure the negative impact of Hindenburg Research’s report. This report was a combination of false information and defamatory allegations, most of which were between 2004 and 2015. All had been dealt with at the time by authorities. This report was a deliberate, malicious attempt to harm our reputation.
Gautam Adani said a committee was formed by the Supreme Court due to allegations against us, however, the expert committee did not find regulatory deficiencies. An attempt was made to tarnish our image. This matter is also with SEBI, which has to submit a report to the Supreme Court. We trust our disclosure for SEBI to submit the report. Our track record has been outstanding, and the trust of investors in the Adani Group has persisted in this difficult time. Although we have been targeted, investors trust us.
Gautam Adani said that India is the world’s fifth-largest economy. By 2030, it will be the third and by 2050, India’s economy will be the second largest. For this, it is essential to have a stable government at the center, and we are fully confident in the country becoming a 5 trillion dollar economy.
Gautam Adani said that the Adani Group is going to build the largest hydro-renewable park. This is going to be our most challenging and ambitious project to date, and it will be a 72,000-crore acre project. It will be capable of generating 20 gigawatts of green energy.
