New Delhi, November 27, 2024:
Senior Advocate and Rajya Sabha MP Mahesh Jethmalani has strongly defended the Adani Group in light of the allegations made by US-based short-seller Hindenburg Research. Jethmalani called the claims “baseless,” asserting that there is no concrete evidence to substantiate the accusations against the Indian conglomerate. He criticized Hindenburg’s report, emphasizing that its central claim about a Directorate of Revenue Intelligence (DRI) inquiry was unfounded and lacked merit.
Jethmalani urged the Securities and Exchange Board of India (SEBI) to take firm action against Hindenburg, suggesting that the firm had violated securities laws. He recommended that SEBI initiate legal proceedings to hold the company accountable, including the possibility of extradition actions against those behind the report, as Hindenburg operates in the United States.
In his remarks, Jethmalani also expressed concern over the reputational damage caused to the Adani Group. He highlighted the financial harm done to retail investors who were misled by the allegations, urging that corrective action be taken to prevent further fallout.
Finally, Jethmalani accused Hindenburg of intentionally destabilizing India’s stock market and undermining the nation’s economic stability. He framed the report as part of a broader effort to manipulate market sentiments, which he argued posed a significant threat to investor confidence in India.
