India's Adani considering independent review after short-seller criticism

India’s Adani considering independent review after short-seller criticism

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India’s Adani Group is considering an independent assessment of issues related to legal compliance, related party transactions and internal controls, revealed on Tuesday following a critical report from the US short-seller on its business.

The group, led by billionaire Gautam Adani, has been roiled in days of market turmoil since Hindenburg Research on January 24 alleged it was engaged in stock manipulation and used tax havens. It also said that the group had unsustainable debt.

Adani Group has denied the allegations, saying it complies with all laws and has made necessary disclosures in a timely manner. However, investors sold off its shares due to concerns of a looming financial crisis.

The quarterly earnings disclosures of three of Adani’s entities – Adani Green Energy, Adani Ports and Special Economic Zone and Ambuja Cements – said a short seller had alleged “certain issues” against certain Adani group entities, first Look into the bar they can be.

Adani Green, without elaborating on the issues in its quarterly earnings filing, said, “The management of Adani Group entities is undertaking an independent assessment, based on necessary corporate approvals, issues and compliance with applicable laws and regulations, transaction specific issues to look into.” ,

While Ambuja’s filing was similar, Adani Ports said it would seek an independent assessment on the matter if required.

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