Adani Enterprises Chairman Gautam Adani today reflected on how in the past year the company fought to defend its integrity amd reputation amid an attack by foreign short-seller Hindenburg. At the Annual General Meeting (AGM), Mr Adani said the Group not only weathered this storm but emerged stronger, proving that no challenge could undermine its foundational strength.
“The true measure of success,” Mr Adani stated, “is our ability to stand firm in the face of adversity.”
“Perseverance never more evident than what we demonstrated last year. Adani Group fought back against attacks on integrity, and reputation by foreign short sellers. Proved no challenge can weaken the foundations of the Adani Group,” he added
He pointed out that the past year had seen the Adani Group confronted with a two-pronged assault involving information distortion and political allegations timed to coincide with a critical follow-on public offer (FPO).
He stressed that the Adani group remained focused on its investors’ trust and interests. Amid a probe into the allegations, the Group had returned investors the Rs 20,000 crore raised through the FPO.
“Short-seller attack was designed to defame, do maximum damage, erode market value. Despite raising Rs 20,000 crore through the largest ever FPO, we decided to return proceeds. The decision to return FPO proceeds underscored dedication to our commitment to the investors,” Mr Adani said.
Adani concluded by reflecting on how the headwinds faced had become catalysts for the group’s strengthening. “The challenges that tested us,” he remarked, “ultimately forged us into a stronger entity, more resilient and prepared for the future.”
Earlier this year, the Supreme Court gave a clean chit to the Adani Group and dismissed all allegations while reposing confidence in SEBI’s powers. The top court ruled that petitioners could not provide enough material to transfer the Adani-Hindenburg probe to a special investigation team. The court disposed of the petitions, finding that the “threshold for a transfer of investigation” had not been made out.