Adani Corporation signboard at the Adani Air and Space Defense booth during the India Airshow 2023 at Yelahanka Air Force Station in Bengaluru, India, on Monday, February 13, 2023.
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India’s Adani Group is confident about its governance and disclosure standards after a top court panel found no flaws at the group, the group’s chairman said on Tuesday. , while also detailing the aftermath of a scathing report by US short sellers that rocked their stocks.
The panel report “confirmed the quality of our team’s disclosures and found no violations,” said Adani Chairman Gautam Adani in his first comment on the findings, in a statement. presented to shareholders at the annual meeting of Adani Enterprises.
“While SEBI is still submitting its report, we are confident about our governance and disclosure standards,” Adani said, referring to the Securities and Exchange Commission of India.
The panel said in May that SEBI had “vacated” investigations into suspected violations in the group’s overseas investments and that its ongoing pursuit of the case could be a “journey without a destination”.
Shares of Adani Group companies are still down about $100 billion after a report by short-seller Hindenburg Research in January alleges improper use of tax havens and concerns about the debt levels of companies. this company. Adani has denied any wrongdoing and called the report baseless.
Since then, it has attracted the backing of investors and partially paid off debt.
Shares of Adani Enterprises rose more than 4% on Tuesday.
