Signage of Adani Group at Adani Defence and Aerospace booth during the Aero India 2023 at Air Force Station Yelahanka in Bengaluru, India, on Monday, Feb. 13, 2023.
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India’s Adani Group is confident of its governance and disclosure standards after a top court panel found no lapses at the conglomerate, its chairman said on Tuesday, while detailing the fallout of a U.S. short-seller’s scathing report that jolted its stocks.
The panel report “confirmed the quality of our group’s disclosures and found no instance of any breach,” Adani Chairman Gautam Adani said in his first comments on the findings, in a shareholder address at Adani Enterprises’ annual general meeting.
“While SEBI is still to submit its report, we remain confident of our governance and disclosure standards, Adani said, referring to the Securities and Exchange Board of India.
The panel said in May that SEBI had “drawn a blank” in its investigations into suspected violations in overseas investments in the group and its ongoing pursuit of the case could be a “journey without a destination”.
Shares of Adani Group companies are still down around $100 billion after short-seller Hindenburg Research’s report in January alleged improper use of tax havens and concerns over its debt levels. Adani has denied any wrongdoing and called the report baseless.
It has since garnered investor support and repaid part of the debt.
Adani Enterprises shares climbed over 4% on Tuesday.
