Indian conglomerate Adani Group on Thursday said it is mulling legal action against Hindenburg Research, as its listed companies were hit by a market selloff Wednesday after the U.S.-based activist investment firm
against the group’s companies and accused the firm’s founders of engaging in stock manipulation and fraud.... [+]Copyright 2019 The Associated Press. All rights reservedIn an emailed statement, Adani Group Legal Head Jatin Jalundhwala said the company was “evaluating the relevant provisions” under both U.S. and Indian laws for “remedial and punitive action against Hindenburg Research.
Labeling Hindenburg as a “foreign entity,” the statement accuses the investment firm of trying to mislead the public and sabotage its flagship firm Adani Enterprises’ follow-on public offering, set for Friday. All seven of the group’s listed companies carrying the Adani moniker and recent acquisitions NDTV, Ambuja Cement and ACC ended Wednesday in the red.Forbes Valuation
What a threat ! But Truth is powerful
Hindenburg also wants them to take legal action.
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Adani Group says it's exploring legal action against HindenburgAdani Group says it's exploring 'remedial and punitive' legal action against a short-seller who accused it of market manipulation and fraud I hope the Adani’s have their file in order for they will have to counter the claims of Hindenburg research with some valid points. Simply accusing them of witch hunting and shorting will not help in the international forum. These things work in India only.
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