At the Annual General Meeting (AGM) of Adani Enterprises on Monday Chairman Gautam Adani addressed the company’s resilience in the face of adversity over the past year. Adani emphasized how the company defended its integrity and reputation against an aggressive attack by foreign short-seller Hindenburg. Despite the challenge, the Adani Group emerged stronger, demonstrating the robustness of its foundational strength.
He said, “The true measure of success is our ability to stand firm in the face of adversity. Perseverance was never more evident than what we demonstrated last year.” Last year, Hindenburg Research group accused Adani Enterprises of manipulating stock prices and improperly using tax havens, leading to a sell-off in Gautam Adani’s ports-to-power conglomerate.
On Monday, Adani elaborated on the two-pronged assault involving information distortion and political allegations that coincided with a critical follow-on public offer (FPO). He assured investors that the Group remained focused on their trust and interests, even returning the ₹20,000 crores raised through the FPO amid ongoing investigations.
“Despite raising ₹20,000 crore through the largest ever FPO, we decided to return the proceeds. This decision underscored our dedication to our commitment to the investors,” Adani said. He stressed that the attack aimed to defame the Group, do maximum damage, and erode market value, but the Group’s resilience turned these challenges into catalysts for strengthening.
Adani concluded by reflecting on how the headwinds faced had forged the Group into a stronger, more resilient entity. “The challenges that tested us ultimately forged us into a stronger entity, more resilient and prepared for the future.”
Earlier this year, the Supreme Court dismissed all allegations against the Adani Group, reposing confidence in SEBI’s powers. The court ruled that petitioners failed to provide sufficient material to transfer the Adani-Hindenburg probe to a special investigation team, thereby disposing of the petitions and confirming the Group’s clean chit.