New Delhi: At the Annual General Meeting (AGM) today, Adani Enterprises Chairman Gautam Adani spoke about the challenges the company faced last year, especially defending its integrity and reputation against accusations by the foreign short-seller Hindenburg. Mr. Adani emphasized that the company not only survived these challenges but also became stronger, proving that no obstacle could weaken its foundation.
“The true measure of success,” Mr. Adani said, “is our ability to stand firm in the face of adversity.”
He highlighted the determination the Adani Group showed last year, stating, “The Adani Group fought back against attacks on our integrity and reputation by foreign short-sellers. We proved that no challenge can weaken our foundation.”
Mr. Adani noted that the previous year had seen a two-pronged attack involving misinformation and political accusations, which were strategically timed to disrupt a major follow-on public offer (FPO).
He stressed the group’s focus on maintaining investors’ trust and interests. During the ongoing investigations into the allegations, the Group decided to return the ₹20,000 crore raised through the FPO to investors.
“The short-seller attack aimed to defame us, cause maximum damage, and reduce our market value. Despite raising ₹20,000 crore through the largest-ever FPO, we chose to return the money. This decision highlighted our commitment to our investors,” Mr. Adani said.
Reflecting on the challenges, Mr. Adani concluded, “The difficulties we faced ultimately made us a stronger and more resilient company, better prepared for the future.”
Earlier this year, the Supreme Court cleared the Adani Group of all allegations, expressing confidence in SEBI’s investigative powers. The court ruled that the petitioners did not provide enough evidence to transfer the Adani-Hindenburg probe to a special investigation team, thus dismissing the petitions and confirming that the “threshold for a transfer of investigation” had not been met.
