Adani Group Responds to Report, Rejects Allegations

Orhan Wadia
Orhan Wadia  - Editor
3 Min Read

Amid a recent report from the Organized Crime and Corruption Reporting Project (OCCRP), Adani Group has issued a clarification addressing the negative impact on their shares. The report raised concerns regarding investments in Adani Group’s publicly traded companies through a Mauritius fund with limited transparency. This has led to stock value decline across the Adani group.

Report Details and Response

The OCCRP report highlights the alleged investment of significant amounts in Adani Group’s companies via an ‘opaque’ Mauritius fund, obscuring the stakes of purported business partners of the Adani family. Based on analysis of files from various tax havens and internal Adani Group emails, the investigation suggests offshore structures were used to buy and sell Adani stocks.

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Adani Group’s Rejection of Allegations

Adani Group firmly dismissed the allegations, categorizing them as recycled claims. They believe these reports are part of a coordinated endeavor backed by Soros-funded interests, with support from certain foreign media sources, aiming to rekindle the baseless Hindenburg Report’s claims.

The group clarified that the claims are related to past closed cases from a decade ago. Independent adjudicating authorities and an appellate tribunal had previously confirmed no overvaluation of Adani’s companies, and the transactions adhered to prevailing laws. The matter was resolved in March 2023, when the Supreme Court of India ruled in Adani Group’s favor.

Transparency and Regulatory Process

The allegations encompass issues that are already under investigation by Indian regulatory bodies such as the Securities and Exchange Board of India (SEBI). An expert committee appointed by the Supreme Court found no evidence of violating Minimum Public Shareholding requirements or manipulating stock prices.

Adani Group expressed frustration over the fact that certain publications sought their input but chose not to present their complete response. They suspect that short sellers may be using these allegations to profit by driving down stock prices.

Reaffirmation of Confidence

Adani Group affirmed their faith in due legal processes and their belief in the quality of their disclosures and corporate governance standards. They criticized the suspicious timing of the news reports, describing them as mischievous and malicious. The group categorically rejected the allegations made in the report.


Despite the challenges posed by the recent report, Adani Group is committed to transparency and is confident in the ongoing regulatory process. They underscore their trust in the legal system and remain focused on upholding their corporate governance standards.

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