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India's Adani Group in crisis

JaDed said:
Again.. you went from saying banned by Finra to this.. unless you are really have a source for us to read you are just trying multiple thing to see what sticks.

Investigation has been on many and not only them.. and nothing yet.
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There is an article by the commune on FINRA banning Hindenburg. Since they are a political news website i haven't posted the link.

The DoJ enquiry is mentioned by Bloomberg.
 
cricketjoshila said:
There is an article by the commune on FINRA banning Hindenburg. Since they are a political news website i haven't posted the link.

The DoJ enquiry is mentioned by Bloomberg.
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There is no evidence that FINRA banned Hindenburg. The evidence that Hindenburg is still investing is proof that its not banned from participating in the US markets. On the face of it, this seems to be cooked up by Indian twitter. Can you post an actual media source which states this

The DoJ enquiry is not targeting Hindenburg alone. It is a general investigation on the practises by short sellers and they requested information from many firms and Hindenburg was one of them. They havent been charged
 
I don't understand too much of the stock world. Am better at crypto :srt

While there seems to be some uncertainty about how exactly Hindenburg built their short positions, it's quite certain that Adani had received some information about them coming after him. I base this on the fact that he's been quite media-shy, but there were a flurry of interviews with the Godi media and other friendly journalists a couple weeks before the news emerged. The idea was to sell him in an appealing way, and position him as a nationalist. He was getting ready to give ammo to bhakts to furiously fight on behalf of him in the coming weeks.

As has happened.
 
Some of our pro-Adani experts here have been calling her daft. Evidently they know more than someone who has a degree in economics and who worked for years as an investment banker.

Please watch the points she makes here and refute them, if you can. Would love to be educated.

<iframe width="560" height="315" src="https://www.youtube.com/embed/WbEbGCwE3MA" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
 
Adani faced margin call on $1.1bn loan before repaying in full

Lenders’ $500mn cash request prompted early settlement of entire debt and shows credit pressure on Indian group

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Gautam Adani, whose Indian business empire is under pressure over fraud allegations, repaid a $1.1bn share-backed loan last week after facing a margin call of more than $500mn, according to four people with direct knowledge of the matter.

They said the repayment was designed to avoid further damage to investor confidence in the group.

Adani’s empire, which spans airports to energy, has been reeling since New York-based short-seller Hindenburg Research last month accused it of accounting fraud and stock price manipulation. The Adani group has denied the claims.

The lenders of the $1.1bn loan, which included Barclays, Citigroup and Deutsche Bank, requested last week that the billionaire top up the amount of stock pledged against the loan after a sharp fall in the shares of the listed Adani companies, according to the people with knowledge of the matter.

Since the allegations were published on January 24, the sell-off in the listed businesses had at one point knocked Rs9.4tn ($114bn), or about 50 per cent, off their value.

As the shares continued to slide, Barclays informed Adani of a margin call equivalent to 50 per cent of the loan in cash, said the people, who spoke on condition of anonymity.

Rather than post cash against the loan, which did not mature until September 2024, the Adani Group’s founder and his family opted to repay it completely. Adani has not disclosed the source of the funds used to repay the loan.

Adani Group said it did not receive a formal request for a margin call. The full loan was repaid early “per our prepayment planning”, the company added.

As it seeks to arrest the crisis, the indebted group has moved to dispel fears that it is under pressure to cover losses on margin loans. It has dismissed claims circulating in Indian media to that effect as “market rumours”.

On Monday, Adani announced the early repayment of the loan in full, casting it as a proactive move to reduce leverage.

https://www.ft.com/content/b5ad1852-dd09-4b38-8d74-c2a99462395f
 
Gautam Adani-led Adani Group has hired US-based law firm Wachtell to fight against allegations recently leveled against the conglomerate by short-seller Hindenburg Research, Financial Times reported.

According to the British daily news report, the Adani Group has tapped senior lawyers at Wachtell, Lipton, Rosen & Katz to advise it on how to deal with the crisis facing the conglomerate. The New York-based legal firm specializes in corporate law, regularly handling large and complex transactions.

Over the past week, share prices of companies in the Adani Group have dropped significantly, following the report, which alleged stock manipulation and fraud by the conglomerate.

NDTV
 
Varun said:
Like I said earlier, this issue flies over 95% of their heads. Most of them don't get the terminologies and dynamics involved here.
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Watch the latest Newsance episode from Newslaundry, if you haven't, to laugh more at their anchors.
 
Did anyone hear MP Mahua Moitra refer to the bhakts who were hounding her online as 'the chaddi brigade' while discussing the Adani issue in Parliament ? I spilt my chai all over the desk when I heard that.

Mahua is a funny son of a gun, not to mention intelligent and kinda hot too.
 
RexRex said:
.

Mahua (is a funny son of a gun, not to mention intelligent) and kinda hot too.
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That’s exactly what is enhancing her comic abilities and political acumen in your eyes/mind. She is just your typical troll. She is basically the same type of person whom you usually seem to despise when on the other side.

Can you tell me what’s her credentials exactly apart from what you pointed out? She used to work in JPMC. That’s about it right?
 
Local.Dada said:
Can you tell me what’s her credentials exactly apart from what you pointed out? She used to work in JPMC. That’s about it right?
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What kind of a question is that ?

She is an elected MP and a member of one of the opposition parties. Thus one of her roles is to question any wrongdoing of the government or those who it favours. What else do you want as far as credentials go ?
 
Local.Dada said:
Can you tell me what’s her credentials exactly apart from what you pointed out? She used to work in JPMC. That’s about it right?
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Lol she worked for JPM in nyc and london and also went to a top liberal arts college in US. If anything she more than most in Indian parliament is qualified to speak on this matter.

Her credentials for this particular issue are literally as good as they can be…
 
Ahmad-GERMANFC said:
Lol she worked for JPM in nyc and london and also went to a top liberal arts college in US. If anything she more than most in Indian parliament is qualified to speak on this matter.

Her credentials for this particular issue are literally as good as they can be…
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I have worked in bigger institutionsthan JPMC and in one of those locations. Does it make me a political expert?

She is just a foul mouthed troll. More power to her. I was only pointing out that she is on a different side but she is no different from Nupur Sharma etc in her aggressive political demeanor . Politics is a different ball game, there are angootha chaap politicians who will run circles around most IAS officers lol. She is just annoying.
 
Local.Dada said:
I have worked in bigger institutionsthan JPMC and in one of those locations. Does it make me a political expert?
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My cousin in the US, just after high school, worked as a valet at Facebook. He changed his profile on some of his sm apps to "Works at Facebook". But that was ok, because he was just a kid :rabada2
 
Local.Dada said:
I have worked in bigger institutionsthan JPMC and in one of those locations. Does it make me a political expert?

.
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Depends on what you were doing. If you were an investment banking Vice President at JP Morgan then that will lend credibility to your opinion on a financial matter such as this. But if you worked as a back office IT guy then yea I won’t lend credibility to your financial expertise. But she did work front office so yea it does make her more of a finance expert than majority of Indian parliament
 
Ahmad-GERMANFC said:
Depends on what you were doing. If you were an investment banking Vice President at JP Morgan then that will lend credibility to your opinion on a financial matter such as this. But if you worked as a back office IT guy then yea I won’t lend credibility to your financial expertise. But she did work front office so yea it does make her more of a finance expert than majority of Indian parliament
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Lol investment banking VP. As I said she isn’t a finance expert, she is just a troll. I have hired fresh graduates directly as AVP’s in banking.That’s how the titles are. Anyway you seem to be impressed with her looks like the guy above so all her qualities are enhanced. Anyway she suits your narrative so I can understand. Also by the way the former Pakistan finance minister Miftah worked in IMF and that Shebaz Gill was peoifessor in university of Chicago . How did that expertise work out?
 
Local.Dada said:
Lol investment banking VP. As I said she isn’t a finance expert, she is just a troll.
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Since you proclaim yourself to be WallStreet prodigy, there's a 20 min video of Mahua to Barkha Dutt posted above where she outlines her case vs Adani. Which bits in the video were trolling ? I am genuinely curious.
 
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RexRex said:
Since you proclaim yourself to be WallStreet prodigy, there's a 20 min video of Mahua to Barkha Dutt posted above where she outlines her case vs Adani. Which bits in the video were trolling ? I am genuinely curious.
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The posting of that video and an invitation to them to counter the points raised in it coincided with them doing a Chaliye Vanakkam to this thread :apology
 
While she might actually be good but i agree the designations in banking, finance, Big4 accounting are a joke they don’t mean much unless its for the entire company.
 
This thread will get a lot of bumps in the years to come and like it usually happens most Pakistanis will again be disappointed when they will see that Adani isn't going to go down, it's growth will slow down for sure but it won't default on its debt. Adani shares have always been operated and inflated by the promoters, but it ain't any ponzy scheme as all the underlying assets from coal mines in Australia to ports in Israel are real and generates Ebitda. Adani do plays fast and loose with compliances and security laws, but is very competent businessman. For a group that generates $6-7 bn annual ebitda in annuity businesses, a debt of $25 bn is very manageable. Mahua is correct that adanis have committed security frauds but so many big companies in US also do that, not that it's any justification but the point i am emphasizing it's way too common that most people think. Firms like Goldman Sachs to PepsiCo, routinely get charged and fined by SEC for securities frauds, it's nothing new.
 
"Attack On India": BJP On Billionaire George Soros's PM Remarks
She alleged that such 'foreign powers' try to bring down governments in other countries to ensure 'their hand-picked people' are in power.

Soon after billionaire investor George Soros said that Indian business tycoon Gautam Adani's recent troubles in the stock market would spur 'democratic revival in India' and Prime Minister Narendra Modi will 'have to answer questions', Union Minister Smriti Irani called upon Indians to unitedly respond to 'foreign powers who try to intervene in India's democratic processes'.
Calling Mr Soros's remark a 'declaration to destroy India's democratic processes', she said Indians have defeated such 'foreign powers' who tried to meddle with our internal affairs earlier as well, and will do so again. "I urge every Indian to give a fitting reply to George Soros," she said.

Senior Congress leader Jairam Ramesh, referring to Mr Soros's remark, said it had 'nothing to do with George Soros', and whether the Adani controversy would 'spark a democratic revival' depended on Congress, Opposition parties, and India's electoral process.

"Whether the PM-linked Adani scam sparks a democratic revival in India depends entirely on the Congress, Opposition parties & our electoral process. It has NOTHING to do with George Soros. Our Nehruvian legacy ensures people like Soros cannot determine our electoral outcomes," he tweeted.

...
https://www.ndtv.com/india-news/min...tic-process-3790441#pfrom=home-ndtv_topscroll
 
Local.Dada said:
Lol investment banking VP. As I said she isn’t a finance expert, she is just a troll. I have hired fresh graduates directly as AVP’s in banking.That’s how the titles are. Anyway you seem to be impressed with her looks like the guy above so all her qualities are enhanced. Anyway she suits your narrative so I can understand. Also by the way the former Pakistan finance minister Miftah worked in IMF and that Shebaz Gill was peoifessor in university of Chicago . How did that expertise work out?
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Miftah actually did a good job lol
 
JaDed said:
While she might actually be good but i agree the designations in banking, finance, Big4 accounting are a joke they don’t mean much unless its for the entire company.
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Only those who workrd in Investment banking they know this. Unfortunately most here don't know that VP and AVP are commonplace.
 
Hiring AVPs in an investment bank is a very normal thing. It's just a title and really not a definite measure of expertise and responsibilities.
 
Ahmad-GERMANFC said:
Miftah actually did a good job lol
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He is way more qualified than Mahua too. The point I am making is politics is a different beast. Also Miftah’s good work is probably lost because I think he is not as charismatic as Mahua or for the matter of Imran Khan or even Modi’s of the world who capture the audience who want to drink their koolaid. Mahua’s VP in JPMC is equivalent to IK’s Oxford/ Cambridge degree. Have no real world value.
 
Why Adani’s $100 Billion Loss Hasn’t Tanked India’s Markets

the fears of a broader market contagion have not come to pass. Indian equities as a whole enjoyed a calm week in Mumbai, the country’s financial center, and have held largely steady since the Adani collapse. India’s main market index is nearly 2.5 percent above where it stood a year ago, even as U.S. stocks have fallen by more than 4 percent during the same period.

The steadfastness attests to the size and seeming strength of the broader Indian business landscape.

Source: https://www.nytimes.com/2023/02/11/business/india-adani-market.html

There you go, doomsdayers and naysayers. :)) :)) :))
 
The Hindenburg report may be the "best thing" that ever happened to billionaire Gautam Adani, as it could bring financial discipline to the conglomerate, economist Swaminathan S Anklesaria Aiyar has said.

In a column published in The Economic Times, Mr Aiyar argues that the Adani Group, pummeled by a stock rout after US short-seller Hindenburg Research's report, will benefit by slowing the "breakneck speed" at which it has been expanding and diversifying.

"I think the Hindenburg report may be the best thing that ever happened to Adani. It will slow his speed of expansion and diversification and force his financiers to be diligent and cautious in future. This could impose highly desirable financial discipline on Adani, to his own benefit," he writes.

"Hindenburg may have been a blessing in disguise - or, in Winston Churchill's words in response to his wife trying to cheer him up after his post-war electoral defeat, a blessing 'quite effectively disguised'."

"One day I might actually buy Adani shares," he says, adding that he did not own any Adani company shares because of "high prices and high risk".

Seven listed companies of the Adani Group have lost some $125 billion in market value after the Hindenburg report alleged improper use of tax havens and stock manipulation by the apples-to-airports conglomerate.

NDTV
 
The Forbes piece.

Vinod Adani, the longtime Indian expat, is at the heart of a global web of offshore companies with ties to the Adani Group. Just don’t call him a related party.
An earlier, incomplete version of this story was accidentally published this morning due to a scheduling error.

Gautam Adani, the 60-year-old Indian billionaire and chairman of the Adani Group conglomerate, appears 54 times in the lengthy report published in late January by U.S. short seller Hindenburg Research, accusing the Adani Group of accounting fraud and stock manipulation. (The company said the accusations are “unsubstantiated.”)

Vinod Adani, the chairman’s lesser known older brother, is mentioned 151 times—more than anyone else. That’s because Vinod Adani appears to be at the center of the scandal that has enveloped his brother, the Adani family empire, and Indian business and political life.

According to the Hindenburg report, Vinod “manages a vast labyrinth of offshore shell entities” that have “collectively moved billions of dollars into Indian Adani publicly listed and private entities, often without required disclosure of the related party nature of the deals.” That, in turn, has helped the Adani Group evade Indian laws that require at least 25% of a company’s publicly traded stock to be owned by non-insiders.

The Adani Group denies improper ties to its chairman’s brother. “Vinod Adani does not hold any managerial position in any Adani listed entities or their subsidiaries and has no role in their day to day affairs,” the company wrote in its 413-page retort to Hindenburg, issued Jan. 29, 2023. The Adani Group has “duly identified and disclosed” all transactions involving related parties, the Adani Group added.

However, Forbes has identified previously unreported transactions involving offshore funds with ties to Vinod Adani that appear designed to benefit the Adani Group. The deals also lend further credence to Hindenburg’s allegations of hidden leverage and accounting irregularities within the Adani Group.

“I’ve always thought it was a partnership,” says Tim Buckley, director at Australia-based analysis firm Climate Energy Finance, who has studied the Adani Group and its plans to develop a coal mine in Australia. “Gautam was the warm, cuddly, friendly public face of the pair, and Vinod the mastermind in the private tax haven, the real puppet master.”

The Adani Group and Vinod Adani did not respond to Forbes’ requests for comment. (Vinod’s email address, tied to several properties in Dubai registered in his name, has an Adani Global domain.)

Some of Vinod’s dealings with the Adani Group are in plain sight. Last summer, one of Vinod’s companies, Endeavour Trade and Investment Ltd., served as the Adani Group’s acquisition vehicle for its $10.5 billion takeover of Swiss firm Holcim’s stakes in Indian cement companies Ambuja Cements Limited and ACC Limited, according to Ambuja’s public filing. The deal made the Adani Group India’s second largest cement company.

Others are more obscure. Take, for example, Pinnacle Trade and Investment Pte. Lte., a Singapore company indirectly controlled by Vinod. In 2020, Pinnacle entered into a loan agreement with Russia’s state-owned VTB Bank (which the U.S. sanctioned last year). By April 2021, Pinnacle had borrowed $263 million and lent out $258 million to an unnamed related party. Later that year, Pinnacle offered two investment funds—Afro Asia Trade and Investments Limited and Worldwide Emerging Market Holding Limited—as guarantors for the loan, according to Singapore filings. Vinod appears to own the latter fund: He is the ultimate beneficial owner of Mauritius-based Acropolis Trade and Investments Limited, which in turn owns 100% of Worldwide Emerging Market Holding Limited, according to Indian stock exchange filings in June 2020 and August 2022.

Both Afro Asia Trade and Worldwide are large Adani Group shareholders. Together, the two funds hold $4 billion (as of Feb. 16 close-of-market prices) of stock in Adani Enterprises, Adani Transmission, Adani Ports, and Adani Power, all of which acknowledge the funds as “promoter” entities.

Afro Asia Trade and Worldwide do not hold any other securities, according to investment tracking website Trendlyne. That means Pinnacle's loan is secured, effectively, by the value of the funds’ Adani company shares. Neither fund has disclosed share pledges in Indian financial filings for the four Adani companies they’re invested in.

“You're essentially borrowing money on the back of funds that are invested in Adani to lend to maybe another Adani entity,” said one Indian securities expert who reviewed Forbes’ findings and asked to remain anonymous, due to the reported ongoing investigation of the Adani Group by India’s Securities and Exchange Board (SEBI.) In a SEBI filing with the Indian Supreme Court reported by Reuters on Monday, the regulator stated it was "enquiring into both the allegations made in the Hindenburg report as well as the market activity immediately preceding and post the publication of the report."

These two offshore entities, one owned by Vinod, were pledged by Vinod’s company Pinnacle for a loan from Russia’s VTB Bank.

The fact that Pinnacle pledged the investment funds, rather than their Adani company shares, may exempt the funds from the obligation of having to disclose pledged shares, added the Indian securities expert. Pinnacle, Afro Asia and Worldwide Emerging Market did not respond to Forbes’ requests for comment.

While Gautam Adani is the public face of the Adani empire, Vinod keeps a low profile. One of the few public photos of Vinod shows him bearing a plaque, addressed to himself, displaying an Indian flag. A Cypriot passport holder and permanent resident of Singapore, Vinod goes by several names, including Vinod Shantilal Shah. His birthdate remains a mystery.

One thing that’s clear about Vinod is, he’s a billionaire. Forbes estimates he’s worth at least $1.3 billion based on his ownership of Worldwide Emerging Market Holding Limited and Endeavour Trade and Investment Limited, which own shares of Adani companies and cement producers Ambuja and ACC—minus the borrowings used to purchase the shares in Ambuja and ACC. (Forbes revised Gautam Adani’s net worth down to $50.7 billion after finding that several entities previously believed to be his actually belonged to Vinod.)

Still, it’s difficult to untangle Vinod’s personal fortune from Gautam’s, and he could be worth a lot more. According to real estate data provided by the Washington, D.C.-based nonprofit Center for Advanced Defense Studies, Vinod also owns 10 properties in Dubai. Then there’s his apartment in Singapore (registered to his name in Pinnacle’s filings), worth an estimated $4 million. Forbes found that Vinod owns or has been associated with at least 60 entities in offshore tax havens including the Bahamas, the British Virgin Islands, the Cayman Islands, Cyprus, Mauritius, Singapore and the United Arab Emirates.

Vinod has lived abroad for at least three decades. According to a sponsored editorial in India’s Economic Times, he obtained a master's degree in engineering in the U.S. and then set up a textile business in Mumbai in 1976. In the 1980s, Vinod purchased a small plastics packaging factory for $1,000, using his savings and a bank loan, and brought on his younger brother Gautam to help run it. “We started with virtually zero,” Gautam told Forbes in 2009.

By 1989, Vinod had expanded his company to trade in commodities and he opened a new office in Singapore, later moving to the island state. In 1994 he moved to Dubai, where he began trading in sugar, oil and metals, with operations in Dubai, Singapore and Jakarta, Indonesia.

That was also when he started building an empire of offshore companies. According to the International Consortium of Investigative Journalists' Panama Papers leak, Vinod established a company in the Bahamas in January 1994. Two months later, he also requested to change his name on the company's documents from Vinod Shantilal Adani to Vinod Shantilal Shah.

As Vinod was expanding into Dubai, Gautam was embarking on his own career, founding what would become the Adani Group in 1988 and taking it public in 1994. Over the years, Vinod has been deeply involved in his brother’s businesses: He held various executive positions in Adani Group companies until at least 2011, per the Hindenburg report. Vinod’s 44-year-old son, Pranav, is still a managing director at Adani Enterprises.

In a 2014 scandal surrounding the Adani Group's alleged over-invoicing of power plant equipment to the tune of $800 million, Vinod was accused by India’s Directorate of Revenue Intelligence of having worked with Adani Group employees to “execute the planned conspiracy of siphoning foreign exchange abroad.” That case, initially tossed out, has been appealed and is still pending before India’s customs authorities; the Adani Group has denied all wrongdoing.

“It is not at all uncommon in family business groups for there to be one more visible brother and one less visible brother,” says Vikramaditya Khanna, a professor of law at the University of Michigan and co-director of the Joint Centre for Global Corporate and Financial Law and Policy, a collaboration between Michigan Law and India’s Jindal Global Law School. “Part of that is personality. Where does one feel comfortable operating and what are their relative skills? Some people like to be in sunshine, some people like to be in shade.”

In another series of transactions dating back to 2012, a Cyprus company owned by Vinod Adani named Vakoder Investments received $232 million in loans from Vinod and an offshore firm in Dubai, according to corporate records in Cyprus. Vakoder then spent $220 million to purchase compulsorily convertible debentures—loan certificates that pay interest and convert to equity at a specific date—in Adani Estates and Adani Land Developers, two companies that are subsidiaries of another firm, Adani Infrastructure and Developers. Those debentures were later extended to 2024, meaning that Vinod likely still holds them today.

Until 2012, Adani Infrastructure and Developers was a subsidiary of publicly traded Adani Enterprises. But around the time of those transactions, in June 2012, Adani Enterprises apparently sold Adani Infrastructure and Developers, recording a gain of $81.5 million according to Adani Enterprises’ 2013 annual report. Four years later, the company reappeared in Adani Enterprises’ annual reports, this time as a “related enterprise.”

“The fact that Adani Infrastructure and Developers reappeared on the balance sheets in the manner it did raises the question of whether this was a genuine sale,” says Mark Humphery-Jenner, an associate professor of finance at University of New South Wales Business School. “Shareholders would rightly be concerned about whether the reported profits do indeed reflect genuine profits or whether they reflect window dressing.”

Despite the reported 2012 sale, Forbes found that by 2017, the Adani family still controlled Adani Infrastructure and Developers through another company named Adani Properties, owned by three shareholders: the SB Adani Family Trust; Gautam’s son, Karan Adani; and Adani Commodities LLP, a subsidiary of Adani Enterprises.

“It appears to benefit the company or benefit someone by potentially pushing up earnings and getting debt off the books,” says Dan Taylor, a professor of accounting at the Wharton School. “And so then the question is, what was the legitimate business reason for the [transaction]?”

One more benign possible explanation for the transactions is family politics. “You may sometimes want to give one member of your family a particular branch of the company to run,” according to Khanna, who says complex arrangements between different family members are common in Indian family businesses.

While Hindenburg alleges Vinod is a central player in a multibillion-dollar fraud, Vinod would undoubtedly take offense. As he—or one of his paid consultants—wrote in one of his sponsored editorials in 2016: “In times of lies and corruption, rare is the number of people who live by their words and choose integrity and loyalty over profit-earning and selfish needs. Vinod Shantilal Adani is one such man, rich in values that he has inherited from his family and practiced himself.”
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Looks like the whole world is ganging up on Modi, Adani, and more importantly, India :rabada2

When the Adani Group broke ground on a new container terminal at Colombo port late last year, it was a win not just for the Indian conglomerate but for the government in New Delhi that hoped to extend influence in Sri Lanka.

Prime Minister Narendra Modi’s administration had long been keen to offset China’s sway on the nearby island. While Sri Lanka rejected an earlier proposal amid protests about a key asset falling into foreign hands, Adani ultimately secured the majority stake in a $700mn deal to build and operate the terminal. Sri Lanka said at the time the project was “approved” by the Indian government, something New Delhi denied.

The Adani group, whose owner Gautam Adani has longstanding ties with Modi, has in recent years clinched deals everywhere from Myanmar to Israel as part of an ambitious overseas expansion. The tycoon said last year his group had “laid the foundation to seek a broader expansion beyond India’s boundaries”.

The Adani Group’s overseas forays face intense scrutiny following allegations last month by US short seller Hindenburg Research that it has for decades used fraud and market manipulation to fuel its rise. The conglomerate denies the allegations unequivocally.

Modi’s supporters deny the prime minister is intervening on Adani’s behalf even as they acknowledge that the broader efforts to promote companies such as Adani overseas can pay off strategically. But Indian opposition politicians and critics overseas see it differently.

Rahul Gandhi, a leader of India’s main opposition Congress party, this month argued that Modi’s government was using its diplomatic corps to advance Adani’s interests over India’s. “This is not India’s foreign policy. This is Adani Ji’s foreign policy,” Gandhi said, using a common honorific to refer to Adani. “This is a policy to build his businesses.”

“India’s ministry of external affairs has been turned into Adani Group’s international expansion department by Prime Minister Modi,” said Praveen Chakravarty, a senior Congress party office bearer.

A government spokesperson declined to comment on the claim. Amit Shah, the home affairs minister and a powerful Modi ally, said last week that “there is nothing to hide or be afraid of” in Congress’s allegations that the ruling Bharatiya Janata party has favoured Adani.

While many of these overseas deals are in the early stages and not a meaningful contributor to Adani profits, they have been a source of prestige for the group. Adani said it has been “successfully doing overseas projects for over 15 years independent of political parties in power”, citing deals in Indonesia in 2008 and Australia in 2010.

Under Modi, who came to office in 2014, India ramped up promotion of overseas infrastructure projects. But with India’s state lacking China’s financial clout, New Delhi has often used diplomatic sway and cheap financing to help private Indian companies, including Adani, in addition to state-owned ones.

Analysts say such co-ordination between state and corporations is not uncommon. “Helping Indian infrastructure companies abroad is part of a broader approach to deal-making in international geopolitics,” said Rohit Chandra, an assistant professor at the IIT Delhi School of Public Policy.

But he added that “there’s a fine line between bilateral infrastructure development and predatory infrastructure contracting”.

Shortly after Modi was elected, Adani joined the prime minister on a trip to Australia in November 2014 for a G20 summit. During the visit he announced a $1bn loan from the government-run State Bank of India to support the development of Adani’s Carmichael coal mine in Queensland, which has attracted fierce criticism from environmentalists.

During Modi’s visit to Bangladesh the following year to see his counterpart Sheikh Hasina, Adani Power signed a deal under which the Bangladesh Power Development Board would receive power from a coal-based plant in India worth about $2bn. Last month a consortium led by Adani’s port division paid $1.2bn for the Haifa port in Israel, another country with which New Delhi has sought to deepen ties.

Well before Hindenburg’s report, these forays have attracted criticism.

Former Sri Lankan electricity board head MMC Ferdinando provoked outrage after telling the country’s parliament in June that Modi put “pressure” on the island’s then-president, Gotabaya Rajapaksa, to give Adani a renewable energy project.

Rajapaksa denied the allegations, and within days Ferdinando had retracted the statement and resigned, saying he spoke under “unexpected pressure and emotions”.

Adani said it “denies these baseless allegations” about its Sri Lankan projects. “All large infrastructure projects in the countries in which we operate are governed by robust, transparent, and accountable mechanisms,” it said.

Officials in Bangladesh also now want to revisit its power deal with Adani. The project, which is due to launch this year, imports power from the 1,600 megawatt Godda power plant in India’s eastern Jharkhand state, generated by burning coal expected to be brought by sea from Adani’s Australian Carmichael mine.

Bangladesh’s power board wrote to Adani “requesting us to consider a discount on the energy charge”, Adani Power said this month. Analysts warn India’s neighbour already faces overcapacity in its coal-power sector. Adani wanted Bangladesh to pay $400 a tonne while Bangladesh was seeking around $250, according to media reports.

“This deal was not made to meet our demand for power in Bangladesh,” said Anu Muhammad, a Bangladeshi professor of economics and civil society activist. “It was designed to satisfy Adani and Modi.”

The Bangladeshi deal “is one of the most expensive power purchase agreements I have ever seen”, said Tim Buckley, director of Climate Energy Finance in Sydney, an Adani critic who has been following the group’s coal businesses in Australia and Bangladesh for years. He said shipping coal from Australia to Godda was “strategically ridiculous” for Bangladesh.

Adani said this was a baseless allegation, adding that the deal will supply much-needed, reliable power “at a very competitive rate” compared to existing projects in Bangladesh.

Even as Sri Lanka and Adani persevere with the conglomerate’s investments on the island, some critics continue to call for a rethink.

Prasanna Kalutarage, a trade unionist, also said that Sri Lanka came out worse in a deal that favoured India and Adani. “The entire [deal] with Adani is a big loss to the Sri Lanka Ports Authority,” he added.
Click to expand...
https://www.ft.com/content/38ff5ff6-aebe-46ae-bb97-c8071818b55d
 
Looks like his stocks are down to a point exactly as predicted by Hindenburg report suggested.

Good stuff!
 
I feel another Adani like crisis is around the corner, India is hosting G20 and will not condemn Russia despite huge pressure from the West.. Even France is refusing the attend G20 I heard, not sure how true it is.

India may expect more turbulence in the future, wait and see..
 
Romali_rotti said:
I feel another Adani like crisis is around the corner, India is hosting G20 and will not condemn Russia despite huge pressure from the West.. Even France is refusing the attend G20 I heard, not sure how true it is.

India may expect more turbulence in the future, wait and see..
Click to expand...

That's pretty good.
Time to take off the artificial bandage off of the deep wounds.
 
Modi govt allowed Adani coal deals it knew were ‘inappropriate’
The Modi govt brought in laws that helped the Adani Group keep its ‘coal-scam era’ deals.

The Indian government granted an extraordinary favour to controversial tycoon Gautam Adani, boosting his coal business, documents reveal.

After Prime Minister Narendra Modi’s office had ascertained that a particular regulation handing over coal blocks to the private sector was ‘inappropriate’ and lacked transparency, his government made an exception. It allowed Adani Enterprises Limited to mine from a block holding more than 450 million tonnes of coal in one of India’s densest forest patches.

The government did not explain why the Adani Group, owned by billionaire Gautam Adani, was given an exception, documents accessed by The Reporters’ Collective (TRC), a non-profit media organisation based in India, and Al Jazeera show.

...
https://www.aljazeera.com/economy/2...d-adani-coal-deals-it-knew-were-inappropriate
 
daytrader said:
Modi govt allowed Adani coal deals it knew were ‘inappropriate’
The Modi govt brought in laws that helped the Adani Group keep its ‘coal-scam era’ deals.

The Indian government granted an extraordinary favour to controversial tycoon Gautam Adani, boosting his coal business, documents reveal.

After Prime Minister Narendra Modi’s office had ascertained that a particular regulation handing over coal blocks to the private sector was ‘inappropriate’ and lacked transparency, his government made an exception. It allowed Adani Enterprises Limited to mine from a block holding more than 450 million tonnes of coal in one of India’s densest forest patches.

The government did not explain why the Adani Group, owned by billionaire Gautam Adani, was given an exception, documents accessed by The Reporters’ Collective (TRC), a non-profit media organisation based in India, and Al Jazeera show.

...
https://www.aljazeera.com/economy/2...d-adani-coal-deals-it-knew-were-inappropriate
Click to expand...
But but feku is incorruptible!
 
Romali_rotti said:
I feel another Adani like crisis is around the corner, India is hosting G20 and will not condemn Russia despite huge pressure from the West.. Even France is refusing the attend G20 I heard, not sure how true it is.

India may expect more turbulence in the future, wait and see..
Click to expand...

Its remarkable how entire BJp clan is on the same page :)) I swear its a like a religion and everyday you guys take sermons from BJP hq
 
Adani Row To Be Probed, Supreme Court Forms Panel, Wants Regulator Report
Adani row: The committee, headed by retired judge Abhay Manohar Sapre, will include veteran bankers KV Kamath and OP Bhat, Infosys co-founder Nandan Nilekani, OP Bhat and retired Justice JP Devdhar.

The Supreme Court today set up a six-member committee of experts to examine issues arising out of the Adani Group's stock crash triggered by US short-seller Hindenburg's allegations.
The committee, headed by retired judge Abhay Manohar Sapre, will include veteran banker KV Kamath, former SEBI chief OP Bhat, Infosys co-founder Nandan Nilekani, lawyer Somasekhar Sunderesan, and retired Justice Justice JP Devdhar.

The committee will make an overall assessment of situation, suggest measures to make investors more aware and suggest measures to strengthen existing regulatory measures for stock markets, said a bench led by Chief Justice of India DY Chandrachud.

"The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time-bound manner. Truth will prevail," tweeted billionaire Gautam Adani.

The Supreme Court also said market regulator, Securities and Exchange Board of India (SEBI) should complete its ongoing investigation in two months and file a status report.

...
https://www.ndtv.com/india-news/ada...s-3827023#pfrom=home-ndtvelex_bigstories_live
 
JaDed said:
Its remarkable how entire BJp clan is on the same page :)) I swear its a like a religion and everyday you guys take sermons from BJP hq
Click to expand...

Well it's much better than taking sermons from the Puppu Congress headquarters led by my favourite ammayi Sonya and fraud Vadra :))
 
Indian multi-billionaire Gautam Adani's embattled business empire says it has secured $1.87bn (£1.6bn) of investment from a US-based asset management firm.

Florida-headquartered GQG Partners has bought shares in four of the group's companies, Adani told investors.

It marks the first major investment made public by the firm since it was accused of engaging in stock market manipulation and financial fraud by short-seller Hindenburg Research.

Adani Group has denied the allegations.

Adani Group's seven stock market-listed companies had an estimated $135bn wiped off their value since Hindenburg Research's report was published on 24 January.

The GQG investment will be split across four Adani companies, including flagship firm Adani Enterprises.

"This transaction marks the continued confidence of global investors in the governance, management practices and the growth of Adani portfolio of companies," said Adani Group's chief financial officer Jugeshinder Singh.

"We value GQG's role as a strategic investor in our infrastructure and utility portfolio of sustainable energy, logistics and energy transition," Mr Singh added.

BBC
 
Opposition Marches On Adani Row, Big Face-Off With Cops Near Parliament
The march will start at 12.30 pm from Parliament, sources said. The leaders plan to register a complaint on the Adani issue.

A march by leaders of 18 Opposition parties to demand a probe into the Adani row has been blocked by Delhi Police soon after it started from Parliament this afternoon.
The Opposition leaders are trying to march to the Enforcement Directorate's (ED) office in Delhi to press for an investigation into the Adani-Hindenburg issue.

Ahead of the march, Delhi Police put up barricades and deployed a huge contingent to stop the protesting leaders from proceeding to the ED office.

Mamata Banerjee's Trinamool Congress and Sharad Pawar's Nationalist Congress Party, it is learnt, will not be joining the march.

US short seller Hindenburg Research has alleged that the Adani group was "engaged in a brazen stock manipulation and accounting fraud", and used offshore shell companies to inflate stock prices.

The group has denied the allegations, calling them "malicious", "baseless" and a "calculated attack on India.

The Supreme Court has set up a six-member committee of experts to examine issues arising out of the stock crash. The committee has been tasked with an overall assessment, suggesting measures to make investors more aware and to strengthen regulatory measures for stock markets.

...
https://www.ndtv.com/india-news/on-...ates-office-3862411#pfrom=home-ndtv_topscroll
 
Sidilicious said:
This whole saga would have been really fun had the future pensions of many Indians and current retirees were not at stake.

If my numbers are correct, Adani is approx 10% of LICs portfolio. Currently Adani is trading at P/E ratio of 130. My best guess is that its P/E ratio will go down to a more manageable 50. So, the stock price would end up around Rs500, a loss of 87.5% from its initial price of Rs. 4000.

This could significantly impact the value of stock linked insurances/pensions and hurt millions of Indians. And this is the best case scenario. Worst case impact could be unimaginable.

What is even more intriguing is that I have seen bhakts go gaga over Modi despite being impacted again and again by the feku. Chief example is my own father, a modi fan. This whole Adani saga is going to hit some of his pensions but he won't budge against being a bhakt. He was badly impacted by demonetisation (not that he had any black money) because the builders that he had booked a couple of flats with didn't have cash to finish the buildings after demonetisation. But nowt against Modi.
Click to expand...

I'm sorry but I don't quite agree with this. Even someone who knows only the very basics of stock valuation like me knows that it's an extremely inflated stock and that is would be a very risky stock to invest in.

And yet you have insurance companies investing in such risky stocks then the blame is squarely on them. Anybody who had invested in Adani would have known what they were getting into. You dont have to be Aswath Damodaran to figure that out.
 
On Adani-Hindenburg Row, Amit Shah Says "If Any Wrong Has Been Done..."
Asked about the probe against the Adani Group, Mr Shah said the Supreme Court has constituted a committee with retired judges and everyone should go and submit to it whatever proof they have. "No one should be spared if any wrong has been done. Everyone should have faith in the judicial process."

Union Home Minister Amit Shah has asserted that probe agencies like the CBI and the Enforcement Directorate have been working impartially and except two, all cases they were investigating had been registered during the UPA government.
Participating in the India Today Conclave in Delhi on Friday, Amit Shah said whatever the investigating agencies were doing could be challenged in courts.

"In 2017, during Uttar Pradesh polls, a big woman leader of Congress had said if they were indulging in corruption, why there was no investigation. She was questioning us. Now they are creating a hue and cry when there has been action," he said.

...
https://www.ndtv.com/india-news/exc...pa-amit-shah-3871530#pfrom=home-ndtv_bigstory
 
After Adani bomb, Hindenburg Research teases 'another big' report
Hidenburg Research's previous report has caused Indian tycoon Gautam Adani wealth decline by about 60% from its peak point.

After dropping a bombshell on Gujarat tycoon Gautam Adani, Hindenburg Research announced that it would disclose "another big" expose, causing people to wonder who the US short seller will target next.

On Thursday, Hindenburg Research tweeted: “New report soon—another big one."

The US short-seller on January 24 attacked Adani group with a 106-page-long report accusing the firm of various financial malpractices. The report, just ahead of the Adani Enterprises share sale, triggered a $86 billion rout in the group's domestically listed stocks and an overseas sell-off in its bonds.

Adani Group boss Gautam Adani lost $28 billion, over 60 per cent from its peak (when he was the world's second richest man), a recent survey said.

Hidenburg Research has not revealed about whom they will bring the new report, but speculation is high that the new report may deal with the ongoing bank crisis.

...
https://www.hindustantimes.com/busi...eases-another-big-report-101679548344042.html
 
daytrader said:
After Adani bomb, Hindenburg Research teases 'another big' report
Hidenburg Research's previous report has caused Indian tycoon Gautam Adani wealth decline by about 60% from its peak point.

After dropping a bombshell on Gujarat tycoon Gautam Adani, Hindenburg Research announced that it would disclose "another big" expose, causing people to wonder who the US short seller will target next.

On Thursday, Hindenburg Research tweeted: “New report soon—another big one."

The US short-seller on January 24 attacked Adani group with a 106-page-long report accusing the firm of various financial malpractices. The report, just ahead of the Adani Enterprises share sale, triggered a $86 billion rout in the group's domestically listed stocks and an overseas sell-off in its bonds.

Adani Group boss Gautam Adani lost $28 billion, over 60 per cent from its peak (when he was the world's second richest man), a recent survey said.

Hidenburg Research has not revealed about whom they will bring the new report, but speculation is high that the new report may deal with the ongoing bank crisis.

...
https://www.hindustantimes.com/busi...eases-another-big-report-101679548344042.html
Click to expand...

OOOoooo another one coming up, waiting for this, can we start a thread on who it would be ?

Tata, Ambani ? :yk2
 
Romali_rotti said:
OOOoooo another one coming up, waiting for this, can we start a thread on who it would be ?

Tata, Ambani ? :yk2
Click to expand...

It's probably not anybody Indian - they go after a diverse set of people and companies and never in the same genre back-to-back.

However if it is Indian and Adani again (lol), you have your task cut out to defend the crook for another few weeks in true Bhakt fashion.
 
Romali_rotti said:
Well it's much better than taking sermons from the Puppu Congress headquarters led by my favourite ammayi Sonya and fraud Vadra :))
Click to expand...

What does ammayi mean? I've seen you use that term to refer to Sonia Gandhi multiple times in the past.
 
Romali_rotti said:
OOOoooo another one coming up, waiting for this, can we start a thread on who it would be ?

Tata, Ambani ? :yk2
Click to expand...

Stop panicking :)))

It's on the Twitter creator's firm.

Meanwhile, Modi thinks Rahulg will stop questioning him over his Adani connections and why he is terrified to allow agencies to investigate the many dark aspects of the Adani empire. Wonder what hold Adani has on Modi - can't be just financial. Does he have some tapes?

:apology
 
Jack Dorsey Loses $526 Million Net Worth Hours After Hindenburg Report
Hindenburg released a report Thursday claiming Block had inflated user metrics, and that the stock has downside of 65% to 75%.

Block Inc. co-founder Jack Dorsey's net worth was hammered after Hindenburg Research's latest report, which alleged the payments company ignored widespread fraud.
Dorsey's fortune plunged by $526 million on Thursday, his worst single-day decline since May. He's now worth $4.4 billion after the 11% drop, according to the Bloomberg Billionaires Index.

Hindenburg released a report Thursday claiming Block had inflated user metrics, and that the stock has downside of 65% to 75% "on a purely fundamental basis." The company denied the allegations and said it plans to explore legal action against the short-seller.

Block fell as much as 22% on Thursday, before closing down 15%.

Dorsey, who also co-founded Twitter, has most of his personal fortune tied up in Block. The Bloomberg wealth index estimates his stake in the firm is worth $3 billion, while his position in Elon Musk's social media company is valued at $388 million.

...
https://www.ndtv.com/world-news/jac...burg-report-3888378#pfrom=home-ndtv_topscroll
 
pillionrider said:
Stop panicking :)))

It's on the Twitter creator's firm.

Meanwhile, Modi thinks Rahulg will stop questioning him over his Adani connections and why he is terrified to allow agencies to investigate the many dark aspects of the Adani empire. Wonder what hold Adani has on Modi - can't be just financial. Does he have some tapes?

:apology
Click to expand...

Ever since I heard the recent news about our Puppu I have been panicking :sanga..

Ammayi Sonya is playing a well planned chess game here, setting Puppu up to go to jail but in the end he wont, so she can make Modichayan look like the bad guy and our Puppu as the saint :yk2

Still wont be enough to win the 2024 elections though :apology
 
Calling all bhakt bankers here for your expert views :apology

The aftermath of the Hindenburg Research report may have made several large investors rethink their exposures to the Adani group. But one large pool of capital has continued to invest in two Adani stocks, including flagship Adani Enterprises, and will keep doing so till at least September this year, unless its trustees rethink their investment approach when they meet this week.

These investments are being made by India’s largest retirement fund — the Employees’ Provident Fund Organisation (EPFO) — which manages the old age savings of 27.73 crore formal sector employees and invests 15% of its corpus into exchange traded funds (ETFs) linked to the NSE Nifty 50 and the BSE Sensex.

Trustees of the EPFO that The Hindu reached out to said that they were not aware of its Adani stock exposures, but the issue may figure in a two-day meet of its board, chaired by Union Labour and Employment Minister Bhupender Yadav, that begins on Monday.
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Full piece:
https://www.thehindu.com/business/m...stors-of-two-adani-stocks/article66665195.ece
 
India’s market regulator is investigating possible violation of ‘related party’ transaction rules in the Adani Group’s dealings with at least three offshore entities that have links to the brother of the conglomerate’s founder, two people said.

The three entities allegedly entered into several investment transactions with unlisted units of the ports-to-power conglomerate founded by billionaire Gautam Adani over the last 13 years, said the sources with direct knowledge of the matter.

Vinod Adani, Gautam Adani’s brother, is either a beneficial owner, director or has links with those three offshore entities, said the two sources, adding the regulator, the Securities and Exchange Board of India (SEBI), is probing if lack of that disclosure violated ‘related party transaction’ rules.

https://www.brecorder.com/news/4023...i-offshore-deals-for-possible-rule-violations
 
<blockquote class="twitter-tweet"><p lang="hi" dir="ltr">एयरपोर्ट सेठ के, पोर्ट सेठ के, <br>बिजली सेठ की, कोयला सेठ का,<br>सड़कें सेठ की, खदानें सेठ की,<br>ज़मीन सेठ की, आसमान सेठ का<br><br>सेठ किसका? सेठ ‘साहेब’ का! <a href="https://t.co/qUIRYOrtOO">pic.twitter.com/qUIRYOrtOO</a></p>— Rahul Gandhi (@RahulGandhi) <a href="https://twitter.com/RahulGandhi/status/1648893700431310848?ref_src=twsrc%5Etfw">April 20, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

vfAplK2.png
 
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Paranjoy Guha Thakurta, a veteran Indian journalist, has been writing about the Adani Group and its business practices since 2015. Guha Thakurta’s reporting has covered allegations that Adani overcharged for coal and power machinery and unfairly benefitted from a change in rules for power plants in Special Economic Zones.

In 2017, Adani filed the first in a series of defamation suits against Guha Thakurta over his reporting. That same year, Guha Thakurta resigned as editor of the Economic and Political Weekly after an article he wrote about Adani was pulled.

US investment research firm Hindenburg Research’s blockbuster report accusing Adani of “brazen stock manipulation and accounting fraud”, released in January, drew on reporting by Guha Thakurta and other independent journalists. Adani has rejected the allegations by Hindenburg Research, which is known for its short-selling activism, and denied any wrongdoing.

India’s Supreme Court has appointed an independent team of experts to investigate the allegations, a decision that Adani has welcomed. Here Guha Thakurta speaks about his reporting, and the cases Adani has filed against him.


Al Jazeera: Was there anything about the Hindenburg report that surprised you?

Paranjoy Guha Thakurta: My first article on the Adani Group appeared in 2015, in a portal called The Citizen. The editor of that portal, Seema Mustafa, asked me to write it. I said I have nothing new to say. She said ‘Why don’t you compile the information that is already in the public domain’. That article was essentially a compilation of articles and information that was in the public domain.

If you recall, that was around the time the Prime Minister of India had visited Australia. He was accompanied by Mr Gautam Adani [the chairman and founder of Adani Group] and the then-head of the State Bank of India Arundhati Bhattacharya. There was then, just talk, that the State Bank of India, India’s largest bank, would give the first loan of its kind – of a billion dollars – for this huge project in the Galilee Basin in Queensland, which was at that time described as the world’s biggest greenfield coal mining project. It’s a separate matter that in the end that loan never materialised and the project had to be very drastically scaled down in size to about one-fourth of what was originally envisaged.

That was for a variety of reasons. International financial institutions did not extend loans. There were protests within Australia by environmental groups. And it is not just a coal mine. There is a railroad, a port called Abbot Point. So it’s a huge project. So that was my first article. To return to your question: When the report came out on January 24, I went through it. To be honest, I was astounded.

What surprised me was that I was the only Indian journalist referred to in the Hindenburg report.

In the end, the authors raised 88 questions and said please answer these questions. The 84th question pertains to me. It was: ‘In interviews, Gautam Adani has said ‘I have a very open mind toward criticism.’ Given this, why did Adani seek to have critical journalist Paranjoy Guha Thakurta jailed following his articles on allegations of Adani tax evasion?”


Al Jazeera: Tell us about your interactions with the group and the cases against you.

Guha Thakurta: I am the only Indian journalist against whom entities of the Adani Group have filed more than six cases of defamation. I am the only Indian citizen. In two of these cases, there are gag orders on me and they have been there since September 2020. So you will notice that everything I am telling you is just facts. And I will continue to say the facts.

I’ll tell you about the two cases of defamation pending against me in Mundra, the three cases pending against me and my colleagues in Ahmedabad and one case in Baran in Rajasthan.

The last article I wrote for the Economic and Political Weekly was in June 2017. It was published after that in The Wire. It had a title to the effect that the Modi government gave a Rs500 crore ($61m) bonanza to the Adani Group. (It is one of the articles due to which the group has filed defamation cases against Guha Thakurta, on the basis that the allegations are false.)


Al Jazeera: You have met Mr Adani and discussed these cases. Talk about that.

Guha Thakurta: Yes, of course I have. The first time was in May 2017. It was a very cordial meeting. I took notes. The meeting was entirely off the record so that’s all I have to say. I sought the meeting because I am writing a book about him.

The second time I met him was in February 2021. That was a long meeting that lasted almost two hours. That meeting had been at the behest of my lawyer to explore the possibility of an out-of-court settlement since in the Mundra case — I was the only one against whom the cases were pending. The meeting was inconclusive. The third time I had a meeting with him was over a WhatsApp call very recently that lasted 15 minutes. I requested Mr Adani to withdraw the cases against me. He was noncommittal.


Al Jazeera: There has been some speculation that you contributed to the Hindenburg report. Did you?

Guha Thakurta: I had never heard of Hindenburg research until the 24th of January [when the firm released its report into Adani’s operations]. As far as I know, Hindenburg was the former president of Germany thanks to whom Hitler came to power. It was after him that Zeppelin was named, the airship that was to fly over the Atlantic but caught fire. I subsequently learned that Hindenburg Research is a firm with a small number of people run by a young person called Mr Nathan Anderson, who gave his own company this name because it symbolised or epitomised a man-made disaster.

Al Jazeera: The Supreme Court of India has set up a committee to look into the Hindenburg report. What do you think needs to happen in the Adani case? And given your own experience, what message does this give on press freedom in India?

Guha Thakurta: Agencies of the government of India and independent bodies, independent regulatory authorities including SEBI (the Securities and Exchange Board of India) and the Reserve Bank of India, need to investigate the allegations that have been made. Whether they are true or not. Whether they have any basis or not. These are allegations made even before the Hindenburg report came out.

The regulatory agencies and authorities that are otherwise very, very quick in acting against critics of the government … they have been rather tardy in looking into the allegations made against the Adani Group.

This is what I think should be done. This is irrespective of what the Supreme Court committee does or does not do.

The second part of your question. The messages are very loud and they are very clear. Spokespersons of the government, Mr Gautam Adani, all claim they believe in the freedom of expression, all claim we respect press freedom. Now the question would be the 84th question, raised in the Hindenburg report, about me. And the response from the Adani Group is that the judge has done what it had to do. What it fails to mention, is that this pertains to a certain case, a criminal defamation case relating to an article on Adani, on Adani Power.

On the bigger issue of press freedom, I personally believe that media freedom today is under greater threat than ever before, certainly since the mid-1970s. To be precise, the period between July 1975 and January 1977 when the government of Indira Gandhi imposed an emergency.

And when they act against people like me — I am a privileged journalist, I speak to you in English, I don’t have to worry where my next meal comes from and whether or not there is a roof over my head — imagine the plight of journalists who work in remote areas, rural areas. Who have been threatened, who have been put behind bars. Imagine their plight.

These kinds of legal actions are what you call SLAPPS, or Strategic Litigation Against Public Participation. The idea is to send a message to everybody else. It has a chilling effect. It sends a message that if they can do it to a 67-year-old person like me with 45 years of work experience, who has worked in some of the leading media organisations in the country, it can happen to anybody.

Al Jazeera
 
Adani Power's Profit For FY 2022-23 Rises By 118.4% To ₹ 10,727 Crore
Adani Power Profit: For the entire financial year 2022-23, consolidated Profit After Tax was higher by 118.4 per cent at ₹ 10,727 crore versus ₹ 4,912 crore for 2021-22.

Adani Power has posted a consolidated net profit (profit after tax) of ₹ 5,242 crore for the January-March 2023 quarter, an increase of 12.9 per cent, the company statement said.
In the same quarter of 2022, the company's net profits were ₹ 4,645 crore.

For the entire financial year 2022-23, consolidated Profit After Tax was higher by 118.4 per cent at ₹ 10,727 crore versus ₹ 4,912 crore for 2021-22.

In a filing with the stock exchanges on Friday, its consolidated total revenue for the quarter was ₹ 10,795 crore, as compared to ₹ 13,308 crore in a year ago period. Revenues were over 23 per cent higher during the quarter.

Further, consolidated total revenue was higher by 35.8 per cent at ₹ 43,041 crore in the entire fiscal. In 2021-22, it was ₹ 31,686 crore.

The rise in revenues was mainly attributed to improved tariff realization and higher import prices for coal.

...
https://www.ndtv.com/business/adani...-727-crore-4010174#pfrom=home-ndtv_topstories
 
daytrader said:
Adani Power's Profit For FY 2022-23 Rises By 118.4% To ₹ 10,727 Crore
Adani Power Profit: For the entire financial year 2022-23, consolidated Profit After Tax was higher by 118.4 per cent at ₹ 10,727 crore versus ₹ 4,912 crore for 2021-22.

Adani Power has posted a consolidated net profit (profit after tax) of ₹ 5,242 crore for the January-March 2023 quarter, an increase of 12.9 per cent, the company statement said.
In the same quarter of 2022, the company's net profits were ₹ 4,645 crore.

For the entire financial year 2022-23, consolidated Profit After Tax was higher by 118.4 per cent at ₹ 10,727 crore versus ₹ 4,912 crore for 2021-22.

In a filing with the stock exchanges on Friday, its consolidated total revenue for the quarter was ₹ 10,795 crore, as compared to ₹ 13,308 crore in a year ago period. Revenues were over 23 per cent higher during the quarter.

Further, consolidated total revenue was higher by 35.8 per cent at ₹ 43,041 crore in the entire fiscal. In 2021-22, it was ₹ 31,686 crore.

The rise in revenues was mainly attributed to improved tariff realization and higher import prices for coal.

...
https://www.ndtv.com/business/adani...-727-crore-4010174#pfrom=home-ndtv_topstories
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Means nothing and hence no reaction in the market.

A lot of Adani projects are coming online each year so obv new sources of revenue and profit. So it’s not organic growth
 
After Adani Hindenburg also targeted Dorsey’s and Icahn’s company and both of them lost huge amount of wealth.

Icahn did similar things as Adani after the attack 😂
 
A Supreme Court-appointed panel of experts examining India's regulatory mechanism in an investigation linked to the Hindenburg allegations has given a clean chit to the Adani Group and has said it appears there was no regulatory failure on the part of market regulator SEBI.
The experts' committee comprising domain experts has also said there was no price manipulation on the part of the Adani Group and that the conglomerate had taken necessary steps to comfort retail investors. The mitigating measures taken by the group had helped in building confidence in the stock and the stocks are stable now, the panel said.

"At this stage, taking into account the explanations provided by SEBI, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation," the panel said in the report submitted to the Supreme Court.

It also said there is a need for an effective enforcement policy that is "coherent and consistent" with the legislative position adopted by SEBI or Securities and Exchange Board of India.

The Supreme Court had appointed the committee of domain experts alongside the investigation that SEBI was conducting into Hindenburg's allegations against the Adani Group.

The committee, which recently submitted its findings to the Supreme Court, said SEBI had found out some entities had taken a short position before the Hindenburg report and had profited after the price crashed following the report.

The committee found no pattern of artificial trading or wash trades among the same parties multiple times.

No coherent pattern of abusive trading came to light either, said the committee.

No regulatory failure was found regarding Minimum Public Shareholding and there was no violation of compliances, the committee said.

The committee clearly stated that the regulator had not been able to prove that its suspicion can be translated into a firm case of prosecuting an allegation of violation.

Foreign portfolio investors in Adani Group stocks are compliant with SEBI's regulations, the committee said.

SEBI was asked to examine allegations of price manipulation in Adani stocks around the Hindenburg report. Several entities had taken short positions prior to the publication of the Hindenburg report, and since SEBI's investigation into it is ongoing, the committee has chosen not to comment on the merits of this issue.

However, the Indian market was not unduly volatile during the period. The impact of Adani Group-related events on the overall market was low, as its index weightage was nil in Sensex-30 and around 2% in the Nifty 50.

The members of the Supreme Court-appointed group are retired Supreme Court judge Justice AM Sapre, retired Bombay High Court judge Justice JP Devadhar, former State Bank of India Chairman OP Bhatt, former ICICI Bank chief KV Kamath, Infosys co-founder Nandan Nilekani and securities and regulatory expert Somasekhar Sundaresan.

The Supreme Court had earlier this week granted SEBI time till August 14 to complete its probe into the Hindenburg allegations.

NDTV
 
MenInG said:
A Supreme Court-appointed panel of experts examining India's regulatory mechanism ..............

NDTV
Click to expand...

You can't expect honest reporting on any Adani-matter when NDTV is owned by him :apology

As the Supreme Court-appointed expert committee observed on Friday that there was “no coherent pattern of abusive trading” by the Adani group and that some of the charges were “still under investigation”, Adani-owned media house NDTV summed up the 173-page report with this catchphrase: “clean chit”.

The reportage does leave out crucial information on the ongoing investigations in the matter, including the committee’s observation that SEBI “suspects wrongdoing” on the ownership of foreign portfolio investors, however, it has not been able to point out the violations.

The committee also said that it cannot express a view on the related party transactions in connection with 13 overseas entities, which have been on the SEBI radar since October 2020, as the market regulator is still investigating the transactions. The committee would be “unable to comment without further input”, except to say that the “investigations must be completed in a time bound manner” as per law.
Click to expand...

https://www.newslaundry.com/2023/05...lusive-report-on-adani-hindenburg-allegations
 
Tinpot sources according to [MENTION=76058]cricketjoshila[/MENTION]

Newslaundry
Scroll.in
The Wire
Caravan
News Minute
Alt News
Ravish Kumar
The Hindu
Indian Express (post-2014)

not anymore*****NDTV*****not anymore

:apology
 
pillionrider said:
Tinpot sources according to [MENTION=76058]cricketjoshila[/MENTION]

Newslaundry
Scroll.in
The Wire
Caravan
News Minute
Alt News
Ravish Kumar
The Hindu
Indian Express (post-2014)

not anymore*****NDTV*****not anymore

:apology
Click to expand...

Where did i say Indian Express?
 
cricketjoshila said:
No evidence of any wrongdoing yet.
Click to expand...

The burden of proof for that is on him. So far, Hindenburg put out the report and he hasn't bothered to sue them either in India or USA or elsewhere.

Guilty.
 
happydavy said:
This thread will get a lot of bumps in the years to come and like it usually happens most Pakistanis will again be disappointed when they will see that Adani isn't going to go down, it's growth will slow down for sure but it won't default on its debt. Adani shares have always been operated and inflated by the promoters, but it ain't any ponzy scheme as all the underlying assets from coal mines in Australia to ports in Israel are real and generates Ebitda. Adani do plays fast and loose with compliances and security laws, but is very competent businessman. For a group that generates $6-7 bn annual ebitda in annuity businesses, a debt of $25 bn is very manageable. Mahua is correct that adanis have committed security frauds but so many big companies in US also do that, not that it's any justification but the point i am emphasizing it's way too common that most people think. Firms like Goldman Sachs to PepsiCo, routinely get charged and fined by SEC for securities frauds, it's nothing new.
Click to expand...

Time to bump my post, Adani stocks are up again and Jeffries rerated the stock already.
https://www.thehindubusinessline.co...ng-on-two-adani-companies/article66879680.ece

As I said earlier, Adani is no saint but his unethical tactics are no different from others businessmen across the world. The 2 major allegations against Adani are that (1) He and his family own much more than 75% shareholding in listed Adani companies, thus floundering SEBI requirement of 75% cap for listed companies (2) Around 10-15% of shareholding in Adani group companies is held by Mauritius/Cyprus funds and the belief is that it his/family money only routed from abroad. I think both the allegations are true but as an investor, it doesn't bother me much because playing fast and loose with compliances isn't the same as running a scam.

Every business on this planet does things to avoid paying taxes. What are the options before Indians or for that matter US citizens to save taxes? Lock all your capital gains in low tax countries like Dubai. What does it take to do that? Simple, in the year you made the profits, you have to ben outside India for more than 180 days to qualify as an NRI and any income/capital gains will be taxed as per the country you are resident in, say UAE. Now look at the difference. Short term capital gains on private investments in India is taxed at 39% and long term at 23% (including surcharges). What do you pay in Dubai - 12.5% flat. You sell an asset in India, be a Dubai resident and the entire proceeds of the sale will land up with you in Dubai, and you will have to pay only 12.5% tax to UAE government. People from US also do that as there the situation is even worse, If you live in Manhattan then you pay 20% long term capital gains federal tax and NY state charges you another 20%. So what do rich investors in US do, they either move to Dubai or some low tax state within US for a couple of years. Gautam Adani's brother did the same thing 30 years back, all his assets sale in India gave him money in Dubai, which he used to invest in Adani stocks from outside India. Is it unethical, 100%. Is it illegal, grey area as chances are that he would have invested not in his name but wife's name and sister-in-law is not a related party under Indian companies act.

Its easy to hit Gautam Adani as a crook, because he's not a Ivy League grad or technology founder but one should know that US tech companies have been doing this for decade. Companies like Alphabet, Meta have subsdiaries in Ireland and Bermuda (with zero employee) where they book all the non-US income and pay tax as low as 6.5%. Is it legal, yes. Is it unethical, 100%. Afterall what services are offered in Bermuda companies to pass on all the revenues and royalties to that country. Real world works very differently compared to what people think it does.
 
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