The 60-year-old Indian billionaire and head of the Adani Group, Gautam Adani, is mentioned 54 times in the extensive research by Hindenburg Research that charges the Adani Group with stock manipulation and accounting fraud.
In addition, the Hindenburg Research report makes 151 mentions of Vinod Adani, the chairman's older but lesser-known brother. Because of this, Vinod Adani seems to be at the center of the scandal involving Gautam Adani, the Adani Group, and Indian business and politics.
Hindenburg Research
The Hindenburg allegations state that Vinod supervises several operations of Gautam Adani's shell businesses, which have transferred billions of dollars into both publicly traded and privately held Indian Adani entities. Because of this, the Adani Group has been able to avoid Indian regulations that demand non-insiders to own at least 25% of a company's publicly traded equity.
The Adani Group responds by denying improper connections with the chairman's brother. “Vinod Adani has no managerial responsibilities and has no part in the day-to-day operations of any of the Adani listed companies or their subsidiaries. The group has properly identified and disclosed all transactions involving related parties”, Adani Group responded to the report published by Hindenburg Research LLC.
Hindenburg Research
However, according to Forbes, the Adani Group has directly benefited from previously unreported overseas transactions connected to Vinod Adani.
Although Hindenburg claims Vinod is a key figure in a multibillion-dollar conspiracy, Vinod would definitely find this accusation offensive. He has always believed that “In times of deception and corruption, few people live by their words and choose integrity and loyalty over profit-making and selfish wants”.
For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true, and top stories of the world.
Hindenburg Research
The Hindenburg allegations state that Vinod supervises several operations of Gautam Adani's shell businesses, which have transferred billions of dollars into both publicly traded and privately held Indian Adani entities. Because of this, the Adani Group has been able to avoid Indian regulations that demand non-insiders to own at least 25% of a company's publicly traded equity.
The Adani Group responds by denying improper connections with the chairman's brother. “Vinod Adani has no managerial responsibilities and has no part in the day-to-day operations of any of the Adani listed companies or their subsidiaries. The group has properly identified and disclosed all transactions involving related parties”, Adani Group responded to the report published by Hindenburg Research LLC.
Hindenburg Research
However, according to Forbes, the Adani Group has directly benefited from previously unreported overseas transactions connected to Vinod Adani.
Although Hindenburg claims Vinod is a key figure in a multibillion-dollar conspiracy, Vinod would definitely find this accusation offensive. He has always believed that “In times of deception and corruption, few people live by their words and choose integrity and loyalty over profit-making and selfish wants”.
For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true, and top stories of the world.
