‘Baseless, Irrational, Absurd Allegations’: Adani Group Denies Involvement in Swiss Court Proceedings

New Delhi: The Adani Group has denied allegations by US Short seller Hindenburg Research, which claimed in a post on X (formerly Twitter) that Swiss media outlet 'Gotham City' accessed Swiss criminal court records to allege an "Adani frontman invested in opaque... funds that almost exclusively owned Adani stocks..."

The group has called this report an "orchestrated and egregious attempt by the same cohorts acting in unison" to harm its reputation and market value.

Calling the allegations as baseless, preposterous, irrational and absurd, the Adani Group said in a statement: "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority”.

The Adani Group further said that their holding structure overseas is fully disclosed, transparent and complies with laws.

"Furthermore, even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws," the Adani Group said.

"These allegations are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value," it said.

"The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements. We strongly condemn this effort and urge you to refrain from publishing this story. Should you decide to proceed, we request that you include our statement in full," the Adani Group said.