Target: Om Birla, Speaker of the Lok Sabha, India
Goal: Establish transparency in corporate dealings.
US-based Hindenburg Research has accused Indian conglomerate Adani group of pulling off the ‘largest con in corporate history’ in a recent report. The report states that the group, led by ace businessman Gautam Adani, has grown by 819% in the last three years by a setup of ‘brazen stock manipulation and accounting fraud scheme.’ The report has resulted in a landslide devaluation of investor confidence, routing away some $110 billion from the group’s fortunes since its publication. Gautam Adani has slid from number 3 to number 17 on the Forbes’ billionaires list. The report has caused a major uproar in the Indian parliament, with as many as 17 opposition parties demanding an official probe. Led by Congress, the opposition demanded the immediate formulation of a Joint Parliamentary Committee to probe the allegations. The Supreme Court of India has sought action from the Securities and Exchange Board of India (SEBI) to apprise the top judicial body of the steps taken to strengthen its regulatory framework.
A dejected Adani Group has announced the sudden withdrawal of its INR 20,000 Crores Follow On Public Offer (FPO) that was successfully completed. The sudden suspension of the share sales has been complemented by a vehement denial of the Hindenburg report, claiming it as baseless and ignorant.
In a Public Interest Litigation (PIL) filed at the Supreme Court by advocate ML Sharma, US-based short seller Nathan Anderson of Hindenburg Research has been accused of causing an ‘artificial crash’ of Adani Group’s share prices in the stock market. The legal division of Adani has indicated that it may take legal action against Hindenburg. The research firm has responded by saying that it fully stands by its report and believes that any legal action would be meritless.
The Hindenburg report accuses the group of stock market manipulation and money laundering by utilizing the functions of offshore tax havens. The report points out the possibility of exposing massive large-scale corruption in the corporate world. Demand the Indian government to immediately set up a Joint Action Committee to probe the findings.
PETITION LETTER:
Dear Speaker Birla,
Opposition parties have demanded the formulation of a Joint Parliamentary Committee by the government to probe alleged money laundering by the Adani Group. A report published by Hindenburg Research has claimed that the top conglomerate has amassed a huge fortune in recent years by pulling off ‘the largest con in corporate history.’
The report indicates that Adani Group has utilized the resources of offshore tax havens to orchestrate massive stock market manipulation in recent years. Ensuring corporate transparency is a key obligation of the government. The report holds the potential to create a major change in how businesses should operate with complete credibility.
We demand that the Indian government does what is needed to expose the truth in front of the world. Speaker Birla, we urge you to do all in your power to help investigate the serious accusations against the Adani Group.
Sincerely,
[Your Name Here]
Photo Credit: RegionalQueenslander
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