No national narrative can hide the Hindenburg report if it is true, if untrue Hinden be sued
Mobilenews24x7 Bureau
Hiding behind excuses has become part of the so called conscience keepers of the rich-hood icons but somewhere and somehow the tricks may fail as hundred attempts to do so ultimately come to the fore.
The most recent being the Hindenburg report which has become a kind of killer phantom for the world’s third richest man Gautam Adani. Is the company in a bad climate driven by over self estimation or amped by his political influence but the said above report pushes Adani into a fresh turbulence despite his stern opposition and attempts to rubbish the Hindenburg report that highlighted how the business tycoon has misled himself through alleged illegal means unleashing a turmoil in the stock market.
That has not only rattled the confidence of the Adani empire but the expose has relegated Adani group from third down to eleventh position. Just within some days when the report made itself into public domain like as apparition for the company.
It is not the person but the conglomerate has reportedly made a loss over 65 billion dollars and what and how has it impacted the investors is different.
The loss of the two public entities – the LIC of India and the SBI stands at 78000 cores.The LIC suffered a loss of 23500 crore rupees out of 74000 crores invested. The group owes 2.6 lakh crores to Indian banks.While granting loans e PSU banks did not ask for financed assets with strong cash flows such as the airports or ports owned by the group as collateral..Even when the response of the market to the FPO on the first day of its floating was just 1%, the LIC and the SBI leveraged the group by purchasing its shares at 3200 rupees when the stock market closed at 2700 rupees.
The American short selling and research firm Hindenberg Research claims to have examined many secret papers of the group for last two years. Financial irregularities like fraudulent accounting, tax evasion, illegal routing of funds from offshore shelling units , lack of corporate governance, manipulation of stock prices, illegal coal import, forged import and export documentation, overvaluation of imported goods to gain maximum profit in the country, overexposure of Indian financial institutions are the practices followed by the owner Gautam Adani to reach the coveted position of the world’s third wealthiest person , all through the blessings of the system, alleges the firm.
The over- hundred page report elaborately discusses all these aspects and has put 88 questions to be answered by the group. In order to prove the allegations,the firm has placed 74 citations as proof.
According to the report, many of the companies of the group have Adani’s family members at the helm of affairs and the huge conglomerate is run as a family business Moreover, some of them have been charged with financial frauds and scams. By adopting a weak internal supervision and enjoying heavy political clout, the group managed to register exponential growth in a short period and has become one of the brightest examples of concentration of wealth in a country where 80% of the people are considered fit to get free food supply.
