New Delhi: US activist investor Hindenburg Research on Thursday said that it stands by its report, despite threats of legal action against it by the Adani group, PTI reported.
Hindenburg Research, specializing in activist short-selling, alleged in its report that the Adani group is involved in "brazen" market manipulation and accounting fraud, saying that it has a long list of documents it will demand in a legal discovery process, if Adani resorts to legal action in the US.
After Adani group released a statement that it would initiate legal action, the research firm pointed out that Adani group had not answered any of the 88 straightforward questions it had put forward in the report.
Hindenburg research wrote on Twitter, "In the 36 hours since we released our report, Adani hasn't addressed a single substantive issue we raised. At the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions."
The firm said that it completely stood by its report and added that no legal action to be initiated against it would turn meritorious.
It said, "If Adani is serious, it should also file a suit in the US where we operate. We have a long list of documents we would demand in a legal discovery process."
It said that Adani has, in its statements, referred to its 106-page, 32,000-word report, with over 720 citations and prepared over the course of 2 years, as unresearched.
It was on Wednesday the firm revealed that Adani Group has "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades". The inference was out of a two-year investigation into Adani Group, it claimed.
The report comes when Adani Enterprises opens a Rs 20,000 crore follow-on share sale for investors.