Adani fights to overcome damage, makes plans for a comeback: report
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New Delhi: Adani Group is in the process of recouping its lost market value following the damning report by Hindenburg Research on January 24.
As part of cutting capital expenditure as it is still reeling, the group has decided to scrap850 million coal plant purchase in Central India, Bloomberg reported.
In order to bolster its image for investors, the Indian billionaire has hired American law firm Wachtell, to fight back against Hindenburg Research.
The group has reportedly repaid some of its debts and made promises for more just as it is in the efforts to reign in expenses at this crucial times.
The report by US-based Hindenburg, exploded a like a bomb on Adani Group, accused it of ‘accounting fraud, stock manipulation and other corporate governance lapses’.
The report by Bloomberg said that Adani Group’s executive held a series of meeting ‘to pacify overseas bondholders’.
Also, it has arranged the service of Kekst CNC as its global communications advisor, to regain investor trust, Bloomberg News earlier reported.
This comes alongside engaging American law firm Wachtell, which is one of the most expensive US law firms defending clients facing attacks from shareholder activists.
The report said Adani Group is ‘noticeably reluctant’ to face independent probe into the allegations of corporate malfeasance.
Hindenburg Research’s allegations has sparked debate in Indian Parliament where Prime Minister Modi had been called to address the issue.
PM Modi came down heavily on the Opposition who sought his reply on his relationship with the Billionaire.
