Controversies

Supreme Court review of regulatory response

The Supreme Court of India declined to transfer the Adani-Hindenburg matter to a special investigation team and directed the securities regulator to complete its inquiries. The judgment did not constitute a final determination of every allegation raised in the dispute.

Hindenburg Research allegations

Hindenburg Research alleged stock manipulation, accounting fraud and improper use of offshore entities by the Adani Group. Adani rejected the allegations. The report caused a major fall in the market values of several listed group companies and led to investigations and continuing regulatory proceedings.

Adani Group denies NPA allegations

Company response

In January 2021, Adani Group publicly denied an allegation made by Subramanian Swamy that the group had outstanding loans amounting to Rs 4.5 lakh crore. The group stated that the amount cited was incorrect and described it as fictitious. The denial was reported in a Business Today article dated January 16, 2021, which also noted the group's claim of an impeccable record. The dispute centered on the accuracy of the loan figure attributed to the group, with Adani Group rejecting the characterization of the amount as outstanding non-performing assets.

Adani Group denied Subramanian Swamy's allegation that the group had outstanding loans amounting to Rs 4.5 lakh crore, calling the amount incorrect and fictitious.