I have nothing to hide in dispute with Adani group-PM of India
2023.02.14 03:06
I have nothing to hide in dispute with Adani group-PM of India
By Ray Johnson
Budrigannews.com – Indian Prime Minister Narendra Modi’s party has “nothing to hide or be afraid of” in the Adani group controversy, the home minister said on Tuesday in response to opposition claims that the conglomerate is favored and was attacked by a short seller from the United States.
Since a Jan. 24 report by Hindenburg Research alleged stock manipulation and improper use of offshore tax havens, the business house’s seven listed companies led by billionaire Gautam Adani have lost approximately $120 billion in market value. Hindenburg has been threatened with legal action by the Adani group, which has denied the allegations.
“The matter has been taken into consideration by the Supreme Court. “As a minister, it is not appropriate for me to comment if the Supreme Court is seized of the matter,” Amit Shah, widely regarded as India’s second-most powerful politician, told the ANI news agency.
Shah went on to say, referring to the ruling Bharatiya Janata Party (BJP), “But in this, there is nothing for the BJP to hide and nothing to be afraid of.”
In early trade, shares of Adani Enterprises, the group’s flagship, fell nearly 4%. After the stock market crash, the company pulled off a $2.5 billion share sale earlier this month. Later today, the company will announce its quarterly results.
Indian newspaper Economic Times reported on Tuesday that executives from the Adani group had been in talks with Abu Dhabi’s International Holding Corp (IHC) for a week about injecting capital into Adani Enterprises or other group businesses.
IHC and Adani did not immediately respond to inquiries for clarification.
