Winning Bizness Desk
Mumbai.The announcement of the closure of Hindenburg Research, the US-based short-selling firm that leveled serious allegations against the Adani Group, has sparked sharp reactions from the Congress party. On January 15, Hindenburg founder Nathan Anderson announced the firm's shutdown. Reacting to the news, Congress asserted that the closure of the research firm does not absolve Adani of the allegations.
Congress leader Jairam Ramesh issued a statement on social media platform X, emphasizing that the issues raised by Hindenburg remain relevant. “Wherever you look, Adani is still there,” he said, adding, “The closure of one company does not change the gravity of the questions raised about Adani Group.”
Hindenburg Report and its Aftermath
The Hindenburg report, released in January 2023, accused the Adani Group of violating securities laws and manipulating stock prices, leading to a significant global uproar. The report was so consequential that India’s Supreme Court was compelled to form a special expert committee to investigate the allegations.
Ramesh highlighted in his statement that the Hindenburg report covered only one aspect of the alleged "Modani mega scam"—the violation of securities laws. However, the Congress party had raised 100 questions to Prime Minister Narendra Modi under its "Hum Adani Ke Hain Kaun" (HAHK) series between January and March 2023. Only 21 of these questions pertained to issues revealed by the Hindenburg report.
Allegations Beyond Hindenburg
The Congress leader accused the Modi government of leveraging India’s foreign policy to benefit the Prime Minister’s close allies at the expense of national interest. Ramesh reiterated that the allegations against Adani remain serious, and the Hindenburg report’s closure does not diminish their significance.
Hindenburg's Impact and Closure
Hindenburg Research, founded in 2017 by Nathan Anderson, gained notoriety for exposing corporate irregularities globally. Its reports have caused billions of dollars in losses for companies, including India’s Adani Group and Icahn Enterprises.
In August 2024, Hindenburg alleged that Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI), and her husband, Dhaval Buch, held stakes in an offshore company linked to the Adani Group. These claims further fueled the controversy surrounding Adani. Despite its impactful reports, Nathan Anderson has not disclosed the reasons for closing Hindenburg Research.
Congress's Stand
The Congress party insists that the Hindenburg allegations against Adani Group, which enjoys perceived protection from the Prime Minister, cannot be overlooked. The party maintains that national interest demands answers, and it will continue raising questions about the misuse of power and foreign policy for personal gains.
The closure of Hindenburg Research may mark the end of one chapter, but for Congress, the questions surrounding the Adani Group and its alleged misconduct remain unresolved.
