Adani’s Choice

just two days to go The Rs 20,000-crore follow-on public offer (FPO) of Adani Enterprises, the listed shares of the Gautam Adani-led group, was hit by allegations of fraudulent practices, stock manipulation, financial smoke and mirrors and over-leverage went. Posted by US-based Hindenburg Research, which declared it holds short positions on Adani Securities. On Wednesday, its shares fell 1% to 8%, rattled by reports of alleged accounting rigging and claims of global operations in tax havens through shell companies. The Adani group dismissed the allegations as “malicious”, saying the timing of the report betrayed its intention to harm its FPO. If it is a malicious release, an attack, then an investigation should be able to establish that. Concerns about the group’s finances, however, have been raised before, although it is one thing to talk about indebtedness risks and another to point out wrongdoings, a job for experts. Whatever the truth, a booming business empire should expect increased scrutiny as its stakeholders. growth. The level of transparency should increase accordingly. There is a choice before the Adani group. And it is best if it chooses to come out with a point-by-point rebuttal.