{"id":285533,"date":"2023-02-10T10:17:00","date_gmt":"2023-02-10T10:17:00","guid":{"rendered":"https:\/\/haftavasool.com\/haftavasool\/blog\/2023\/02\/10\/adani-group-hires-new-york-based-law-firm-to-advise-it-on-stocks-crisis\/"},"modified":"2023-02-10T10:17:00","modified_gmt":"2023-02-10T10:17:00","slug":"adani-group-hires-new-york-based-law-firm-to-advise-it-on-stocks-crisis","status":"publish","type":"post","link":"https:\/\/haftavasool.com\/haftavasool\/blog\/2023\/02\/10\/adani-group-hires-new-york-based-law-firm-to-advise-it-on-stocks-crisis\/","title":{"rendered":"Adani Group Hires New York-Based Law Firm To Advise It On Stocks Crisis"},"content":{"rendered":"

[ad_1]
\n<\/p>\n

<\/p>\n
\n
\"Adani<\/div>\n

The Adani Group has attacked Hindenburg as “an unethical short seller”.<\/p>\n<\/div>\n

New Delhi: <\/b><\/p>\n

Gautam Adani-led Adani Group has hired US-based law firm Wachtell to fight against allegations recently leveled against the conglomerate by short-seller Hindenburg Research, Financial Times reported.<\/p>\n

According to the British daily news report, the Adani Group has tapped senior lawyers at Wachtell, Lipton, Rosen & Katz to advise it on how to deal with the crisis facing the conglomerate. The New York-based legal firm specializes in corporate law, regularly handling large and complex transactions.<\/p>\n

Over the past week, share prices of companies in the Adani Group have dropped significantly, following the report, which alleged stock manipulation and fraud by the conglomerate.<\/p>\n

The Adani Group has attacked Hindenburg as “an unethical short seller” and stated that the report by the New York-based entity was “nothing but a lie”.<\/p>\n

The continued sell-offs in the group’s stocks have led its flagship firm, Adani Enterprises Limited, to cancel a fully subscribed Rs 20,000 crore follow-on public offer.<\/p>\n

Adani Group on January 29, in a long 413-page report, said the recent report by Hindenburg Research was not an attack on any specific company but a “calculated attack” on India, its growth story, and ambitions.<\/p>\n

“This is not merely an unwarranted attack on any specific company but a “calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” it said.<\/p>\n

A short seller in the securities market books gains from the subsequent reduction in the prices of shares.
\u00a0<\/p>\n

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)<\/i><\/span><\/p>\n

\n

Featured Video Of The Day<\/h3>\n