The army said it will not be distracted from the war after the attack
Gautam Adani-led Adani Group has hired US-based law firm Wachtell to fight against allegations recently levelled against the conglomerate by short-seller Hindenburg Research, Financial Times reported.
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.
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.
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".
The continued sell-offs in the group's stocks have led its flagship firm, Adani Enterprises Limited, to cancel a fully subscribed Rs200 billion follow-on public offer.
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.
"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.
A short seller in the securities market books gains from the subsequent reduction in the prices of shares.
ALSO READ:
The army said it will not be distracted from the war after the attack
Prices of petrol and high-speed diesel to be pushed up by about PKR 2.50 and PKR 8.50 per litre
Tension in the Middle East has further bolstered gold
Upon arrival, Scholz condemned the Iranian strikes on Israel
Police have named the assailant as 40-year-old itinerant man Joel Cauchi
Family expresses condolences to the victims
The airline has already suspended flights to and from Tehran until April 18
All flights at Egyptian airports are according to the usual schedules, except for some flights heading to countries that have closed their airspace, said the govt