Report says Gautam Adani hired US legal powerhouse Wachtel in fight against Hindenburg

Indian business tycoon Gautam Adani’s company has hired activism defense law firm Wachtel, Lipton, Rosen & Katz as it weathers a storm following the revelations of US-based short-seller Hindenburg, where in its report Adani Group has been accused of indulging in corporate fraud.

The corporate empire of Gautam Adani, the world’s second-richest man, is in deep trouble after the Hindenburg Research report on alleged misconduct. Ten Adani group companies, including Adani Total Gas, Adani Enterprises, Adani Transmission and Adani Ports, at one point wrote off sales worth $117 billion off their combined market values, forcing the tycoon to pledge his shares for loans It was lying

Hindenburg Research alleged that a web of Adani-family controlled offshore shell entities in tax havens were used to promote corruption, money laundering and taxpayer evasion. The group has called the report “fake” and threatened legal action. Adani gave a video speech last week saying the group’s balance sheet was healthy.

Adani Group had said that it is considering legal action against Hindenburg Research for allegations of stock market manipulation and accounting fraud, which has led to investors dumping its shares.

Mounting pressure on the beleaguered Adani Group, Norway’s $1.4 trillion sovereign wealth fund on Thursday said it has sold its remaining stake in related companies, while shareholder Life Insurance Corporation of India said it would soon agree with the group’s management. Will join. Meanwhile, the Supreme Court of India will hear on Friday two PILs related to the Hindenburg Report.