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News ACC explains decision not to investigate Adani Group fraud allegations

ACC explains decision not to investigate Adani Group fraud allegations

Written by Global Cement staff 01 August 2023
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India: ACC says that it will not carry out an independent investigation into its parent company Adani Group. US-based short-seller Hindenburg Research accused the group of stock manipulation and accounting fraud involving a 'labyrinthine network' of shell companies in January 2023. Prior to making its accusations, Hindenburg Research obtained a short position on Adani Group. An investigation into Adani Group's activities by the Securities and Exchange Board of India will conclude on 14 August 2023. Filings have also been submitted to the Supreme Court of India.

The Business Standard newspaper has reported that ACC said "Pending final outcome of regulatory investigations and related proceedings, the company has decided to not carry out any separate independent investigation in the matter, and the financial results do not carry any adjustments in this regard." It added "The expert committee submitted its report in the matter dated 6 May 2023, finding no regulatory failure."

Adani Group's original rebuttal of the allegations can be read online here.

Last modified on 02 August 2023
Published in Global Cement News
Tagged under
  • Adani Group
  • India
  • Adani Cement
  • ACC
  • Hindenburg Research
  • Court
  • World Bank
  • tribunal
  • Fraud
  • Corruption
  • Government
  • Securities and Exchange Board of India
  • GCW619
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