Ahmedabad: The Adani Group has firmly rejected recent claims made by US short-seller Hindenburg Research, which alleged that Swiss authorities have frozen the company's funds. The company has labeled these allegations as entirely unfounded.

In a statement issued on Thursday, an Adani Group spokesperson denounced the claims, asserting, “We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority.”

The spokesperson further clarified that the Swiss court order in question did not mention any of the group's companies and that the company has not received any requests for clarification from Swiss authorities. “Our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws,” the spokesperson emphasized.

Describing the allegations as “clearly preposterous, irrational, and absurd,” the spokesperson condemned the attempt to damage the group's reputation and market value. “We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value,” they said.

The Adani Group reiterated its commitment to transparency and adherence to all legal and regulatory requirements.

Previously, industry experts had criticized earlier allegations by Hindenburg Research as trivial and lacking substantive evidence, highlighting that the issues raised remained unresolved even after 18 months.

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