Following yesterday's article in Le Défi and FSC's comments :
How is it that the army of financial analysts in India and elsewhere hardly ever raised serious concerns about the over inflated share prices of the Adani group companies, and the monumental increase in Adani’s worth to over $100 bn in just a span of 3 years, to overtake the Ambani group and become the wealthiest Indian?
How could a small US financial firm like Hindenberg cause $70 bn of market value of the Adani group to dissipate in just a week?
How can Rajesh Adani, a family member with a shady past, arrested twice for fraud and accused in a diamond trading scheme, be Managing Director of the Adani Group. ? Another brother, Vinod Adani, is alleged to the architect of share manipulation and other doubtful practices through offshore companies. The Adani rebuttal of the Hinderburg report appears to claim no knowledge and no responsibility for Vinod Adani’s transactions.
Anyone who believes that the Indian regulatory authorities, including SEBI or RBI, will take regulatory action to Hindenberg’s and other previous allegations is day-dreaming!
The FSC has neatly taken cover behind the Indian regulators, as if it is only for the Indians to investigate and sanctions improper behavior !
FSC seems to be interested only in collaborating with the Indian authorities, whereas it needs to act on its own to protect the country’s reputation and ensure a clean and trustworthy financial sector !
