Senior lawyer Mukul Rohatgi called Hindenburg Research a “dubious organisation” after its sudden announcement to shut down, sparking speculation of an attempt to avoid joint investigations by India and the US. Rohatgi criticized Hindenburg for destabilizing markets and targeting India’s economy, labeling its actions as a “shoot and scoot policy.” Adani Group Chairman Gautam Adani also dismissed their allegations as baseless, emphasizing the group’s resilience against such attacks.
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NEW DELHI: Senior lawyer Mukul Rohatgi today described US short seller Hindenburg Research as a “dubious organisation” after it announced plans to shut down. Hindenburg’s founder, Nate Anderson, revealed on Wednesday that the company has completed its ongoing projects.
This announcement came shortly before the inauguration of President-elect Donald Trump, sparking speculation that Hindenburg might be shutting down to avoid a possible joint investigation between India and the US.
Mukul Rohatgi, who previously served as the Attorney General for India, shared his views with the media, saying that Hindenburg had been targeting the Indian economy and specific companies, shaking market confidence and “affecting the investments of millions of people.”
“Look, I don’t think anybody could accept or, you know, find out anything more about a dubious organisation, an organisation which says that they are short sellers. They say that they are out to create havoc in share markets… And I think they have realised that it is a shoot and scoot policy,”
-Mr. Rohatgi told the media.
He suggested that the decision to shut down was an attempt to escape scrutiny.
“And therefore, they want to just close down because they don’t want to face any investigation, either in India or the US or any other jurisdiction. And maybe they fear that when President Trump takes over, he may look into the complaints filed by Indian bodies and industrial houses or Indian government entities,”
Mr. Rohatgi said.
“Therefore, the idea is to shut shop and run away.”
The senior lawyer expressed confidence that Hindenburg would still be held accountable.
“The people who are behind this dubious organisation, they will certainly be liable and they can certainly be tracked down wherever they are. And they must face the heat and face the action,”
-Mr. Rohatgi said.
The controversy surrounding Hindenburg had become a political issue, with opposition parties, including the Congress, demanding a joint parliamentary committee (JPC) investigation into the short seller’s report.
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However, India’s institutions and the Supreme Court dismissed Hindenburg’s “findings.”
“See, the Opposition parties were just using it as a tool to attack the government or attack the industrial house or houses concerned. But now it is very clear that this Hindenburg body is a completely dubious body,”
Mr. Rohatgi told the media.
“So why should it brook any further discussion, much less a JPC. JPC is a very important parliamentary body. It should focus on other important things, and not on a dubious body like this, which just produces rubbish reports to sensationalise delicate markets and economies.”
Mr. Rohatgi also brought up billionaire George Soros, suggesting his involvement in the Hindenburg controversy.
“… It appears to me that there is a foreign hand which is interested in destabilising the Indian economy… And one name which comes to my mind is that of a multi-billionaire called Mr George Soros. He has been making all kinds of statements against the dispensation in this country,”
-the senior lawyer said.
Earlier, Adani Group Chairman Gautam Adani addressed the allegations during the group’s annual general meeting in June.
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He firmly rejected Hindenburg’s claims, describing them as baseless.
“In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge could weaken the foundations on which your Group has been established,”
-Mr. Adani said, referencing the foreign short seller’s accusations that attempted to undermine decades of the group’s hard work.
Click Here to Read Previous Reports on Senior Lawyer Mukul Rohatgi
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