 "ACC on Hindenburg: Independent review found it in compliance with all laws")
In its notes to the accounts, ACC said an independent law firm had reviewed all the transactions referred to in short-seller Hindenburg's report that came out in January this year. The independent law firm’s report has confirmed the company's compliance with all applicable laws and regulations, ACC said in a notice to the stock exchanges.
Further, in the context of the short-seller's report, a petition has been filed in the Supreme Court, and the Securities and Exchange Board of India is examining its compliance to laws and regulations by conducting inquiries into the group's listed companies. The company said since the matter is sub-judice, the financial statements do not carry any adjustments.
The Adani group companies had come under a sharp bear attack after the Hindenburg report. The group has since prepaid debt by selling stakes in its various companies and slowed down on expansion and new projects.
The market capitalisation of the group companies has recovered by 47 per cent since its lowest point at the end of February.