Adani Group Condemns Financial Times' Malicious Campaign to Tarnish its Global Reputation

Ahmedabad: The Adani Group today condemned a "malicious campaign" by the Financial Times and its collaborators to tarnish the company's reputation. The group said that the FT was deliberately recycling old and baseless allegations of over-invoicing of coal imports.

 

The Adani Group's statement comes in response to a proposed story by the FT, which is based on a General Alert Circular issued by the Directorate of Revenue Intelligence (DRI) in 2016. The circular mentioned 40 importers, including the Adani Group companies, but the FT has singled out the Adani Group for its story.

 

The Adani Group pointed out that the issue of overvaluation of coal imports was conclusively settled by the Supreme Court of India in January 2023. In the case of Knowledge Infrastructure, one of the 40 importers mentioned in the DRI's circular, the Supreme Court quashed the DRI's Show Cause Notice alleging over-valuation.

 

The Adani Group also said that coal procurement in India is done through an open, transparent, global bidding process, eliminating any possibility of price manipulation. Tariff fixation by the Central Electricity Regulatory Commission (CERC) is also an open, transparent, independent process.

 

The Adani Group accused the FT and its collaborators of launching a series of attacks against the company with the primary intent of dragging down its market value. The group said that these individuals and groups have developed a playbook which is being executed to perfection by a well-oiled and professional machinery working in sync both within India and abroad.

 

The Adani Group said that it was a law-abiding company which is fully compliant with all rules, regulations and disclosure requirements. The group also condemned the FT for its "scant respect" for India's regulatory and judicial processes and authorities.

 

 

 

The Adani Group's statement has been met with mixed reactions. Some commentators have praised the company for standing up to the FT, while others have accused the company of trying to intimidate the media.

 

It is important to note that the Adani Group is one of the largest and most powerful companies in India. The group has close ties to the ruling Bharatiya Janata Party (BJP).

 

The Adani Group's statement also comes at a time when the Indian government is under scrutiny for its attacks on the media. In recent years, the government has cracked down on independent media outlets and journalists who have been critical of the government's policies.

 

It remains to be seen how the FT will respond to the Adani Group's statement. The FT is a highly respected news organization, and it is unlikely to back down from its story.

 

However, the Adani Group's statement has raised serious questions about the FT's intentions. If the FT is indeed trying to tarnish the Adani Group's reputation, then it is a serious breach of journalistic ethics.