In its battle with short-seller Hindenburg Research, Gautam Adani has retained Wachtell, one of the priciest law firms in the United States. The Adani Group has recruited Wachtell, one of Wall Street's most aggressive defence law firms, in an effort to reassure its investors about the conglomerate's health.
According to a Financial Times report, Adani Group has hired senior attorneys from Wachtell, Lipton, Rosen and Katz in New York to help it deal with the fallout from Hindenburg's damning report, which claimed the conglomerate had engaged in accounting fraud, stock manipulation, and other wrongdoings.
According to the report, Wachtell was contacted by the organisation at the Cyril Amarchand Mangaldas company, which is leading the defence of the Adani Group. Cyril Shroff, whose daughter is wed to Gautam Adani's son, is the leader of Cyril Amarchand Mangaldas.
According to reports, Wachtell has been looking for more advisory support for the Adani Group, including from crisis management companies. The law firm will concentrate on coordinating legal, regulatory, and public relations for the group and has experience preventing unwelcome attacks by corporate raiders.
Adani Group has suffered losses of up to $100 billion after the publication of the Hindenburg report. As security for margin loans, lenders like Credit Suisse, Citigroup, and Standard Chartered no longer accept Adani bonds. Adani Enterprises, Adani Total Gas, Adani Transmission, and ACC are the four Adani group firms whose free-float designations have been decreased, according to index provider MSCI, but none of the stocks have been removed from its global indices. MSCI had previously stated that it has heard from a variety of market participants regarding the determination of the free float and eligibility of particular securities connected to the Adani Group for the MSCI Global Investable Market Indexes.
