In its fight against short-seller Hindenburg Research, Gautam Adani has hired Wachtell, one of the most expensive law firms in the United States. Wachtell. Adani Group hired the services of senior lawyers Wachtell, Lipton, Rosen and Katz as it looks to stem the crisis that emerged from Hindenburg’s damning report that alleged that the conglomerate indulged in accounting fraud, stock manipulation and other malpractices.
The report also stated that Wachtell approaches the conglomerate at the office of Cyril Amarchand Mangaldas firm that is leading the defence of the Adani Group. Cyril Amarchand Mangaldas is led by Cyril Shroff, whose daughter is married to Gautam Adani’s son.
Wachtell is reportedly seeking additional advisory help for the Adani Group, including from crisis communications firms. The law firm with experience thwarting unwanted corporate raiders will coordinate the conglomerate’s legal, regulatory, and public relations efforts.
Meanwhile, index provider MSCI announced that it has reduced the free-float designations of four Adani group stocks – Adani Enterprises, Adani Total Gas, Adani Transmission, and ACC – but has not removed any of the stocks from its global indices. Previously, MSCI stated that it had received feedback from a variety of market participants regarding the eligibility and free float determination of specific Adani Group securities for the MSCI Global Investable Market Indexes.
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