Hindenburg quotes NewsDrum at the top in its response to SEBI

New Delhi: US short seller Hindenburg Research, which had rocked the Adani Group with allegations of stock market manipulation and accounting fraud, on Tuesday quoted a NewsDrum report in its response to the show cause notice from Indian capital market regulator SEBI over alleged violations in placing bets on the conglomerate stocks.

Hindenburg termed the show cause notice as "nonsense" and "concocted to serve a pre-ordained purpose: an attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India."

The New York-based firm, in a statement, placed the NewsDrum report at the top and ahead of other reports from Forbes, The Guardian and Financial Times among others.

Hindenburg said, "Since our initial report, at least 40 independent media investigations have corroborated and expounded on our findings or have uncovered new issues of suspected fraud or malfeasance at Adani."

"While many have tried to wrap our research into a narrative on “Adani vs. Hindenburg,” the reality is that the case moved beyond our initial work long ago," the short seller said adding that the matter has now become Adani versus a mountain of evidence, now corroborated and expounded on by dozens of independent media investigations and subsequent events that have supported our findings.

In the rundown of 42 reports, Hindenburg placed the NewsDrum report at the top:

1. January 29, 2023 – NewsDrum reported that Gautam Adani had failed to disclose his interest in a media channel, India TV, where he appeared for an exclusive interview on January 7, 2023, ahead of the FPO (Follow on Public Offer) in Adani Enterprises. This corroborated a note in our report highlighting an entity connected to Adani (Milestone Tradelinks) that had quietly taken a key stake in India TV.

"Every written word is history and all that matters is which side of history your words belong to (either truth or falsehood). Our readers and industry stakeholders are recognising NewsDrum's focus on sharp and incisive analysis of news developments. Such incidents encourage us to sharpen our efforts even more," said NewsDrum Editor-in-Chief Niraj Sharma.

General news platform NewsDrum recently announced the expansion of its operations on the back of technology and Artificial Intelligence-led tools and innovations, News18 reported last week.

The platform that recently turned two has enabled AI-led features including but not limited to content repurposing, AI Web Stories and content distribution, said Dainik Bhaskar.

The portal has aimed at keeping its readers ahead of the curve with its sharp analysis, news breaks and has broken over three dozen stories, notching over 5 million monthly page views, reported The Pioneer.