The Gautam Adani-led group’s determination to hire a valuable firm is thoughtful of the increasing international stress on the Adani Group after Hindenburg accused it of conspiracy and market manipulation.
Adani Group has roped in prominent US law firm Wachtell, Lipton, Rosen & Katz (WLRK) to exemplify the alliance in its legal fight against short-seller Hindenburg Research, according to a Financial Times report. Wachtell is recognized as a fierce Wall Street activism defense law firm and is also one of the most valuable law companies in the US.
The Gautam Adani-led group’s opinion to engage such a valuable firm is Reflective of the increasing international burden on the Adani Group after Hindenburg impeached it for fraud and market manipulation. Firms affiliated with the Adani Group result giving rise to enormous losses in the Indian capital market as an outcome of the Hindenburg document.
Its impacts have broken into global financial markets as well with numerous international lenders rejecting to receive Adani protection as collateral for giving margin loans. Besides, in current improvements, MSCI cut the importance of four Adani group companies in its arising markets index.
The report said that Adani Group reached out to Wachtell via Cyril Amarchand Mangaldas, the group’s legal supporter firm in India. Notably, Cyril Amarchand Mangaldas is overseen by Cyril Shroff, who is the father-in-law of Karan Adani, the son of Gautam Adani. Paridhi, the wife of Karan Adani, also acts at Cyril Amarchand Mangaldas.
Four people with an immediate understanding of the improvement told FT that Adani Group has reached out to senior lawyers at New York’s Wachtell, Lipton, Rosen & Katz to notify it on how to arise the problem it is nowadays confronting.
Last year, WLRK had depicted Elon Musk in the billionaire’s legal battle for the $44 billion confiscation of the micro-blogging outlet Twitter.