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Kekst CNC is providing global strategic communications and crisis support to Adani Group, the India-based conglomerate that has been accused of accounting fraud and stock market manipulation by Hindenburg Research.
The company has denied Hindenburg’s allegations and has issued a more than 400-page rebuttal to the charges lodged by the New York-based short seller.
Adani Group, which operates India’s ports, runs its power transmission lines, stores its grain and produces its cement, ranks among the country’s top ten non-financial firms.
Gautam Adani, who was the world’s third richest man and the self-proclaimed Rockefeller of India, has lost tens of billions in wealth since the release of Hindenburg’s report on Jan. 24.
The Economist editorialized on Feb. 9 that “the humbling of Gautam Adani is a test for Indian capitalism.” It also is a political embarrassment for India’s prime minister Narendra Modi, who has close ties to Adani.
Adani Group reportedly has hired New York law firm Wachtell, Lipton, Rosen & Katz to help stem the crisis.
Wachtell is “among the most sought-after advisers by besieged corporate boards at some of the largest US companies trying to fend off activist investors or hostile takeovers," according to the Financial Times.
Publicis Groupe owns Kekst.
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