Popping bubbles as we see them. We express strong opinions. Not investment advice.
Records show Shah Dhandharia paid INR 32,000 (U.S. $435 in 2021) in monthly office rent. The only other listed entity we found that it audits has a market capitalization of about INR 640 million (U.S. $7.8 million). (49/x)
The Vinod-Adani shells seem to serve several functions, including (1) stock parking / manipulation (2) and laundering money through Adani’s private companies onto the listed companies’ balance sheets in order to maintain the appearance of financial health and solvency. (18/x)
India Pubcos are subject to rules requiring promoter holdings to be disclosed. Listed co's must have >25% of float held by non-promoters to mitigate manipulation/insider trading. 4 of Adani’s listed co's are near the delisting threshold for high promoter ownership. (19/x)
We have included 88 questions in the conclusion of our report. If Gautam Adani truly embraces transparency, as he claims, they should be easy questions to answer. We look forward to Adani’s response. (55/end)
The group’s very top ranks and 8 of 22 key leaders are Adani family members, a dynamic that places control of the group’s financials and key decisions in the hands of a few. A former executive described the Adani Group as “a family business.” (7/x)
Trevor Milton, billionaire founder of $NKLA, is currently on trial for fraud. Shortly after his hydrogen truck company was exposed, an army of hackers and spies started targeting his critics and whistleblowers. Here's what happened & how we turned the tables. (1/x)