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Haven't Native Australians been protesting against Adani Coal mines invading into their lands and destroying their natural resources since years?
Hasn't he been embroiled in corruption scandals in South Africa way before this report broke?
Let's not pretend this is a witch-hunt against the second-coming of Maryadapurushottam.
Well said Mina. ----- Such situations can become lifetime lessons for many. Shortcuts may not always work----Thanks Tanu, for such an interesting topic
I would like to see this scenario from a different perspective.
Almost every business person uses, manipulates, interprets, laws of the country for their own benifits. Diverting funds in tax heaven is one of them.
Most of seasoned business people are mentally prepared for such downfall. They must have experienced it in some or other way in earlier stages of their life. If they are lucky to have a good support system, then in long run they may come out with right practice. People will start trusting them again.
Here retaining reputation is most important. Genuine efforts of tackling crisis, will work the most. As everyone is watching his each & every move. A small mistake will cost him a lot. Here he is not alone. Many investor's stakes are involved too.
Such situations can become life time lessons for many. Short cuts may not work always.
I really wish for the sake of investors, things should improve soon.
Very true. Yes, there is a shortcut, but every shortcut comes with an extreme risk of loss, that is what has happened in this case.
Every business strives to make a profit, but some are tempted to make quick money at the expense of the common man, by deceiving the system.
It remains to be seen whether the jitters die down, or the locus of nervousness around the highly leveraged empire shifts from equity to debt.
it’s a descent into what Arvind Subramanian, a former economic adviser to the Modi government, has described as India’s “stigmatized capitalism,” or the view that its private sector can’t be trusted. The Adani-Hindenburg saga has already dented investor confidence.
Adani Saga Puts Investor Trust in India in doubt. Adani Short Seller Hindenburg Opened a Pandora’s Box.
Now, let us wait for another shocker, the big bank's involvement --- SBI and the other related banks.
Originally posted by: Deltablues
Haven't Native Australians been protesting against Adani Coal mines invading into their lands and destroying their natural resources since years?
Hasn't he been embroiled in corruption scandals in South Africa way before this report broke?
Let's not pretend this is a witch-hunt against the second-coming of Maryadapurushottam.
Well yes if he has done something wrong he should face the law.
My only contention here is of the timing and the company which is making those allegations happens to benefit and that is their modus operandi so that makes me wary of such allegations.
Please share links to those articles for the benefit of the readers.
Well yes if he has done something wrong he should face the law.
My only contention here is of the timing and the company which is making those allegations happens to benefit and that is their modus operandi so that makes me wary of such allegations.
Here ya go
Billionaires earn their money through morally dubious even if perfectly legal ways. Most of us work for 8-12 hours a day and pay our taxes without any cuts or subsidies. We still won't be able to earn even 0.00000001% of what Adani's net worth as #17 is even if we were to literally work 24/7 for next 7 lifetimes.
I fail to understand how billionaires are glorified let alone victimised in the society with such massive chronic poverty.
Originally posted by: Deltablues
Here ya go
Billionaires earn their money through morally dubious even if perfectly legal ways. Most of us work for 8-12 hours a day and pay our taxes without any cuts or subsidies. We still won't be able to earn even 0.00000001% of what Adani's net worth as #17 is even if we were to literally work 24/7 for next 7 lifetimes.
I fail to understand how billionaires are glorified let alone victimised in the society with such massive chronic poverty.
Poverty existed prior to the rise of Adani and Ambani. However, the growth of the middle class in India has taken place since the 1980s.
In my opinion, these individuals receive both praise and criticism from different segments of society. Some draw inspiration from the fact that they built their wealth through hard work and risk-taking, rather than inheritance.
It's important to remember that these individuals run for-profit businesses that provide employment for thousands and contribute to the country's GDP. This is the essence of capitalism, where hard work and risk-taking can lead to success. We shouldn't punish individuals for their achievements and success.
Poverty existed prior to the rise of Adani and Ambani. However, the growth of the middle class in India has taken place since the 1980s.
In my opinion, these individuals receive both praise and criticism from different segments of society. Some draw inspiration from the fact that they built their wealth through hard work and risk-taking, rather than inheritance.
It's important to remember that these individuals run for-profit businesses that provide employment for thousands and contribute to the country's GDP. This is the essence of capitalism, where hard work and risk-taking can lead to success. We shouldn't punish individuals for their achievements and success.
Again, I'd not argue that a man who owned a chain of retail stores in gujurat was exactly a self-made man. It's not like he toiled 12 hours a day at a construction site or spent years studying something and became a billionaire by sheer grit. I don't understand the use of "hard work" in the context of billionaires. Musk inherited a diamond mine from Apartheid South Africa and needed the US goverment to bail him out of bankruptcy multiple times. But his PR has established him as a "self-made" billionaire.
Similarly Adani's father was a textile merchant. Adani inherited both social and financial capital from him. Heck, his net worth started to grow only around 2013-14. Adani and Ambani both have caste privileges too which cannot be ignored in a country like India.
What exactly is the hard work in networking, donating to political PACs, and then exploiting the law of the land to amass money? Why should that be rewarded? Why should a man who owns massive coal mines in the times of global push for green energy be glorified? Whom does it benefit? India? Who makes India? All the people of India or only the corporate big shots who get to draw their fat cheques from Ambani et al?
The chaiwala at the nukkad also provides employment to couple of employees, takes risk and evidentially works hard but will not become a billionaire for his entire life
One does not become a billionaire through hardwork whatever that might mean.
P.S. According to most Keynesian economists, India doesn't have a middle class :
Adani's defense is 413 pages lengthy, about four times as long as the accusations levelled against it. The seven primary industries of the Adani Group include ports, power, electricity transmission, renewable energy, gas, consumer products, and other enterprises.
To rebut the market manipulation claims, Adani sent a letter to the B S E and the N S E of India after media outlets reported regulators were investigating funds that own Adani shares.
“We regret to mention that these reports are blatantly erroneous and is done to mislead the investment community,” Adani said.
The company seems to believe that this reply clears things up.
For an outsider, the more you read the two documents, the more you question the judgment of both sides!
‘Plethora of discussion’
Take this from Hindenburg about the internal politics of an alleged stock-manipulation operation: “As part of our investigation, we interviewed an individual who was banned from trading on Indian markets for stock manipulation via Mauritius-based funds. He told us that he knew Ketan Parekh personally, explaining ‘all the previous clients are still loyal to Ketan and are still working with Ketan’.”
Or this explanation from Adani about how it has used financial contracts to protect itself from any macroeconomic fluctuations this year:
“After understanding of different risks in different value chains with plethora of discussion, the group implemented various tools and instruments to mitigate these risks.”
Maybe some kind of absolute truth about the Adani group will one day be established, and we can say: “Those guys at Hindenburg must be geniuses how they picked the Adani collapse”, or “those guys at Hindenburg gave short-selling a bad name with that over-the-top attack on Adani”.
More likely, the protagonists will fight their fight, and the rest of us will remain uncertain!
In any case, the Adani charges serve as a reminder that public markets are predicated on the premise that businesses, particularly large ones, don't frequently engage in massive frauds. There will be plans, acts, reactions, and consequences, some of which are comprehensible and some of which are not.
But who would know?
Originally posted by: Deltablues
Again, I'd not argue that a man who owned a chain of retail stores in gujurat was exactly a self-made man. It's not like he toiled 12 hours a day at a construction site or spent years studying something and became a billionaire by sheer grit. I don't understand the use of "hard work" in the context of billionaires. Musk inherited a diamond mine from Apartheid South Africa and needed the US goverment to bail him out of bankruptcy multiple times. But his PR has established him as a "self-made" billionaire.
Similarly Adani's father was a textile merchant. Adani inherited both social and financial capital from him. Heck, his net worth started to grow only around 2013-14. Adani and Ambani both have caste privileges too which cannot be ignored in a country like India.
What exactly is the hard work in networking, donating to political PACs, and then exploiting the law of the land to amass money? Why should that be rewarded? Why should a man who owns massive coal mines in the times of global push for green energy be glorified? Whom does it benefit? India? Who makes India? All the people of India or only the corporate big shots who get to draw their fat cheques from Ambani et al?
The chaiwala at the nukkad also provides employment to couple of employees, takes risk and evidentially works hard but will not become a billionaire for his entire life
One does not become a billionaire through hardwork whatever that might mean.
P.S. According to most Keynesian economicts, India doesn't have a middle class :
Well I do not have specific on how much money he inherited and it was not even 0.01% of his net worth.
Do share more on what you mean by caste privilege in today's world unless someone is SC/ST/OBC where you have quota benefit.
I have no idea whether he owns coal mines or not, but even if he does, how is it wrong? Major production of Electricity is achieved through coal a thermal power plant which is around 75% of the total power generation.
Well I do not have specific on how much money he inherited and it was not even 0.01% of his net worth.
Do share more on what you mean by caste privilege in today's world unless someone is SC/ST/OBC where you have quota benefit.
I have no idea whether he owns coal mines or not, but even if he does, how is it wrong? Major production of Electricity is achieved through coal a thermal power plant which is around 75% of the total power generation.
A thread on Adani coal-gate
https://twitter.com/JayaramArappor/status/1621896570051637250?t=mv63CgbTsOibcB_tQKl5bQ&s=19
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