Ad. Group CFO’s statement: Hindenburg Report, cases in America and SEBI…looking at all this it seems that the problems of Ad. Group are reducing. An American court has made serious allegations against Ad. Group. After these allegations, SEBI, the body that controls the stock market in India, can start an investigation against Ad. Group comp.es. Amidst all this, Ad. Group’s CFO Jugeshinder Singh has presented his clarification through a post on X. He wrote that there is no direct allegation against any company of Ad. Group. The matter is under investigation and an official response will be given by the Group in due course.
CFO Jugeshinder Singh has written in his post that in the last two days you must have heard many news related to Ad. Group. , This case specifically relates to a contract with Ad. Green. This is only 10 percent of the total business of Ad. Green. Singh wrote that detailed and accurate information in this matter will be shared on the appropriate forum. We came to know about this only two days ago that something was wrong. Although we already had some doubts about it and we also wrote about the documents released in February 2024. This was the first document publicly released by any of our comp.es or its affiliates since our annual report due 31 March 2023.
No allegations of wrongdoing on subsidiary comp.es
None of the 11 public comp.es of the Ad. Group are currently “defendants” in legal filings with the DOJ (Department of Justice). The CFO also clarified that no allegations of wrongdoing have been made against any of the comp.es or its subsidiaries. The CFO said that many reports and news regarding other matters are making headlines. He appealed that a detailed response from the group on the matter would be given in due course.
it’s just an accusation
CFO Jugeshinder Singh said this is just an allegation according to DOJ lawyers. In legal language the accused is considered innocent. Ad. Group is studying the entire matter in depth. Any public comment will be made only after legal advice. The CFO also said that the group will give a detailed response with complete transparency.
