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Expert opinion: Arun Kejriwal blasts Hindenburg report as a 'diversionary tactic' (IANS Interview)

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Expert opinion: Arun Kejriwal blasts Hindenburg report as a 'diversionary tactic' (IANS Interview)

Mumbai, Aug 11 (IANS) In an exclusive interview with IANS, Arun Kejriwal, founder of Kejriwal Research and Investment Services, dismissed the latest Hindenburg Research report as merely a tactic of character assassination and a diversionary manoeuvre.

Here’s how Kejriwal expressed his views on the report during his conversation with IANS.

IANS: What is your opinion on the new Hindenburg Research report? Similar accusations have been made before, but nothing has come out of them so far?

Arun Kejriwal: They (Hindenburg) first made accusations against the Adani Group in January 2023, and now in August 2024. They are making accusations against the SEBI Chairperson. The SEBI is the same institution that had issued a show-cause notice to Hindenburg, and a response to that has not been provided in the past six months. It seems like a way to retaliate by making new accusations. The investment issues raised have already been clarified in SEBI’s previous statements and reaffirmed recently. SEBI has stated that any allegations regarding investments were addressed. Investment had been made following which she (SEBI chief) came out of the joint investment. This is in accordance with SEBI’s regulations. So, there is nothing new here; it seems to be a tactic of character assassination and a diversionary move.

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IANS: Is Hindenburg reacting to SEBI’s actions by making these accusations as a way to protect itself?

Arun Kejriwal: Absolutely, by not responding to the notice, they (Hindenburg) have used this as a weapon five to six months later to raise new accusations. They have alleged some mistakes or conflicts of interest. It appears that they are trying to deflect attention by raising an issue that has no substantial basis. This entire situation seems to be a diversionary tactic.

IANS: Is Hindenburg, known for its short-selling strategies, targeting the company once more?

Arun Kejriwal: Hindenburg’s stated business model, as given on its website, involves identifying companies, publishing reports on them, and short-selling their stocks to profit from the resulting decline in share prices.

They have used this strategy with the Adani Group, resulting in substantial profits. However, I don’t believe the situation from January 2023 will repeat. Indian investors, including smaller ones, have become aware of these tactics.

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This time, the accusations are directed at SEBI rather than the Adani Group, so it’s unlikely to cause significant negative impact on the market or the company. It appears to be a strategy aimed at profiting from stirring up issues.

IANS: Opposition parties are leveraging this situation to boost their political profile. What are your thoughts on this?

Arun Kejriwal: The opposition has found a new issue in the midst of other political events. With the recent budget session ending and other political unrest in neighbouring countries like Bangladesh, the opposition has seized on the opportunity to target major industrial groups with accusations.

They (opposition) aim to position themselves as the champions of transparency, working diligently to expose issues. However, it’s important to recognize that large business groups play a crucial role in generating employment and contributing to national prosperity. The opposition’s efforts appear to be focused on presenting themselves as the ones who are identifying and addressing the problems.

IANS: Accusations from foreign companies frequently emerge during budget or Parliamentary sessions. Could this be a part of a strategic or conspiratorial plan?

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Arun Kejriwal: India’s economy is on track to become the third largest globally, with significant progress made over the past decade. This impressive GDP growth might not be welcomed by some countries, as they may view India’s increasing economic strength and self-reliance unfavourably. There could be underlying motives or conspiracies behind this opposition, though it may not be prudent to accuse specific individuals or groups at this time.

IANS: Does Congress trust foreign companies more than Indian companies and institutions?

Arun Kejriwal: It’s not necessarily a question of whether Congress trusts foreign companies more than Indian ones. However, it’s evident that in states where Congress is in power, contracts and work have been awarded to the groups currently facing allegations.

For instance, in Rajasthan, these groups received contracts even after a change in government. Allegations of corruption and favouritism often arise whenever work is assigned.

It’s important not to overinterpret this. Congress has been out of power at the Centre for several years, which might explain their tendency to politicise various issues.

–IANS

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Defence Ministry: Year 2025 will be year of reforms

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rajnath singh with armed forces chief

On Wednesday, the Defence Ministry announced that 2025 will be designated as the “Year of Reforms,” with a primary focus on establishing integrated theatre commands to enhance collaboration among the three branches of the military.

These reforms are aimed at transforming the armed forces into a technologically advanced, combat-ready force capable of executing multi-domain integrated operations, the ministry stated.

The initiative will emphasize emerging domains such as cyber and space, alongside cutting-edge technologies like artificial intelligence, machine learning, hypersonics, and robotics.

Defence Minister Rajnath Singh described the “Year of Reforms” as a pivotal milestone in the modernization of the armed forces.

“It will set the stage for significant advancements in the nation’s defense capabilities, ensuring the security and sovereignty of India in the face of 21st-century challenges,” he said.

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A 3.2 magnitude tremor struck Gujarat’s Kutch district on Wednesday morning

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A 3.2 magnitude tremor struck Gujarat’s Kutch district on Wednesday morning, according to the Institute of Seismological Research (ISR).

The district administration reported no casualties or property damage following the quake.

The tremor occurred at 10:24 am, with its epicenter located 23 kilometers north-northeast (NNE) of Bhachau, as per the Gandhinagar-based ISR.

Last month, the region experienced four seismic events exceeding a magnitude of 3, including a 3.2 magnitude tremor just three days ago, with its epicenter also near Bhachau.

Earlier tremors in the area included a 3.7 magnitude earthquake on December 23 and a 3.2 magnitude event on December 7, according to ISR reports.

Kutch was also jolted by a 4.0 magnitude earthquake on November 18, 2024. On November 15, a 4.2 magnitude quake hit Patan in north Gujarat, based on ISR data.

Gujarat is considered a high-risk earthquake zone, having experienced nine major earthquakes over the past 200 years, according to the Gujarat State Disaster Management Authority (GSDMA). The 2001 earthquake in Kutch, which occurred on January 26, was the third-largest and second-most destructive in India in the last two centuries, according to the GSDMA.

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Diljit Dosanjh faces legal action over concert songs

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Singer and actor Diljit Dosanjh’s much-anticipated New Year’s Eve concert in Ludhiana faced legal hurdles after a complaint was filed by Punditrao Dharenavar, an assistant professor from Chandigarh.

Following the complaint, the Deputy Director of the Women and Child Department, Government of Punjab, issued a formal notice to Ludhiana’s District Commissioner, urging them to prohibit Dosanjh from performing specific songs during his live show on December 31, 2024.

The notice specifically targets songs accused of promoting alcohol, including Patiala Peg, 5 Tara Theke, and Case (Jeeb Vicho Feem Labbiya), even if the lyrics are slightly modified. The complaint points to previous warnings issued to Dosanjh by various commissions advising against performing these controversial tracks.

Despite these warnings, the singer allegedly continues to perform the songs with minor alterations. Dharenavar raised serious concerns about the influence of such music on young audiences, especially when minors are present at live events.

Adding to the controversy, Dharenavar referenced a 2019 Punjab and Haryana High Court ruling, which directed law enforcement to ensure that songs promoting alcohol, drugs, or violence are not played at public events, including concerts. This ruling underscores the legal basis for the complaint and has further intensified the scrutiny surrounding the event.

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UP Minister’s convoy overturns, 5 person injured

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UP Minister’s convoy overturns, 5 person injured

Five people sustained injuries when a vehicle in the convoy of Uttar Pradesh Minister and Nishad Party chief Sanjay Nishad overturned into a ditch near Januan village in the Khejuri Police Station area of Ballia district late last night.

Sanjay Nishad shared details of the incident, stating that the accident injured five party workers, including four women.

“I was traveling with the convoy to participate in the Constitutional Rights Yatra organized by the party on Tuesday night. Near Januan village in the Khejuri area, one of the vehicles following the convoy lost control while trying to avoid an animal and overturned into a ditch,” Nishad explained.

The injured individuals have been identified as Rakesh Nishad, Ramrati, Usha, Geeta, and Iravati Nishad.

Senior police and administrative officials quickly arrived at the scene following the incident to oversee the situation.

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Suchir Balaji’s mother alleges Murder

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Suchir Balaji’s mother alleges Murder

The mother of Suchir Balaji, a 26-year-old former OpenAI researcher found dead after accusing the company of copyright violations, has alleged that her son was “murdered” and called for a Federal Bureau of Investigation (FBI) probe.

Poornima Rao, Suchir’s mother, claimed her son’s death was a “cold-blooded murder” that authorities wrongly ruled as suicide. She further disclosed that a private autopsy report conflicted with the findings of the initial police investigation.

Rao alleged that her son’s apartment had been “ransacked” and cited evidence of a struggle in the bathroom, including bloodstains that suggested he had been assaulted.

“We hired a private investigator and conducted a second autopsy to uncover the truth. The private autopsy does not confirm the cause of death stated by the police. Suchir’s apartment was ransacked, there were signs of a struggle in the bathroom, and it appears he was hit based on blood spots. This is a cold-blooded murder being misclassified as a suicide. Lobbying in San Francisco won’t deter us from seeking justice. We demand an FBI investigation,” Rao wrote on X.

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Elon Musk reacted to Rao’s post, commenting, “This doesn’t seem like a suicide.”

Balaji was discovered dead in his San Francisco apartment months after accusing OpenAI of violating copyright laws during the development of ChatGPT, as reported by Fox News. Despite these claims, the San Francisco Police Department found no evidence of foul play and ruled the death a suicide.

On October 24, shortly before his death, Balaji voiced doubts about the “fair use” defense in generative artificial intelligence. “I recently participated in a NYT story about fair use and generative AI, and why I’m skeptical ‘fair use’ would be a plausible defense for a lot of generative AI products,” he wrote on X.

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