![CORNERED IN THE ESG ARENA](https://cdn.magzter.com/Outlook Business/1689572878/articles/l4DrzfzV_1689587194031/CORNERED-IN-THE-ESG-ARENA.jpg)
Gautam Adani was the world’s third richest man in January. Having surpassed billionaires Jeff Bezos, Bill Gates and Mukesh Ambani in the world’s richest list, the chairman of the Adani group seemed unstoppable on the stock markets. But then, Hindenburg Research struck the group with its damning report, calling the rise of Adani as one of the biggest corporate cons in history. Within days stocks of Adani companies started crashing.
The US-based research firm alleged that the Adani group was involved in stock manipulation and misreporting financial parameters, which led to overvaluation of the group companies. The group also faced charges of conflict of interest on account of involvement of group promoter Gautam Adani’s brothers Rajesh and Vinod in bribery and tax-evasion cases. The report forced the company to stall its Rs 20,000 crore follow-on public offer despite it having been fully subscribed.
But this was not the end of the problem for the Adani group. Its companies now face scrutiny from environment, social and governance (ESG)-compliant funds and research firms that hold the power of grounding Gautam Adani’s green dreams, a business plan that was at the heart of India’s green transition over the next decade. It is important to note that every point raised by Hindenburg in its report against the Adani group is part of the ESG framework that has become the driving-point of investors in the West.
This story is from the July 2023 edition of Outlook Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2023 edition of Outlook Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
![DEMAND DRAFT](https://reseuro.magzter.com/100x125/articles/259/1721878/cVdja28Fc1717485748551/DEMAND-DRAFT.jpg)
DEMAND DRAFT
A new government, a new beginning. However, for industry leaders, it is a time of uncertainty as they wait and watch what policies the new dispensation will enact.
![REBEL'S GUIDE TO SUCCESS WITH FOOD](https://reseuro.magzter.com/100x125/articles/259/1721878/dDV5nDw8U1717738810177/REBELS-GUIDE-TO-SUCCESS-WITH-FOOD.jpg)
REBEL'S GUIDE TO SUCCESS WITH FOOD
Having started its journey in 2004 as a quickservice restaurant under the brand name Faasos, Rebel Foods, now a unicorn, aims to expand its footprint. Jaydeep Barman, co-founder of Rebel Foods, talks to Vinita Bhatia about the company’s growth plans, focusing on Tier-II and -III cities, licensing as a strategy and more. Edited excerpts:
![NATURE BECKONS](https://reseuro.magzter.com/100x125/articles/259/1721878/6wicP08Oq1717497572286/NATURE-BECKONS.jpg)
NATURE BECKONS
When not busy at work, Naivedya Agarwal, co-founder and CEO of manufacturing start-up Runaya, indulges in activities that keep him close to nature, like wildlife photography, safaris, flying and holidays at beaches and the hills
![Combining Minimalism and Material Responsibility for Timeless Furniture Pieces](https://reseuro.magzter.com/100x125/articles/259/1721878/fVJcb0s071717497442675/COMBINING-MINIMALISM-AND-MATERIAL-RESPONSIBILITY-FOR-TIMELESS-FURNITURE-PIECES.jpg)
Combining Minimalism and Material Responsibility for Timeless Furniture Pieces
Leading Furniture Industry with Inspiring Innovation, Sustainability, Customization, and Collaboration. EK Designs creates designs with honesty and transparency upholding the strict quality norms.
![Participation Over Dictation Leads to Excellence: Girish Avansta](https://reseuro.magzter.com/100x125/articles/259/1721878/Idekw_2Cn1717497280111/PARTICIPATION-OVER-DICTATION-LEADS-TO-EXCELLENCE-GIRISH-AVANSTA.jpg)
Participation Over Dictation Leads to Excellence: Girish Avansta
Accellor's innovative Al-backed designs are a result of the whole-hearted participation of every employee
![Leading the Charge in Digital Transformation by Pioneering the Future of Enterprise Automation](https://reseuro.magzter.com/100x125/articles/259/1721878/yaOna8lxE1717497146049/LEADING-THE-CHARGE-IN-DIGITAL-TRANSFORMATION-BY-PIONEERING-THE-FUTURE-OF-ENTERPRISE-AUTOMATION.jpg)
Leading the Charge in Digital Transformation by Pioneering the Future of Enterprise Automation
Areteans is Revolutionizing Business Automation and AI Integration
![Recognizing MSME Excellence and Charting the Future: Insights from Outlook Business Spotlight Awards 2024](https://reseuro.magzter.com/100x125/articles/259/1721878/2CqZPw1Mt1717496936486/RECOGNIZING-MSME-EXCELLENCE-AND-CHARTING-THE-FUTURE-INSIGHTS-FROM-OUTLOOK-BUSINESS-SPOTLIGHT-AWARDS-2024.jpg)
Recognizing MSME Excellence and Charting the Future: Insights from Outlook Business Spotlight Awards 2024
MSMEs are the \"unsung heroes who keep our industries humming and our dreams soaring.
!["Sustainability is an Essential Component of Lubrizol's Corporate DNA"](https://reseuro.magzter.com/100x125/articles/259/1721878/IFUKSP8UP1717496628839/SUSTAINABILITY-IS-AN-ESSENTIAL-COMPONENT-OF-LUBRIZOLS-CORPORATE-DNA.jpg)
"Sustainability is an Essential Component of Lubrizol's Corporate DNA"
Bhavana Bindra, Lubrizol's dynamic Managing Director, shares her views on sustainable growth and Lubrizol's impact in India.
![Modernizing Mobility: India's Need For A Smarter And Sustainable Passenger Transportation Solution](https://reseuro.magzter.com/100x125/articles/259/1721878/08pAITfWO1717496480436/MODERNIZING-MOBILITY-INDIAS-NEED-FOR-A-SMARTER-AND-SUSTAINABLE-PASSENGER-TRANSPORTATION-SOLUTION.jpg)
Modernizing Mobility: India's Need For A Smarter And Sustainable Passenger Transportation Solution
India is at the forefront of a transformative wave of urbanisation. To combat climate change and urban pollution, upgrading infrastructure and embracing sustainable mobility, particularly in efficient mass transportation systems is an imperative.
![Bank Imbalance](https://reseuro.magzter.com/100x125/articles/259/1721878/EpHw2fpWs1717493740458/crp_BANK-IMBALANCE.jpg)
Bank Imbalance
As investors turn to more lucrative options, banks in India are seeing sluggish growth in deposits. With a limited arsenal to compete with high returns available elsewhere, they are struggling to balance deposits with the amount of loans they are handing out