Adani Group CFO Jugeshinder Robbie Singh mocks Bill Ackman over SVB ‘bailout’ demand3 min read
On Saturday (March 11), the Chief Financial Officer (CFO) of the Adani Group, Jugeshinder ‘Robbie’ Singh, mocked billionaire investor Bill Ackman after the latter pleaded with the US authorities to bail out now-defunct Silicon Valley Bank.
Ackman is identical ‘financial expert’ who upheld the Hindenburg Research report on the Adani group, which worn out 10 lakh crores value of investor’s cash from the Indian conglomerate in lower than two weeks’ time.
He additionally didn’t shrink back from casting aspersions on the integrity of the Adani group and fomenting turmoil in Indian markets. Jugeshinder ‘Robbie’ Singh ridiculed Bill Ackman for operating to his ‘mommy’ to repair the Silicon Valley Bank disaster. “Kid wants ‘mamma’ to come help,” he mentioned in a tweet (archive).
Screengrab of the tweet by Jugeshinder Robbie Singh
While Jugeshinder’s Twitter account isn’t verified on Twitter, he’s adopted by outstanding Twitter customers like ThePrint’s Shekhar Gupta and journalist Barkha Dutt amongst others.
The Background of the controversy
On Friday (March 10), the Federal Deposit Insurance Corporation (FDIC) introduced the shutdown of the US-based Silicon Valley Bank (SVB) and the seizure of its property.
Founded in 1983, Silicon Valley Bank operated out of Santa Clara in California and supplied numerous providers akin to on-line banking, treasury administration, and overseas trade commerce.
Following the improvement, Bill Ackman sought a bailout package deal for the business financial institution from the tax-funded US authorities. “If private capital can’t provide a solution, a highly dilutive gov’t preferred bailout should be considered,” he had demanded.
The billionaire investor additional added, “The govt could also guarantee deposits in exchange for a dilutive warrant issuance and other covenants and protections. If SVB Financial Group is indeed solvent, this would buy time to enable SVB to restore the franchise and raise new private capital.”
Screengrab of the tweets by Bill Ackman
However, his response was starkly completely different when it got here to the Adani group. In his response over the Hindenburg fiasco on January 27 this yr, the billionaire investor had mentioned, “Adani’s response to Hindenburg Research is the same as Herbalife’s response to our original 350-page presentation.”
“Herbalife remains a pyramid scheme. I found the Hindenburg report highly credible and extremely well-researched. Adani Group’s response speaks volumes. Caveat emptor,” Bill Ackman emphasised.
While he conceded that he didn’t undertake any ‘independent research’ and his judgment was based mostly on the cursory studying of the Hindenburg Research report and Adani’s response, this gave a chance to the likes of Ravish Kumar to solid aspersions on the Indian conglomerate based mostly on Ackman’s tweets.
The billionaire investor, in Adani’s case, didn’t search a bailout package deal regardless of being conscious of the short-term impression that the report of the US-based short-seller would have on the Indian economic system and markets at massive.
He additionally didn’t hassle to maintain his ‘innocent until proven guilty’ argument ahead in Gautam Adani’s case, as he did in Sam Bankman Fried’s case. The sweeping statements of Bill Ackman had been utilized by propagandists to counsel that the Indian conglomerate has been concerned in wrongdoings.