Hindenburg alleges that the PMC project was simply a dummy firm for Adani group based on charges framed by the Department of Revenue Intelligence. Hindenburg also believes that Adani's convoluted corporate structure is a deliberate design feature used to hide their many shady dealings. For instance, Adani's seven key listed entities collectively have 578 subsidiaries. They also allege that Adani firms in the past have seen a spate of exits. Primarily their CFOs.