Welcoming SEBI’s clean chit in the allegations made by short seller Hindenburg Research, Adani Group Chairman Gautam Adani has said the truth alone triumphs and the markets regulator’s order reinforces what the group has always maintained – that the claims were baseless.
Mr Adani also expressed sympathy with investors who lost money because of the motivated report
“After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group. We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology,” he posted on X on Thursday
Our commitment to India’s institutions, to India’s people and to nation building remains unwavering. Satyamev Jayate! JAI HIND!” he wrote.
The Securities and Exchange Board of India cleared Mr Adani and group companies, including Adani Enterprises, Adani Ports and Adani Power, of stock manipulation allegations made by Hindenburg
In two orders, SEBI said allegations of insider trading, market manipulation, and violations of public shareholding norms were found to be unsubstantiated.
In January 2023, Hindenburg had alleged three companies – Adicorp Enterprises Pvt Ltd, Milestone Tradelinks Pvt Ltd, and Rehvar Infrastructure Pvt Ltd – were used as a conduit to route money between Adani group companies.
SEBI noted there was no violation of disclosure norms as the transactions did not meet the definition of a related party.
The Adani Group has consistently rubbished the allegations made by the short seller, whose founder, Nate Anderson, had announced in January that it would be disbanded.
