New Delhi: Adani Group chairman Gautam Adani welcomed SEBI’s clean chit in the Hindenburg case, calling the allegations “baseless” and “motivated.”
“After an exhaustive investigation, SEBI has reaffirmed what we always said, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group,” Adani stated. He added that he deeply felt the pain of investors who lost money after the report. “Those who spread false narratives owe the nation an apology,” he said.
SEBI’s investigation, which concluded on Thursday, found no wrongdoing by Adani Group. The regulator examined allegations that the group used three firms—Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure—to route funds and hide related-party transactions.
SEBI clarified that the transactions did not fall under the expanded definition of related-party rules introduced in 2021. It also noted that loans were repaid with interest and that there was no evidence of fund siphoning or fraud.
The regulator’s findings close months of scrutiny that began after Hindenburg Research published its January 2023 report. That report triggered a major selloff in Adani stocks, wiping out billions in market value and hitting retail investors the hardest.
